Auto Expo 2018 – Missing Participants Take the Sheen Off!
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Auto Expo 2018 – missing participants take the sheen off! Murali Iyer PXUDOL#LLÀFDSFRP 91 22 4646 4613 Renault Trezor EV Concept Auto Expo 2018 Institutional Equities he layout was there, the manufacturers were there, the ȱ ȱ ǰȱ ȱ Ěȱ ȱ ěȱ ȱ ȱ TȱȱęĚǰȱȱ££ȱ ȱȱȱȱȱȱ ǰȱȱȱ ȱȱȱȱȱȱȱȱȱȱ ǯȱȱȱ ȱę¢ȱȱȱȱŘŖŗŞȱȱ ¡ǯȱȂȱȱȱ ȱȱȱŗŚȱȱ ȱȱ ȱȱȱěȱ ȱ¢ȱȱȱ Ȃȱ ȱȱȱǯȱȱȱȱ¡ȱ ȱȱȱȱ ŘŖŗŜȱȱǻ ǰȱȱȮȱȱ¢ȱȱȱ¢ ȱȱȱ ȱǼǰȱȱ ȱȱȱȱȱȱ ȱȱȱ ȱȱ ȱȱ ȱȱȱȱęȱȱȱȱ ȱ ¢ȱ Ȃȱ ȱ ȱ ȱ ěȦ¢ȱ ȱ ȱ ȱ ȱȱȬęȱȱȱȱ¢ȱȱȱȱȱȱ ¢ȱȱȱǯ TaMo RaceMo Big names go missing ȱ ȱ ȱ ȱ ȱ ȱ śřȱ ȱ ¢ȱ ȱ ȱ Harley 750 concept śşȱȱŘŖŗŜǯȱȱȱȱȱȱȱ Ȭȱ ȱǻȱȱȱȱȱȱȱȱ ¢Ǽǰȱȱǰȱ Ȧȱ Ȧǰȱ ȱ ȱ ǻǰȱ ǰȱ ǰȱ ǰȱ ǰȱ ¢ǰȱ ǰȱ ǰȱ Ǽǰȱ Ȭ¢ǰȱǰȱǰȱǰȱ £ǰȱȱǰȱȱ £ǰȱ¢ȱęǰȱȱǰȱ ǰȱ ¢Ȭǰȱǰȱ ȱ¡¢ȱȱȱȱȱǯȱȱȱȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ǻȱ Ǽȱ ȱ ¢ȱęȱȱȱȱȱȱȱȱȱŘŖŗŜǯȱȱ ȱŘȬ ȱȱ¢ȱ¢ȱȱȱȱȱȦ Ȧȱȱȱȱȱȱ¡ǰȱȱȱ¢ȱ ȱȱȱȱȱȱȱȱǯ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȃȱ ȱ ȱ ȱ ȱ ȱȱ ȱȱȱȱȱ ȱȱǯȱ ȱ¢ȱȱȱȱȱȱȱȱŘŖŘŖȱȱ¡ǰȱȱ ȱȱ ȱȱ ȱȱ ȱȱǰȱ Tata 45X Concept 2 Auto Expo 2018 Institutional Equities ȱȱȱŚŖȬŜŖȱȱȱȱȱȱěȱǯȱȱȱȱ ȱ ¡ȱ ȱ ȱ ěȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱǰȱȱ ȱȱȱȱȱȱ ǻȱȱ¢ȱȱ¡ȱȱȱȱȱȱŘŖŗşǼǰȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ¢ǯȱ ¢ǰȱ ȱȱǰȱȱȱ¢ȱȱ ȱȱ ȱ ȱ ¡ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱȱŘȬ ȱȱȱȱȱ ¢ǰȱǰȱ ȱ ȱǰȱȱȱȱȱȱȱ ǯȱ ȱ¢ȱ ȱ ȱȱȱȱȱ ȱǰȱ¢ȱ ȱ ȱȱȱȱȱǰȱȱȱȱȱȱȱ ȱȱȱǷȱ ȱȱ¢ȱ ȱ¢ȱȱȱȱ ȱǰȱȱȱȱȱȱȱȱȱȱ Ĵǯ Maruti Future-S Concept Ford Mustang EVs – momentum picking up ȱ ȱ ȱ ȱ ¢ǰȱ ȱ ȱ ȱ ȱ ȱ Ĵȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȁȱ ȱ Ȃǰȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȃȱ ȱ ȱ £ȱ ȱ ȱ ȱ ȱ ¢ȱ ŘŖřŖǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱȱȱȱǰȱȱȱȱ¢ȱ¢ȱȱȱ ȱȱȱ¢ǯȱȱ¢ȱȱȱȱȱ ȱȱȱ ȱȱȱȱǻȱȱ ǰȱȱȱȱȱȱę¢ȱȱ ȱ ȱ ȱȱȱǷǼǰȱȱȱȱȱȱȱȱȱȂȱ ȱǯȱȱȱȱȂȱȱ ȱȱȱ ȱ ¢ȱ ǰȱ ȱ ȱ ¢ȱ řŖȱ ȱ ȱ ȱ ¢ȱȱǯȱȱȱ ȱȬ¢ǰȱȱ ȱȱ ǰȱȱȱ ȱȱȱȱǯȱȱȱ ȱȱǰȱȱȱ¢ȱȬȱ ȱȱ ȱȱȱ ȱȱȱȱȱȱȱȱȱ ȱȱȱȱȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ĵȱȱȱȱȱȱȱȱǰȱ 3 Honda Civic Auto Expo 2018 Institutional Equities ȱȱȱ¢ȱ¢ȱȱ¢ȱȱȱȱȱȱȱ Ȯȱ¢ȱȱȱ¡ȱǷȱ ȱȱ ȱȱȁȂȱȱȱȱȱȱȱ ȱȱȱǻ ȱȱ¢ȱȱȱȱȱȱ ȱȱȱȱǰȱȱ ȱȱ¢ȬȬȱȱȱ ȱ¢Ǽǰȱȱ¢ȱȱȱȱȱ ȱȱȱ ȱȱǯȱ¢ȱȱ ȱȱȱ¢ȱȱȱȱ ǰȱ ȱ ȱ ȱ ȱ ¡ǰȱ ǰȱ ¢ǰȱ ǯȱĴȱȱ ȱȱȮȱ ȱ¢ȱȱȱȱȱȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¡ȱ ȱ ȱ ǰȱ ¢ȱ ¢ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ¢ǯȱ ¢ȱȱ ȱȱȱȱȱȱȱȱȱȱȱ ¢ȱȱ¢ȱȱȱȱȱ¢ǯȱ¢ȱȱȱ¢ȱ ȱȱȱ ¢ȱȱȱȱȱǯȱȱ ȱȱȬ ȬȬȱȱȱȱȱŘȬȱȱřȬ ȱȱǻȱ Mahindra Rexton ǼǰȱȱȱȱȬ¢ȱȱȱȱȱ ȱ ȱȱȱȱȱȮȱȱ ȱȱ¡ȱȱ£ȱȱŘŖŗŞǰȱȱȱ ȱ ȱȱ¢ȱȱȱǰȱȱ ȱȱǷ ange – Ěao o te seasonǷ ȱȱȱȱȱĚȱȱȱȱȱȱȱ¡ȱȮȱ ȱȱǰȱȱȱȱȱȱȱȱȱȱ¢ǯȱ ȱ£ȱ ȱȱȱǰȱȱ ȱȱȱȱ ȱ ȱǰȱ ȱȱǻȱȱȱȱǰȱ¢ȱ ȱȱȱȱȱȱȱȱȱȱȱ ȱ ȱȱȱ£ǷǼǰȱȱȱȱ ȱȱ śȱ ȱȱȱȱ ȱǯǯǯrang de tu mohe gerua! ȱ ȱ ȱ ȱ Ȭ ¢ȱ ȱ ȱ ǻȱ £Ǽȱ ȱ ¡¢ȱ ǻȱ ȱ Ȯȱ ȱ Ȭȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ǽȱ ȱ ȱ ǻȱ ŚśǼȱ ȱ ȱ ǻȱ Ǽȱ ȱ ȱ ǻĚ¡ȱ ȱ ȱ Ǽȱ ȱ ȱ ǻȱ Ǽȱ ȱ ȱ ǻȱ ȱ 4 Mercedes EQ Concept Auto Expo 2018 Institutional Equities Ǽȱ ȱ ȱ ǻȱ śǼȱ ȱ ¢ȱ ǻǼȱ ȱ Ĵȱ ȱ ǻȱ Ǽȱ ȱ ¢ȱ Ĵȱ ǻȱ £ȱ ȬǼȱȱ¢ȱ¢Ȭȱǻ ¢ȱ Ǽȱȱȱǻ ȱǼȱ ȱ ȱ¢ȱǻȱ£ȱȬǼȱȱȱǻ ȱǼǯȱ ¢ȱȱȱ ȱȱȱ ȱȱȱȱȱ ȱȱȱȱȱǯȱȱȱȱȱȱȱ ȱȱȱȱȱ¡ȱ ȱĴ¢ȱȱȱǯȱ ȱ ȱ ȱ ȱ ǻȱ ȱ ȱ ęȱ ȱ ȱ ǰȱ ȱȱęǰȱǼȱ ȱȱȱȱǰȱ ȱǰȱ¢ȱ¢ǰȱȱǯ a aunces – ona makes stiing comeack ȱ ȱȱȱȱȱ ȱȱȱǻ ȱ Ǽǰȱ ȱ ǻŝŖŖȱ ȱ ¡Ǽǰȱ ȱ ȱ ǻ¡ȱǰȱ Ȧ ȱ ȱȱǰȱȱ ȦȱȱǼǰȱ ȱǻ ȱ£ǰȱǰȱ DC TCA Concept ȱȬǼǰȱ¢ȱǻǰȱǼǰȱȱǻŘŘŖȱȬȱȱ ǰȱ¢ȱŜśŖǼǰȱȱǻŜȬȱ ǰȱśǰȱřȱȦŚȱǰȱ Ŝǰȱ Şȱ ǰȱ řǰȱ ȱ řǼǰȱ ȱ ȱ ǻ¢ǰȱ ǰȱ ȱǼǯȱ¢ȱȱȱȱȱĴȱȱȱȱȱȮȱ ȱ ȱȱȱȱ ȱ¢ǰȱȱ£ǰȱȱ ¢ȱ ǯȱ¢ȱȱ ȱȱȱȮȱȱ¡ȱȱǯ ȱȱ ȱ ȱȱȱȱȱȱȱȱȱȱȱ ǯȱ¢ȱȱȱȱ££ȱ ȱȱȱȮȱȬ ȱ £ȱ ǻȱ ȱ ȱ ȱ ¢Ǽǰȱ ȱ Ȭȱ ǻȱ ȱ ȱ ǼǰȱȱȱȱȱȱǻȱǰȱǼȱȱȱ ȱȱȱ¢ǯȱȱȱȱȱȱȱ ȱȱęȱ ŘŖŗŞȬŗşǯȱ¢ȱȱȱȱȱȱȱ¡ȱȱ¢ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ Ȭǯȱ ȱ ȱȱȱȱȱȦ£ȱȱȱȱȱȱ ¢ȱǰȱȱȱ Ȃȱȱȱȱ ȱȱ ȱǯ Maruti – still a strong BUY ȱȱȱȱȱȱȱŚŖŖŖȱǯȱǰȱȱȱȱ 5 Toyota Yaris Auto Expo 2018 Institutional Equities TVS Zeppelin Concept Yamaha Racing Concept Yamaha Hyper Slaz Concept Toyota Concept Mahindra UDO Concept ȱȱȱǯȱȱȱŘŖŗŚȱȱŘŖŗŜǰȱȱȱȱȱ ȱȱȱȱȱȱęȱȱȱȱȱȮȱȱȬ ȱȱȱȬǯȱȱ ȱȱȱȱȱȱ ȱȱȱȱǯȱȱȱ ȱȱȱȱ ȱǰȱǰȱ ȱȱȱȱ ȱȱȱȱȱ ȱ ¢ȱȱȱ¢ȬȱȱȱȂȱȬȱȱ ȱ ȱȱȱȱȱ ǯȱȱǰȱ¢ȱȱȱ ¢ȱȱ ¢ȱ¢ǰȱ ȱȱȱȱȱȱȱȱ Renault Concept ȱȱȱ¢ȱŘŖřŖȱȱ¢ȱȱǯȱȱ ¢ȱ¢ȱ ȱ¢ȱ ȱȱȱ¢ȱȱȱȱ¢ȱ¢ȱǻȱȱ ȱȱȱ Ǽȱȱȱȱ¢ǰȱȱȱ ȱȱȱ ȱ Honda Sports EV Concept ȱȱȱȱȱȱȱ ǯȱȱȱ ȱȱęȱȱȱȱȱȱ ȱȱȱȱŘŖŘŖǯȱ ȱȱȱȱȬ ȱ ȱǻ ȱȱȱ¢ȱȱ ȱ Ǽȱ ȱ ȱ ¢ȱ ǯȱ ȱ ȱ ȱ ȱ Maruti Future-S Concept ȱȱȱ£ȱȱȱǰȱ ȱǰȱȱȱ Aprilia R150 Maruti Ignis ȬȬȱŝȬȱȱȱȱ ȱȱȱ ȱȱǯȱButǰ Maruti soul eno¢ at least t o ¢ears o uneĴere runǯ is is eęnitel¢ goo ne s or sareolersǯ ¢unai – stea¢ ȱ¡ȱȱȱȱȬȱȱȱȱȱ ¢ǯȱȱ ȱ ȂȱǰȱȱȱȱȱȱȱȱŘŖŗŞǰȱȱ ¢ȱ ¢ȱȱȱȱȂȱȱęȱȱ¢ǯȱ ȱȱȱȱ ȱȱȱȱȱ ǰȱȱȱȱȱȱȱȱȱ¢ȱȱ ȱ ǯȱȱ ȱȱȱȱȱȱȱ ȱ ȱȱ ȱȮȱ ȱȱ ȱȱȱ ȱȱȱȱȱȱ Mahindra TUV Stinger Concept Kia SP Concept ȱȱȱ ȱȱȱǯȱ ¢ȱ¢ȱȱȱȱ ȱ ȱȱȱ¢ȱȱȱȱȱȱȱȱǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱŘŖŗŝǰȱ ȱ ȱȱȱȱ¢ȱȱǰȱȱȱȱȱ ǯȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ę¢ȱ ȱ ȱȱȱȱȱȱȱȱȱȱȱȱȱ ȱ ȱǯȱ ¢ȱȱ ȱȱ ȱ ȱȮȱȱȱȱȱ 6 OKI 100 EV Concept Emflux One Concept Auto Expo 2018 Institutional Equities ȱȱ¢ǯȱ ȱ ȱȱ ȱ ȱȱǰȱ ¢ȱȱ¢ȱȱȱȱǯȱ ¢ȱȂȱ ȱȱ ȱȱȱȱ ǰȱȱ ȱ¢ȱȱȱȱȱȱȦ ¢ȱǯ Mainra – eĴing on e¡ton ȱȱǻȱȱȱǼȱ ȱȱȬ ȱ ȱȱȱȱřŘŗȱǰȱ ȱȱȱȱȱ ȱ Tata Motors 45X Concept ȱȱȱȱȱ¢ȱ ǯȱ ǰȱ ȱȱęȱȱ ȱȱȱȱȱȱȱ¢ȱȱȱ¡ȱǯȱȱ Mahindra Atom Concept ¢ȱȱ ȱȱȱŘŖŗŜȱȱ¡ȱ ȱǰȱȱ ȱ ȱȱ ȱȱ ȱ¢ȱ¡ȱ Śȱȱȱ ǯȱȱȱŝȬȱǰȱȱ ȱȱȱȱȱȱ ȱ¢ȱǯȱȱȱ ȱȱȱȱȱŝŖŖȱ ȱȱ¡ȱȱȱȱȱǯȱ ȱȱǰȱ¡ȱ ȱȱȱȱŘśȱǰȱȱ ȱȱȱȱȱȱ ǰȱ TaMo Signa ȱŝȬȱ ȱȱȱȱȱȱȱǯȱ ȱ ȱȱȱȱ¢ǰȱȱȱȱȱ Honda NeuV Concept Tata Motors H5X Concept ȱȱ ȱȱȱ ȱȱȱȱȱȮȱǯ Suzuki e-Survivor Concept ata Motors – upping te anteǷ ȱȱȱȱ¢ȱȱȱȱȱȱ¢ȱ ǯȱ ȱ ȱ ǰȱ Ȃȱ ȱ ȱ ȱȱȱȱȱȱȱ ¢ȱȱȱ ȱȱ ȱȱȱ ȱȱȱȱȱȱȱȱ ȱȱȱ ǯȱĜȱȱ¢ȱȱȱȱȱȱȱȱȱȱ Renault Trezor EV Concept ȱ ȱ £ȱ ǰȱ ȱ ȱ ȱ ȱ Ĵȱ ȱ ȱȱȱȱȬȬ¢ȱ śȱȱǻ¡ȱ ȱ¢ȱŘŖŗşǼǯȱȱŚśȱȱȱȱȱȱ ¢ȱǻȱŘŖŗşȦ ¢ȱ ŘŖŘŖǼǰȱ ȱ ȱ ȱ ȱ Ĵȱ ȱ ȱ ȱ ȱ ȱȱȱȱ¢ȱȮȱȱǰȱ ¢ȱŘŖȱǯȱ ȱ ¡ȱ śȱȱȱ¢ȱȱȱȱȱȱȱ ȱ¢ȱȱ ȱ ȱȮȱȱȱȱȱȱȱȱ ȱŞȱǰȱ ȱȱȱ¢ȱȱȱ¢ȱǯȱȱ 7 TVS Zeppelin Concept UM Renegade Commando Mojave Auto Expo 2018 Institutional Equities Mercedes AMG SLC 43 BMW i8 Roadster ȱȱ ȱ ȱȱŘǯŖȬȱȱȱȱȱ ȱȱŗŖŞȱǯȱ ȱȱ ȱȱ ȱȱȱȱȱ ȱ ȱǰȱȱȱȱ ȱȱȱǯȱ ȱ¡ȱȱȱȱȱȱ ȱȱȱǻ ȱ¡ǰȱȱȱȱȱǼǰȱ ȱ¢ǰȱȱ ȱȱȱ¢ȱȱȱǻȱǼȱȱȱȱȱ ǰȱȱǰȱȱǰȱȱ ȱȱǯ ȱǯ ȱȱȱȱ ȱȱȱȱȦ ȱȱǻ ȦǼǰȱ ȱ śȱśȬȱȱ ȱȱȱȱ ¢ȱȱȱȱ ȱȱȱȱȱ ȱȱȱȱȦȱȮȱȬ ǰȱȱȱ¡ȱȱȱȱĴȱȱȱǰȱȱȱ ¢ȱ ȱ ȱ ȱ ¢ǯȱ ¢ǰȱ ȱ ȱ ŘȬȱ ȱ ȱ ȱ ȱǯȱȱŝȬȱȱ ȱȱȱ ȱǻ¢ȱŗŞŖȬŗşŖȱ ȱȱȱȱȱȱ ȱĴĚ¢ȱ ȱǰȱȱ ȱ Ǽǰȱ ȱ ȱ ȱ Ĵȱ ȱ ȱ ¡Ȧȱ ŝŖŖǰȱ ¢ȱ ȱȱȱȱȱȱȱȱȱȱ ȱǰȱȱȱȱȱ ǰȱȱȱǯȱȱȱȱȱȱȱȱ ȱȱȱȮȱȱȱǰȱ ȱ¢Ƿȱ ȱ ȱȱȱȱ¢ǯȱȱȱ ȱ¡ǰȱȱȱȱ ȱȱ ȱȱȱȱȱǯȱ ȱȱȱȱȱ ȱȬȱȱȱǰȱȬǰȱȱ Ȭǰȱ ȱȱ ȱȱȱ ȱȱȱȱȱȱȱȱȱ ȱȱ ȱȱȱȱȱȱȱȱȱ ȱ ȱ ¢ȱǰȱȱȱȱȱȱ ȱȱ¡ȱ ȱȂȱǯȱȱȱȱ ǰȱ ¢ȱȱȱȱǯ ¡ȱǯȱȱȱ ȱ¢ȱȱŗǯŘȬȱȱȱȱ 8 Auto Expo 2018 Institutional Equities Tata Tiago JTP Kia PavilionHonda Goldwing JBM CityLife ia Motors – so casing teir range ȱȱȱȱȱ££ǯȱȱȱ ȱȱȱȱ¢ȱ ȱȱȱȱȱȱȱǰȱȱȱȱ ȱ¢ȱ ¢ȱǻȱȱ ȱ Ȃȱǰȱȱȱȱȱȱ ¢ǰȱȱȱȱȱȱȱȱ ȱȱǼȱȱȱĴȱ ȱȱȱȱ£ǰȱ Ȃȱȱěȱȱȱ ¢ȱȱȱȱȱ¢ǯ ȱȱ££ȱ ȱ¢ȱȱ¢ȱ ǯȱȱ ȱȱȱȱȱ ŘŖŗşȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ǻȱ ŘȬ eelers – plent¢ o launces ȱȱǞŗǯŗȱȱȱȱřŖŖǰŖŖŖȱȱǼǯȱ¢ȱȱȱȱ ȱȱŘȬ ȱǰȱȱȱȱȱȱȱȱȱȮȱȱȱȱ ȱȱȱȱȱǻȱȱȱȱ¢ȱȱ ȱ¢ǯȱȱȱȱ ȱȱȱ¢ǯȱ ȱ ȱȱǼǰȱȱȱ ȱȱȱęȱȱȱ ǯȱȱȱȱ ȱȱȱȱȱȱȱ ǰȱȱ ȱȱ¡ȱȱ ȱ ȱ ȱȱȱȱĴ¢ȱȱȱȱȱȱȱȱ ȱ ȱ ȱȱ ȱȱǯȱȱȱȱ ȱ Ȭǰȱ ȱȱȱȱ¢ȱȱȱȱ ǯȱ ȱȱ ȱ ȱȱȱǻĴȱȱȱ ȱ ȱȱȱȱǼDzȱ ȱ ȱ ȱ ŗśȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱȱȱǻȱȱȱ ȱȱȱDZȱ ǰȱǰȱȱǰȱǰȱǰȱȱȱǯȱȱ ȱ şşŞǰȱ ȱ Śǰȱ ȱ ȱ ȱ ȱ ȱ ŗşŝȱ ȱ ȓȱ ȱȱ¢ȱȱ ȱȱȱ ȱȱȱ ȱȱȱȱǯȱ ŗŗŖŖŖȱȱȱŗřŝǯřȱȱȱȱȓȱşśŖŖȱȱȱȱŘśȱȱȮȱ ȱȱȱǰȱ ȱȱȱȱȱȱȱȱȱ ¢ǰȱ¢ȱȱȱȱȱǷǼDzȱȱȱ ȱ ȱȱǻȱ 9 Auto Expo 2018 Institutional Equities ȱ ǰȱ ȱ ȱ Ǽǰȱ ȱ ȱȱ ȱ ŘŖŖȱ Figure 1: Upcoming PV launches by segment ǰȱ ȱ ȱ ȱ řŗŖȱ ǻȱ ȱ ȱ ȱ ȱ >aunch Ɵme OEM Model name Comments řŗŖȱȮȱ ȱȱȱŘŖŗŜȱȱ¡ȱȱȱȱȱȱ Hatchback – 48% of PV market ȱȱŘŖŗŝǼDzȱȱȱ¢ȱ ȱȱǰȱȱȱ 4QFY18 DĂƌƵƟ ^ǁŝŌ ůůŶĞǁ^ǁŝŌ;ϯƌĚŐĞŶĞƌĂƟŽŶͿ ȱǯȱ ȱȱȱȱȱȱ ȱȱȱȱȱ 4QFY18 ,LJƵŶĚĂŝ Elite i20 DŝĚͲůŝĨĞƌĞĨƌĞƐŚ͖ǀƐ͘ĂůĞŶŽ͕:Ănjnj ȱȱǰȱȱ ȱ¢ȱȱȱȱȱȱ Compact sedan (CS) – 13% of PV market ȱȱ£ȱȱȱǰȱȱȱǰȱ£ǰȱ ǰȱ ȱȱǻǰȱǰȱȱ ££Ǽȱ ȱ¢ȱ££ǯȱȱ ȱ 1HFY19 ,ŽŶĚĂ ŵĂnjĞ ůůŶĞǁŵĂnjĞ͖ǀƐ͘njŝƌĞ͕dŝŐŽƌ͕yĐĞŶƚ ȱȱȱĚ¡ȱǻȱ ȱȱȱȱ Mid-size & premium sedan – 6% of PV market ȱŜǯśȬŝȱȱȮȱȱȱȱȱȱȱȱŘŖŗŞǼǰȱ ¢ȱ ȱ 1QFY19 dŽLJŽƚĂ Yaris ǀƐ͘,ŽŶĚĂŝƚLJ͕DĂƌƵƟŝĂnj͕,LJƵŶĚĂŝsĞƌŶĂ ǰȱȱ¢ǰȱ ǰȱǯ zϭϵ ,ŽŶĚĂ ŝǀŝĐ ůůŶĞǁŝǀŝĐ͖ĂďŽǀĞ,ŽŶĚĂŝƚLJ UVs – 27% of PV market UMȂs range – competition or o¢al Enęel ,Ϯzϭϵ Kia ^WŽŶĐĞƉƚ DĂĚĞĨŽƌ/ŶĚŝĂ^hs͕ĮƌƐƚůĂƵŶĐŚĨƌŽŵ<ŝĂ ȱǻȱ ȱ ȱȱȱȱȱȱȱȱǼȱȱěȱ dĂƚĂDŽƚŽƌƐ ,ϱy ^hsďĂƐĞĚŽŶ>ĂŶĚZŽǀĞƌƉůĂƞŽƌŵ ȱȱ ȱȱŘŖŗśȬŘŖŗŜǰȱȱȱȱȱȱȱ ,LJƵŶĚĂŝ Kona ŽŵƉĂĐƚ^hs͖ůŝŬĞůLJďĞůŽǁƌĞƚĂ ȱȱ¢ȱęȱȱȱȱ¡ǯȱ ȱȱ ȱȱȱȱ M&M Rexton >ĂƌŐĞ^hsƵŶĚĞƌDĂŚŝŶĚƌĂďƌĂŶĚ ȱȱȱȱȱȱȱǰȱȱ M&M DWs EŽƚƐŚŽǁĐĂƐĞĚ͕ƚŽďĞůĂƵŶĐŚĞĚŝŶ&zϭϵ ¢ȱȱȱ ȱěȱȱ ȱ¢ȱȱȱŘŖŗŞȱȱ ¡ǯȱȱ¢ȱȱĴȱ ȱȱȱȱǰȱ ȱȱ Source: IIFL Research ȱ ȂȱęȱȱȱǯȱȱȱȱŚǯşȱȱǻȱȱ Figure 2: Electric and