ICICI Securities: Automobiles - Retail, Mobility Rebound Remains Tepid
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ICICI Securities Report
In continuation to our mobility series, we are monitoring the global mobility and retail demand trends, believe both these data points are highly correlated.
Key takeaways for August 2020:
a) Mobility data trends are mixed in India with modest month on month rebound in across few states (e.g. Bihar, Chhattisgarh, Rajasthan, Kerala) while a few others slipping (e.g. Odisha, Tamil Nadu, Punjab, Gujarat),
b) on domestic retail demand trends, tractor sales have witnessed a V-shaped recovery while passenger vehicles/two-wheeler still remains in negative trajectory (even though festive season in few states has started), while commercial vehicles and three-wheelers fare the worst, and
c) globally, most of the countries are witnessing improving workplace mobility trends (e.g. Europe, USA) while amongst Asian countries the mobility rebound in India is relatively weaker.
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