ICICI Direct: November Auto Volumes - Recovery Gains More Broad-Based Flavour
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ICICI Direct Report
November 2020 auto original equipment manufacturers volumes continued to reflect rural strength (motorcycles, tractors), with a pick-up in urban-facing pockets (utility vehicles, scooters) aiding overall prints for the industry.
Recovery in commercial vehicle space (ex-buses) continued while a striking feature for the month was the robust export performance of most players.
Passenger vehicle performance was a mixed bag. Bellwether Maruti Suzuki India Ltd.’s volumes rose modestly by 1.1% to 1.5 lakh units, dragged by 5% decline in the core mini and compact portfolio.
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