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Utility vehicles may see price hikes but demand to be in top gear
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₹15 lakh, price elasticity may not be high, and consumers may be unwilling to downgrade. Against this backdrop, industry experts await management commentary from PV companies in their forthcoming Q1FY24 earnings call, where potential price hikes will be a focal point.
In Q1, Tata Motors saw nearly 8% year-on-year growth in PV volumes, while those of Maruti rose 6%. M&M clocked a growth of 31%.
“PV inquiries waned though wholesales/retails still saw good growth due to strong order book," note analysts at Motilal Oswal Financial Services in a Q1 preview report on automobiles. Shares of Tata Motors, M&M and Maruti are flirting with their respective 52-week highs.
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