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Maruti guides for production constraints in Decemeber 2021

News: Maruri Suzuki (MSIL) said that its Haryana and Gujarat plants would function at ~80-85% of usual production levels during December 2021 amid ongoing semiconductor shortage issues.

Views: Production guidance for December is amid ~85%, ~60%, ~40% levels of normal production guided for November, October, September, respectively, in 2021. The pace of improvement has slowed a bit in comparison to last month’s guidance. The supply side situation continues to be fluid but improving on the semiconductor chip front with silver lining for the space being healthy underlying demand. Lower production guidance for December could also have an element of calendar year end phenomenon.

Impact: Neutral