Passenger vehicle and two-wheeler segment set on a path of recovery
According to news reports, Exide Industries' MD & CEO Gautam Chatterjee in company’s annual general meeting commented that after few prolonged months of declining ales in a post-COVID scenario, there were signs of recovery in passenger vehicle and two-wheeler segments, where the YoY de-growth was much lesser than the previous months.
The automobile sector was already witnessing slowdown for the last two years, which was further severely impacted due to the coronavirus crisis. However, the trend is improving as the sector is showing demand for specifically low-cost car as well as two wheeler segments. Also, it is expected, that the demand for the automobile sector will be going up in the coming festive seasons.
He also stated that, many OEMs have registered improved sales vis-a-vis the past couple of months, and this brings back a sentiment of resolve to the sector. However, Exide’s dependence on auto OEM was less than 20% and the after-market was not impacted. Exide was a leader in auto OEMs and after-market.
Read more