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Reliance Securities Report
As per the Society of Indian Automobile Manufacturers, domestic auto sales volume (excluding commercial vehicles) grew by 18% YoY (up 10% month-on-month) to 18,74,815 units in August 2022.
Notably, all segments of the automobile industry witnessed a strong YoY and month-on-month (except passenger vehicle) performance due to ease in the semi-conductor supply, overall recovery and inventory built up ahead of festival, despite slow rural recovery.
It witnessed sequential improvement due to festival season kicking in from August, though erratic monsoon spoiled the show, particularly in rural India. Despite improvement, overall demand level remained below pre Covid level for most of the segments.
The wholesale volume was higher than the retail due to inventory built up citing better sales during the upcoming festival.
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