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PV segment volumes came in lower than expected for November 2021

News: For November 2021, market leader Maruti Suzuki (MSIL) reported flattish performance MoM at 1.36 lakh units. M&M's volumes declined by 3.3% to 19,458 units while Tata Motors' decline stood at 12.3% to 29,947 units

Views: Volume prints for the month came in muted despite strong underlying demand in the segment. Product mix deteriorated at MSIL with UV sales witnessing a decline of 9.3% MoM while the mini & compact segment registered at growth of 5.6% on MoM basis. EV segment at Tata Motors however continued to do well and reported 10.4% MoM jump in sales to 1,751 units. M&M reported 3.2% decline in UVs sales volume .

Impact: Negative