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News: For May 2023, Maruti Suzuki (MSIL) sales volume were up 10.7% MoM at 1.75 lakh units. Tata Motors volumes were down 2.4% MoM at 45,984 units, while volumes at M&M de-grew 5.2% MoM at 32,886 units.
Views: Numbers for the month were satisfactory tracking chip issues notified by OEMs during recent quarterly Concalls, however MSIL outperformed peers big time. Segment mix at MSIL improved with UV segment witnessing a growth of 25.8% MoM at ~46k units (highest ever) whereas mini & compact segment de-grew 6.1% MoM. At Tata Motors, EV volumes were down ~10.9% MoM at 5,805 units. M&M informed about supply chain issues (key engine related component) limiting volumes for the month. Going forward we expect this space to report healthy volume prints albeit at a lower growth rate amid high base during FY23.
Impact: Neutral