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PV INDUSTRY FORECASTS SALES OF 337,000 IN APR
The Business Guardian
|May 05, 2024
It t's not business as usual for the automobile industry as only a few original equipment Makers (OEMs) reported sales on 1 May.
However, Nomura Ratings estimates that the passenger vehicle industry wholesales at 337000 in April 2024, displaying 2 per cent yoy growth, slightly below the rating agency's expectation of 343000. The PV dispatches from showrooms are forecast at 317000-320000, representing 20,000 inventory additions in April 2024.
Arun Agarwal, an analyst at Kotak Securities estimates that the PV industry's domestic wholesale volumes increased by a low singledigit over April 2023. According to Kapil Singh and Siddhartha Bera of Nomura, the 2W EV retail sales share declined month on month to 4 per cent (from 9 per cent in March 2024) to 64000 units and 4.3 per cent yoy due to pull-forward of demand in March 2024 as the subsidy was reduced in April. Ola's (unlisted market share increased to 52 per cent from 37 per cent in March 24.
This story is from the May 05, 2024 edition of The Business Guardian.
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