Monthly Auto Sales Update June 2023 by ARETE Securities
In June, Auto Volumes came in a mix where both PV & CV showed decent growth both on yearly and monthly basis. M&M
domestic PV sales grew 21% on yearly basis while TAMO grew 5% on yearly basis. These positive sales trends in the PV
segment reflect the strong demand and acceptance of SUVs in the market. 2w continue to be under pressure in month of
June as well. These decline in volumes of Bajaj Auto and TVS motors are primary due to continue decline seen in exports
markets like Nigeria. CV segment showed decent growth in June on monthly basis which was driven by TTML and AL while
M&M CV sales remained flat. The impact of pre-buying during the BS6-II transition has subsided, and CV demand is
expected to improve from Q2FY24. Tractor sales were flat domestically for M&M and Escorts, with a decline in exports.
Mixed sentiments prevailed due to varying monsoon conditions. Improved monsoon, reservoir levels, liquidity, and
consumer credit availability are expected to boost demand in the coming months.
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