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Reliance Securities Report
As per the Society of Indian Automobile Manufacturers, domestic auto sales volume (excluding commercial vehicles) grew by 12% YoY (down 5% month-on-month) to 14,21,241 units in April 2022.
Notably, most segments of the automobile industry witnessed a strong YoY performance due to low base (as April-21 was impacted by Covid-2 wave), with passenger vehicle seeing decline due to semiconductor supply issues.
Rural recovery supported the performance of two-wheelers in April-22. Moreover, ongoing geopolitical issue continue to impact consumer sentiment to some extent.
Though overall demand remained strong on YoY basis, it witnessed sequential decline due to subdued performance of three-wheelers and passenger cars.
Overall demand level remained below pre Covid level across segments.
The wholesale volume was higher than the retail due to inventory built up citing better sales during ongoing marriage season and expected rural improvement.
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