Industry Update Back
Dispatches of 172.5k units exceed estimate of 165.5k units

  • MSIL's  May-18  wholesales  came  in above our estimate  at  172.5k  units  (+26%  YoY, -0.3% MoM). 
  • Domestic volumes grew 24.9% YoY to 163.2k (est. of 156.5k), led by growth in the UV (+13.4% YoY) and compact (+50.8% YoY) segments. 
  • Growth in the compact segment was led by new Swift, Baleno and new Dzire, while that in UVs was led by Brezza and new S-cross.
  • Ciaz sales declined 14.8% YoY to 4k units (est. of 4.7k units).