BOFA ON AUTO SECTOR ; MIXED FESTIVE DEMAND SIGNALS

• Early Vahan registration data indicates mixed trends during Navratri. • PASSENGER VEHICLES: Registrations DOWN 14% YoY, indicating weak demand. • Discounts increasing, particularly in SUVs. • TWO-WHEELERS: Registrations UP 6% YoY despite a high base. • MHCV: Registrations UP 50% YoY on a low base. • TRACTORS: Registrations UP 7% YoY. • All segments recorded healthy 2-year CAGR growth.

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