PV segment reports muted volumes for August 2022
News: For August 2022, Maruti Suzuki (MSIL) sales volume de-grew 6.5% MoM at 1.62 lakh units. Tata Motors' volumes were flat MoM at 47,351 units. M&M's volumes were up 6.4% MoM at 29,852 units.
View: Numbers for the month came in below our expectations. Segment mix, at MSIL, improved in favour of UV sales, which registered 15.7% MoM growth amid new launches. At Tata Motors, EV volumes were down 4.4% MoM at 3,845 units. At M&M, UV volumes were up 6% MoM at 29,516 units. Going forward, we expect volumes to pick up pace in this segment amid healthy order book across OEMs.