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Passenger vehicle volumes were in line, while two-wheeler (excluding Bajaj Auto Ltd.)/tractor/utility vehicle volumes were above our estimate.
As passenger vehicle demand holds steady, improving wholesale sales trend reflects easing supply chain issues, although the situation remains buoyant.
Improved freight rates and government push for infrastructure are contributing to the demand for commercial vehicles. Rising fuel prices can act as a shock absorber.
Among two-wheelers (excluding Bajaj Auto), Hero MotoCorp Ltd./Royal Enfield volumes were above our estimate, while TVS Motor Company Ltd. were compliant.
Two-wheeler (excluding Bajaj Auto)/tractor/three-wheeler (excluding Bajaj Auto) volumes were down ~15%/8%/2% YoY, while PV/CV volumes were up 13 %/17%.
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