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You are at:Home»Business»August Auto Sales Review: Retails rise with onset of festive season; demand stable for PVs/CVs
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August Auto Sales Review: Retails rise with onset of festive season; demand stable for PVs/CVs

By September 3, 2022No Comments2 Mins Read
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The retail sales of automobiles in August rose by around 7 and 3 per cent month-on-month (MoM) in consumer-facing segments of PV/2W (passenger vehicle and two-wheeler) post PVs consolidating for five consecutive months, the domestic brokerage firm ICICI Securities said.

While the CV (commercial vehicle) segment was flat on an MoM in August, and gradually recovering to March/April 2022 highs even in a seasonally low month, the brokerage further stated in its auto sales review for the previous month.

Similarly, the registrations for tractors witnessed around an 18 per cent MoM decline in August albeit on a higher base. In the EV segment, volumes rose 13 per cent MoM in 2W at 50k units, which is like March 2022 highs at 50k units, the brokerage noted.

However, EV sales in the PV category fell slightly by 4.6 per cent MoM, this is mainly amid anticipation of new launches in the affordable EV segment in coming months, other than the impact of multiple registration holidays in August, ICICI Securities believe.

Key takeaways from Aug auto sales: India’s mobility data continues to lead both on transit mobility and workplace mobility with offices, schools reaching normalcy, ICICI Securities said adding that the global mobility data weakened as key regions face macro challenges, for example, Europe, US.

According to another brokerage firm Motilal Oswal, Wholesales in August 22 for 2Ws and Tractors were in line, while that for PVs and CVs were below estimate.

PV wholesales were flat sequentially as model launches and order backlog by OEMs (Original Equipment Manufacturer) will help sustain PV demand, and domestic 2W wholesales have started picking up, while exports remain under stress, the brokerage added.

In year-on-year terms, the volumes for 2Ws/PVs/CVs/3Ws/Tractors grew 8/43/16/28/2 per cent respectively in August, Motilal reported.

While easing semiconductor supplies boosted PV retails and increasing economic activity and higher capacity utilization propelled CVs, the 2W segment is yet to recover amid a high cost of ownership, the Motilal Oswal mentioned in its report.

The brokerage prefers 4Ws over 2Ws on the back of strong demand and a stable competitive environment and expects the momentum in the CV cycle to continue. It prefers companies with higher visibility in terms of demand recovery, strong competitive positioning, margin drivers, and balance sheet strength.



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