UBS ON AUTOS

• Festive retail trends: Cars down ~17% YoY on a high base, while 2W growth moderated to ~5%. • TVS and Honda gained ~140 bps and ~50 bps market share as scooters and premium motorcycles performed well. • Hero MotoCorp and Bajaj Auto lost share as commuter motorcycles remained weak. • TVS gained across both ICE and EV segments, while Bajaj lost share in both. • In cars, M&M is seeing strong market-share gains, though UBS awaits month-end data for confirmation.

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