Automobiles Sector Check - Demand Continues To Grow In December, Exports On Weak Footing: CareEdge
Exports declined by 21% on a YoY basis in December 2022 due to ongoing global headwinds.
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CareEdge Research Report
The domestic automobile sales volumes grew by 8.5% YoY in December 2022 backed by discounts from original equipment manufacturers to clear their year-end stocks and continued healthy demand due to the wedding season. However, on a sequential basis, the domestic sales volume declined by 14% in December 2022.
The rural demand remains subdued amid the high food inflation and increased finance cost of vehicles.
Exports declined by 21% on a YoY basis in December 2022 due to ongoing global headwinds. The evolving geopolitical situation, heightened inflation, rising interest rates, and recessionary fears remain a concern for the export market going forward. Exports are likely to fall by 12-15% in FY23.
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