January Auto Wholesale Check - PV, Tractor Demand Strong; Commercial Vehicle Back On The Growth Path: Motilal Oswal
Traffic moves along a highway during morning rush hour in Delhi, India. (Photographer Kuni Takahashi/Bloomberg)

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

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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).

Click on the attachment to read the full report:

Motilal Oswal Auto Sector Update January 2021.pdf

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