- 02 Jan 2023
- ICICIdirect Research
AUTO COMPANIES DECLARE NUMBERS FOR DECEMBER, 2022
News: Few auto OEMs reported their wholesale dispatches for December, 2022. Maruti Suzuki reported a muted set of numbers (as guided) with total volumes declining 12.4% MoM at 1.4 lakh units. Tata Motors reported 1.5% MoM decline at 74,365 units while Eicher Motors (RE) reported 3.3% MoM decline in volumes at 68,400 units and Escorts Kubota reported 18.7% YoY growth at 5,573 units.
View: The calendar year end volumes for December 2022 were expected to be muted. The key positives, however, were: (i) improving product mix at Maruti (greater share of UVs) and Eicher Motors (increase in Royal Enfield 650 cc sales), (ii) double digit MoM volume recovery in CV space led by bus segment (Tata Motors and VECV) and (iii) robust tractor sales on a YoY basis in a seasonally weak month for Escort. We await numbers from other auto OEMs.
Impact: Neutral