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In October, the auto industry reported a 9% YoY growth, with the two-wheeler (2W) segment leading, fueled by renewed
rural demand driven by favorable monsoons and the festive overlap of Navratri and Diwali, which prompted OEMs to increase
inventory. Hero Motocorp (Hero) was a standout, achieving an 18% YoY rise in volumes. Meanwhile, the passenger vehicle
(PV) segment saw flat volumes, as domestic demand stayed muted despite discounts from key players, though M&M posted
a strong ~25% YoY growth due to new launches. The commercial vehicle (CV) sector grew 8% YoY, led by double-digit growth
in the tractor segment, with M&M and Escorts benefiting from favorable monsoon conditions. However, the truck segment
continued its decline, affected by delays in large infrastructure projects and heavy monsoon rains, which disrupted logistics
and construction activities across the country.

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