green vehicles announced/showcased ȱȱ ¢Ǽǰȱȱȱȱ ȱȱȱȱ ȱ¢ȱȱŘŖŘŖǷȱ Model name Comments ȱȱȱȱ ȱȱȱ¢ȱȱȱȱȱ Cars ¢ȱǯȱȱȱȱȱȱȱ ȱȱŘŘřȱȱ¢ȱ ϭϯϬŬŵƌĂŶŐĞ͕ŵĂdžƐƉĞĞĚϭϬϬŬŵƉŚ͕ϮϭϲŚ͕ϳϮsďĂƩĞƌLJ͕ dĂƚĂ dŝŐŽƌs ǰȱ ȱȱŗŝȱȱȓȱŞŖŖŖȱȱȱŗŝȱȱȱȱȱ EŽƌŵĂůͬYƵŝĐŬĐŚĂƌŐŝŶŐƟŵĞ;ƵƉƚŽϴϬйͿŽĨϯϲϬͬϵϬŵŝŶƐ ȓȱśŖŖŖȱǯȱȱȱŗǯŗȱȱȱ ȱȱȱȱ¢ǰȱ dĂƚĂ dŝĂŐŽs ȱ¡ȱȱȱȱȱȱ ȱ£ȱȱȱȱ M&M Ğ<hsϭϬϬ ŽŶĞͲsĞƌŝƚŽsŵŽĚƵůĞ͖ϭϭϬŬŵƌĂŶŐĞ͕ŵĂdžƐƉĞĞĚŽĨϴϲŬŵƉŚ ǯȱ maintain tat tis is te real competition to te o¢al Enęel ranǰ an to tat e¡tent te Eicer Motors stock soul gie a a¢ M&M ƚŽŵΘhĚŽ some o its e¡alte aluationsǯ ,LJƵŶĚĂŝ Ioniq ϮϴϬŬŵƌĂŶŐĞ͕YƵŝĐŬĐŚĂƌŐŝŶŐƟŵĞϮϯŵŝŶƐ Renault Zoe ϰϬϬŬŵƌĂŶŐĞ͕ϰϭŬtŚďĂƩĞƌLJ Electric uses – geĴing carge or te uture 2Ws ȱȱȱȱŗŖŖƖȱȱȱȱȱ ȱ ȱȱȮȱȱ ds^ ƌĞŽŶ ϴϬŬŵƌĂŶŐĞ͕ϯ>ŝͲŝŽŶďĂƩĞƌLJͲϭϮŬt͕džƉĞĐƚĞĚůĂƵŶĐŚzϮϬ ȱ ȱȱȱřŖŖȱȱȱȱ ȱǯȱȱǰȱ ƉĂĐŚĞ EŽƚĞůĞĐƚƌŝĐ͕ŵĂdžƐƉĞĞĚϭϮϵŬŵƉŚ͕ƌĂnjŝůŵĂƌŬĞƚůĂƵŶĐŚŝŶ ds^ ȱȱ ȱȱȱ¢ȱȱǰȱȱ¢ȱ ȱ Ethanol zϭϴ ,ŽŶĚĂ Wy &ƵůůĞůĞĐƚƌŝĐĐŽŶĐĞƉƚŵŽĚĞů 10 Source: IIFL Research Auto Expo 2018 Institutional Equities ȱ¢ȱȱȱȱǻȱȱȱ¢ȱȱȱȱȱ ¢ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱȱȬǼǰȱȱȱǻȱȱȱȱȱȱȱ ǰȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱȱȱȱȱȱ ¢ȱȱȱȱȱȱǼǰȱȱȱȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱȱȱ ȱ ȱ ȱǯȱȱ Ȭȱ ȱȱȱȱȱ ȱǰȱ ȱȱȱ ȱ ȱȱȱȱȱȱȱȱȱ ȱȱȱȱȱȱȱȱȱȱȱǰȱ ȱȱȱȱȱȱȱȱȱȱȱȱȱ ȱ¢ȱȱ¢ȱȱȱȱȱȱĚȱȱȱǯȱ ŘŖŘŖȱȱ¡ǯȱ ȱ¢ȱȂȱȱȱȱǰȱȱȬȱȃȂȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȅȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱǰȱȱȱȱȱȱ ȱĴǯ ȱȱȱȱȱȱȱǰȱǰȱ¢ǰȱȱ ¢ȱȱȱǷ uto inustr¢ – at crossroas ȱȱȱ¢ȱȱȱȱȱȱȱȱȱȱǯȱȱȱ Figure 3: Upcoming 2W launches by segment ȱȱȱȱȱȱȱȱ¢ȱȱȱ Segments OEM Model name Comments ȱ ǻȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ Motorcycles – 62% of 2W market ȱȱȱ¢ȱŘŖřŖǰȱǼǯȱȱȱȱȱȱȱȱȱȱ 1QFY19 Hero yƚƌĞŵĞϮϬϬ ϮϬϬĐĐŵŽƚŽƌĐLJĐůĞ͖ǀƐ͘WƵůƐĂƌƐĂŶĚƉĂĐŚĞƐ ¢ǰȱȱȱȱ¢ȱȱ¢ȱȱȱȱȱ 1QFY19 Hero yƉƵůƐĞϮϬϬ ϮϬϬĐĐ͖ŝŶŶŝĐŚĞĂĚǀĞŶƚƵƌĞƚŽƵƌŝŶŐƐĞŐŵĞŶƚ ¢ȱ ȱ ȱ Ȃȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ 4QFY18 ,ŽŶĚĂ yůĂĚĞϭϲϬ ǀƐ͘ƉĂĐŚĞϭϲϬ͕WƵůƐĂƌϭϱϬͬϭϴϬ ȱȱȱȱȱȱǰȱȱȱȱȱȱȱ ȱȱȱȱȱ¢ǯȱȱȱȱȱĴȱȱȱȱ 4QFY18 Yamaha R15 ϭϱϱĐĐƐƉŽƌƚƐďŝŬĞ͖ϯƌĚŐĞŶĞƌĂƟŽŶ ϮϮϬĐĐ͖ĞīĞĐƟǀĞƉŽǁĞƌŽĨϯϬϬĐĐǁŝƚŚ ȱȱȱȱȱȱȱşŖȱȱ ǰȱȱ ȱȱȱȱ EŽƚŬŶŽǁŶ ds^ ĞƉƉĞůŝŶ ȱȱȱȱȱǯȱ ȱǰȱ ¢ǰȱȱ ĞͲŵŽƚŽƌ ǰȱȱȱȱŝŖƖȱȱȱǰȱȱȱȱȱęȱȱ Scooters – 34% of 2W market ϭϮϱĐĐǀĞƌƐŝŽŶŽĨĞdžŝƐƟŶŐϭϭϬĐĐƐĐŽŽƚĞƌƐ͖ ȱȱȱǯȱȱȱ¢ȱȱȱȱȱ 1QFY19 Hero Maestro 125 ȱȱȱȱ¢ȱȱǯ ƉŝƩĞĚĂŐĂŝŶƐƚĐƟǀĂϭϮϱ͕ĐĐĞƐƐϭϮϱ 1QFY19 Hero ƵĞƚϭϮϱ ȱȱȱȱ¢ȱȱȱȱ¢ȱǯȱȱȱȱȱȱ 4QFY18 ds^ Ntorq 125 ^ƉŽƌƚLJϭϮϱĐĐ͖ǀƐ͘,ŽŶĚĂ'ƌĂnjŝĂ͕ĐƟǀĂϭϮϱ ȱȱǻȱȱȱȱȱȱȱȱȱȱ 1HFY19 ds^ ,LJďƌŝĚƐĐŽŽƚĞƌ EŽƚƐŚŽǁĐĂƐĞĚ͖ůĂƵŶĐŚŝŶŶĞdžƚϰͲϲŵŽŶƚŚƐ ȱȱȱȱȱȱǼǰȱȱȱȱȱ 4QFY18 ,ŽŶĚĂ ĐƟǀĂϱ' DŝŶŽƌZĞĨƌĞƐŚ ȱ ȱ ȱ ¢ǰȱ ȱ ȱ ȱ ¢ȱ ¢ȱ ȱ ȱ 1QFY19 ^ƵnjƵŬŝ ƵƌŐŵĂŶ^ƚƌĞĞƚ ϭϮϱĐĐƐƉŽƌƚLJͲůŽŽŬŝŶŐƐĐŽŽƚĞƌ͖ǀƐ͘'ƌĂnjŝĂ ȱȱǯȱȱȱ ȱȱȱ¢ȱ¢ȱȱ¢ȱ¢ȱȱ 4QFY18 WŝĂŐŐŝŽ ƉƌŝůůĂ^ZϭϮϱ 125cc scooter ¢ȱȱȱȱȱȱ ȱ¢ȱȱȱȱ¢ȱȱ Ϯ,zϭϴ