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November Auto Wholesales - Two-Wheelers Continue Their Weak Showing: Motilal Oswal

November Auto Wholesales - Two-Wheelers Continue Their Weak Showing: Motilal Oswal

<div class="paragraphs"><p>Motorcyclists travel past pedestrians near the Chhatrapati Shivaji Terminus railway station in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)</p></div>
Motorcyclists travel past pedestrians near the Chhatrapati Shivaji Terminus railway station in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

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

Two-wheeler, tractors, and commercial vehicle wholesales were below our estimate, whereas passenger vehicle wholesales were in line.

There were signs of a recovery in November 2021 in terms of passenger vehicle wholesale dispatches due to the easing of semiconductor shortages.

Two-wheeler demand shows no signs of a pickup, while commercial vehicle demand is improving. Among two-wheelers, volumes for Hero MotoCorp Ltd./TVS Motor Company Ltd. was below our estimate, while Royal Enfield/Bajaj Auto Ltd. was in line.

Two-wheeler/passenger vehicle/tractor volumes declined by ~26%/3.5%/19% YoY, whereas commercial vehicle/three-wheeler volumes grew 10%/11% YoY.

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Motilal Oswal Auto Sector Update.pdf

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