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Below the Automobile Quote on July 2024 wholesale volume performance by Arun Agarwal, Vice-President - Equity Research, Kotak Securities

Domestic passenger vehicle industry volumes is expected to have declined yoy due to inventory correction amid weak demand trends. The domestic two-wheeler wholesale segment volumes is expected to have grown in high single digit yoy. However, the performance was mixed with few players reporting volume decline yoy. Two-wheeler EV retail sales grew strongly in July 2024. Commercial vehicle segment volume performance in July 2024 was weak and was below our expectation. Domestic tractor industry volumes is estimated to have grown by mid-single digit yoy, partly supported by normal monsoon. Overall, the wholesale volume performance was subdued in July 2024 with some segments like passenger vehicle, commercial vehicle and select two-wheeler players volume reporting weak sales volume.

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