PVs, 2-wheelers maintain positive run
Commercial vehicle segment volumes declined in the low single digits YoY, whereas tractor volumes declined in the high teens, the report said.
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NEW DELHI: Auto sales maintained the trends, with passenger vehicles and two-wheelers maintaining a positive run, whereas commercial vehicles and tractor segment sales momentum continued to be weak, Kotak Institutional Equities said in a report.
Passenger vehicle (PV) segment volumes witnessed a low double-digit improvement yoy in February 2024. Domestic 2W wholesale volumes witnessed more than 20 per cent YoY growth, driven by a recovery in the rural segment, which came in marginally above expectations.
Commercial vehicle segment volumes declined in the low single digits YoY, whereas tractor volumes declined in the high teens, the report said.
Domestic PV industry wholesale volumes increased in the low double digits YoY, driven by steady demand trends and channel filling, whereas retail sales grew in the high single digits during the month. MSIL’s domestic volumes rose 9 per cent YoY in February 2024, led by strong growth in the SUV segment, partly offset by a decline in hatchback and sedan segment volumes.
Meanwhile, MRF has announced a price reduction in its main line truck tyre. The reduction is about Rs 350 per tyre, to meet the market requirements. The reduction come into effect from Monday, a release said.