Wholesales in Aug’22 for 2Ws and Tractors were in line, while that for PVs and CVs were below our estimate. PV wholesales were flat sequentially. Model launches and order backlog for OEMs will help sustain PV demand. Domestic 2W wholesales have started picking up, while exports remain under stress. CV demand remains stable. Among 2Ws, wholesales for TVS/Royal Enfield (RE)/Honda were in line, while that for Bajaj were above our estimate. Volumes for 2Ws/PVs/CVs/3Ws/Tractors grew 8%/43%/ 16%/ 28% /2% y-o-y. 2Ws – in line, up 8% y-o-y: Domestic wholesales for OEMs were above our estimate, indicating a build-up in inventory …
