Automotive OEM’s wholesale volume performance was mixed in December 2022.
Domestic commercial vehicle and tractor segment performance were better than our expectation. Commercial vehicle segment volumes received a boost from healthy growth in the medium & heavy commercial vehicle (M&HCV) segment.
Turnaround witnessed in tractor demand over the past few months continued in December 2022. Domestic passenger vehicle segment volumes were broadly in line with our estimates.
The healthy order book is expected to support passenger vehicle segment growth in the near term. Two-wheeler industry performance was weak likely due to channel inventory correction and muted demand in the domestic markets and continued challenges in export geographies.
