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Below The Quote on Sharing auto industry by Arun Agarwal, VP Fundamental Research, Kotak Securities

Wholesale volume performance in the month of May 2025 remained mixed, with passenger vehicle and commercial vehicle segment growth being muted, whereas the two-wheeler and the tractor segment saw single-digit growth. The domestic passenger vehicle and the commercial vehicle industry wholesale volume growth is estimated to be flat yoy due to weak retail demand. The domestic two-wheeler wholesale volumes is expected to have grown by low to mid-single digit. EV two-wheeler retail sales growth was healthy in May 2025. Further, two-wheeler exports also witnessed strong yoy volume growth, partly due to a favorable base. For tractors, the demand momentum is expected to remain strong supported by early advancement of above-normal monsoon and government support.

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