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Auto industry volumes rose 19% YoY and 3% MoM in August, with growth cooling from July's pace as PV momentum eased and CV and 2W picked up the slack. PV dispatches grew 36% YoY though declined 6% MoM, as MSIL's restocking-linked surge from July unwound and HYUNDAI's export weakness weighed, even as TMPV extended its EV-led momentum. CV dispatches accelerated to 31% YoY and 7% MoM, with broad-based strength across Trucks, LCVs and Buses led by AL and MM. 2W volumes grew 15% YoY and 5% MoM, with TVSL edging ahead of HMCL on monthly dispatches even as HMCL reclaimed the YTD lead. Tractor volumes rose 8% YoY though eased 8% MoM, with MM and ESC diverging sequentially. Exports rose 28% YoY and 1% MoM, maintaining a ~25% contribution, running above the 12-month average of ~23%. Overall, August's print reflects a rotation in growth leadership from PV toward CV and 2W, even as the underlying YoY trend stayed firmly positive across segments.

PV Segment

PV domestic dispatches rose 36% YoY though eased 6% MoM. TMPV led growth at 59% YoY and 4% MoM, followed by MM at 50% YoY though down 1% MoM. MSIL eased 12% MoM despite 29% YoY growth, as July's price-hike-linked restocking surge unwound, while HYUNDAI held broadly flat MoM and up 24% YoY. Exports declined 14% YoY and 9% MoM, weighed down by a sharp pullback at HYUNDAI even as MSIL and TMPV both grew sequentially. MSIL, TMPV and HYUNDAI have all announced fresh price hikes effective September, pointing to industrywide pricing discipline heading into the festive season

CV Segment

CV dispatches rose 31% YoY and 7% MoM, led by broad-based strength across Trucks, LCVs and Buses. Trucks, accounting for 64% of volumes, grew 31% YoY and 11% MoM, led by AL's 60% YoY surge even as MM remained the largest contributor by volume. LCVs (20% mix) rose 25% YoY and 5% MoM, led by MM's 37% YoY growth, while AL added the bulk of incremental volume. Buses (10% mix) grew 28% YoY though eased 16% MoM, with growth broad-based across AL, TMCV and MM even as EIM eased slightly.

2W Segment

2W volumes rose 15% YoY and 5% MoM. Domestic dispatches rose 10% YoY and 7% MoM, led by TVSL's 18% YoY growth. Exports rose 35% YoY and 1% MoM, led by BJAUT's 53% YoY surge even as HMCL's export shipments declined. TVSL edged ahead of HMCL on monthly 2W dispatches for a second straight month (~4% ahead), even as HMCL reclaimed the YTD FY27 lead on a like-for-like 2W basis (~1% ahead), reversing July's narrow flip. The e-2W segment saw TVSL/BJAUT/HMCL accounting for 27%/22%/10% share and 48.9k/41.0k/19.0k registrations, respectively. Elevated petrol prices, still holding near the levels set by May's hikes, are likely to keep supporting the TCOled shift toward e-2Ws through the festive season

Tractor Segment

Tractor domestic dispatches rose 9% YoY though declined 9% MoM, with MM easing a further 15% MoM to 27.6k units even as ESC rebounded 16% MoM to 9.5k units. Both companies attributed the underlying YoY growth to improving rainfall and healthy kharif sowing progress, supporting stable rural sentiment. Looking ahead, kharif crop outcomes, reservoir levels and the deferred festive season are expected to support demand, even as a higher base effect and rising cost pressures may weigh on growth. Exports were broadly flat YoY though rose 6% MoM, taking total tractor volumes up 8% YoY though down 8% MoM.

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