December auto sales: Strong end to 2020

Wholesale volumes for the month gone by came in better than expected for most listed OEMs (so far) despite lower discounts across all segments this time around. Maruti Suzuki, delivered 1.6 lac units, registering a 20% YoY growth and 5% uptick on a sequential basis. Mahindra's auto business also delivered a reasonably good performance with a sale of 35,187 units in December 2020 - exactly in line with the ET Now poll. Tata Motors' Passenger Vehicle segment registered 23,545 units in December, ending Q3FY21 with the highest ever sales in the last 33 quarters.
Tractor makers continued to see strong demand momentum, with both Escorts and M&M delivering better than expected volumes for December, at 7,733 units and 22,417 units, respectively. The Commercial Vehicles segment delivered in-line volumes for the last month of 2020. Tata Motors (CV), VECV, and Ashok Leyland saw strong double-digit growth MoM on the back of tailwinds like higher demand in infrastructure including road construction, mining, and e-commerce.
Majority of two-wheeler players - Bajaj Auto, Hero MotoCorp, and TVS Motor are yet to report wholesales for the month gone by. Royal Enfield's performance for December 2020, meanwhile, beat street estimates to report nearly 69,000 units. Here is a detailed report by Karunya Rao.

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