January Auto Wholesale Check - PV, Tractor Demand Strong; Commercial Vehicle Back On The Growth Path: Motilal Oswal

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Motilal Oswal Report

Tractor wholesales were above estimates; passenger vehicle and two-wheeler wholesales were in-line; and commercial vehicle and three-wheeler were below estimates.

PV original equipment manufacturers are seeing strong demand and long waiting periods.

Among two-wheeler, Hero MotoCorp Ltd. was in-line, whereas TVS Motor Company Ltd. grew robustly.

PV volumes grew approximately 5% YoY (in line with estimate) and two-wheeler (excluding Bajaj Auto Ltd.) volumes grew 8% YoY (in-line).

CV grew 2.2% YoY (below estimate), as light commercial vehicle volumes rose 2.6% YoY (below estimate) and medium and heavy commercial vehicle was up 1.7% (below estimate).

Three-wheeler volumes declined 32% YoY (below estimate).

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