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Auto sales in May: Domestic 2W demand up; CVs disappoint

The auto sector in May 2023 had a mixed performance, with two-wheeler sales increasing due to wedding season and EV pre-buying while the commercial vehicle segment saw subdued demand.

The domestic passenger vehicle segment retail sales growth remained muted.


Maruti Suzuki’s total volumes increased 10% YoY in May 2023 due to a 13% YoY increase in domestic segment volumes. 

Hyundai Motors reported a 15% YoY growth and Kia Motors experienced flat domestic volumes in May 2023.  

Tata Motors and Mahindra & Mahindra reported 6-22% YoY increases in their domestic volumes. 

The domestic two-wheeler retail industry experienced a 10% YOY increase due to pre-buy of electric 2-wheelers and the ongoing wedding season.

Hero MotoCorp and TVS Motor posted 7-9% YoY volume growths while Royal Enfield's volume increased 22% due to 32% YOY increase in domestic volumes.

The tractor segment observed a low single-digit decline in volumes compared to May 2023.

Favorable reservoir levels, record-high Rabi harvest, and normal southwest monsoon create a positive sentiment in the farming sector.

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The domestic 2-wheeler retail industry experienced a strong 10% year-on-year increase in volumes, led by the pre-buy of electric 2-wheelers ahead of the reduction in FAME II incentives starting June 1, 2023, and the ongoing wedding season.

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Auto sales in May: Domestic 2W demand up; CVs disappoint

The domestic 2-wheeler retail industry experienced a strong 10% year-on-year increase in volumes, led by the pre-buy of electric 2-wheelers ahead of the reduction in FAME II incentives starting June 1, 2023, and the ongoing wedding season.

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