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Wholesale volume prints expected to be a mixed bag November 2021

News: Auto OEMs are expected to report their November 2021 wholesale dispatches today.

Views: We believe wholesale volumes will be a mixed bag wherein PV players are expected to report healthy MoM growth amid improving chip availability. The 2-W space, however, is expected to report muted numbers amid high channel inventory on the back of a subdued festive season. CV segment, on the other hand, is expected to continue its cyclical recovery with most players expected to report healthy sequential volume growth. The tractor space is expected to report de-growth on a YoY basis due to a high base.

Impact: Neutral