November Auto Retail Sales - Two-Wheelers Shine; Rest Unfazed By Diwali Driven Demand: ICICI Securities

ICICI Securities Report

Domestic two wheeler retails in November 2023 (2.2 million units) were up ~50% month on month /21% YoY, after being range bound at 1.3-1.5 million for the last ten months. E-two wheeler retails improved, +22% month-on-month to ~91000 units versus CY23 to-date’s mean of ~71000 units.

Multiple players are slated to launch sub-Rs 100000/unit on-road priced E-two wheeler models in the next two-three months, driving this segment up quickly. Passenger vehicles were at ~0.36 million units, flattish month-on-month/up ~20% YoY, with rising SUV volumes amid continued weakness in entry-level hatchbacks.

ICE three wheeler continued to grow rapidly, up ~32% YoY at ~55000 units. Tractor sales were lower at ~62000 units (down 21% YoY/flat month-on-month) in the crucial harvesting month.

Medium and heavy commercial vehicles were up ~15% YoY, though down 10% month-on-month, implying the need for a close watch on retail numbers in the upcoming seasonally strong months.

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