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Our channel checks indicate that retail sales were weak across segments dragged by –

1. Lower discounts (especially for passenger vehicles) versus last year,

2. Farmers’ protest (North India),

3. Customers waiting for refreshed 2021 models,

4. An inauspicious period starting in mid-December,

5. Exhaustion of pent up demand (especially in two-wheelers) and

6. Depressed freight rates and underutilization of truck (dent for medium and heavy commercial vehicle demand).

However, inventory is lower than normal for passenger vehicles and tractors, leaving headroom for higher wholesales.

Click on the attachment to read the full report:

Dolat Capital Auto OEM Monthly Preview – Dec’20.pdf

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