Wholesale volumes in Jul’23 were expected to be weak for all segments due to seasonality and are expected to remain subdued in Aug’23 too as building up of inventory would start in Sep’23 rather than Aug’23 with festive season being in Oct-Nov’23 this year. M&HCVs, tractors and 3Ws continued to deliver better-than-expected volumes in Jul’23, as against PVs and 2Ws continuing to consolidate.