2-W SPACE REPORTS MUTED MOM NUMBERS FOR APRIL 2023
News: Volumes at TVS Motors were down 4.2% MoM at 2.95 lakh units. Royal Enfield brand at Eicher Motors reported 1.2% MoM growth at 73,136 units, while market leader Hero MotoCorp reported volume de-growth of 23.7% MoM at 3.96 lakh units. Bajaj Auto volumes are yet to be reported.
View: In the 2-W space volume prints came in below our expectation especially amidst OEM’s guiding for green shoots in rural economy. TVS witnessed major dip in its EV volumes at 6.3k units vs 15,364 units achieved in March 23. Management informed about production limited due to change to AIS 156 standards & supply challenges. Volumes at Eicher Motors also failed to build up any positive momentum in sales volume.
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