We recently interacted with dealers of Maruti Suzuki, Honda Cars and Tata Motors CVs in and around the city of Kochi (in Kerala). Key takeaways from our dealer interactions include: 1) Value-for-money SUVs continue to drive retail demand, where customers are ready to pay in excess of INR 1.2mn on-road prices; 2) hybrid-model demand is being driven by status quotient of owning environment-friendly model and not unit economics.