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ICICI Direct: Auto Volumes - September 2020: Strong Sequential Improvement Across The Board

The tractor space continued to be the flag bearer of the revival in auto sales, with key players reporting robust growth.

Traffic drives through a road in Chennai, Tamil Nadu, India(Photographer Prashanth Vishwanathan/Bloomberg)
Traffic drives through a road in Chennai, Tamil Nadu, India(Photographer Prashanth Vishwanathan/Bloomberg)

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ICICI Direct Report

August 2020 witnessed continued broad-based month on month upturn in auto industry volumes, marking the third straight month of sequential improvement post relaxation of lockdown measures in the country.

Rural facing segments remained at the forefront of the recovery, in general, with volumes ex-commercial vehicle and Three-Wheeler either growing YoY or seeing limited single digit declines – an encouraging development.

The tractor space continued to be the flag bearer of the revival, with key players reporting robust growth.

In the Two-Wheeler pack, market leader Hero MotoCorp Ltd. led by example, with total volumes rising 7.6% YoY to 5.84 lakh units (motorcycles up 9.2% YoY).

Bajaj Auto Ltd.’s Two-Wheeler volumes were down 1.3% YoY to 3.21 lakh units amid 3% domestic growth and 6.2% exports decline.

Royal Enfield recorded 5.2% volume decline for the month to 50,144 units.

Click on the attachment to read the full report:

ICICI Direct Monthly Auto Volumes September 2020.pdf

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