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ICICI Securities Report
Domestic two wheeler retails in December 2023 (1.5mn units) were up ~28% YoY/down 36% MoM. Electric two-wheeler retails were 17% lower MoM at 75k units versus CY23’s mean of ~71k units. Passing vehicle search were at ~0.29mn units, 19% lower MoM/up ~2% YoY, with rising SUV volumes amid continued weakness in entry-level hatchbacks.
ICE three wheeler continued to grow rapidly, up ~34% YoY at ~47k units. Tractor sales improved 27% MoM (albeit flat YoY) to ~79k units. medium and heavy commercial vehicles were up ~5% YoY, though down 9% MoM, beckoning vigilance on retail numbers in the upcoming seasonally strong months.
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