India auto retail splits: SUVs and EVs hold firm as entry cars, commuter bikes and CVs weaken
Early May VAHAN data and brokerage notes flag a K-shaped auto retail print. PV wholesales rose 24% YoY to ~427,000 units with ~61,000 units of inventory addition, while PV retail grew 14% (20.8% by another read) and CV retail just 4.7%. Entry-level cars, commuter two-wheelers and CVs face stress from fuel inflation and weaker conversion; FY27 PV growth pegged near 8%.
Early May VAHAN data and brokerage notes show India's auto retail splitting: SUVs, EVs and premium vehicles stay resilient while entry-level cars, commuter two-wheelers and CVs face stress from fuel inflation, rising ownership costs and weaker retail conversion.