** Automotive Sector Outlook** Nomura has designated **Mahindra & Mahindra (M&M)** as its primary pick within the automotive sector. This conviction is underpinned by an exceptionally strong SUV booking trajectory. Growth is specifically fueled by the market reception of the **XUV 7XO** and the **XEV 9S**. These models continue to drive demand and solidify M&M’s dominant position in the high-margin SUV segment. In the two-wheeler space, Nomura maintains a **Neutral** stance on **Bajaj Auto**. The assessment follows the launch of Bajaj's latest electric scooter, which has yet to shift the firm's broader rating. Preference in the EV two-wheeler market remains with **Ather Energy** and **TVS Motor**. These manufacturers are currently favored for capturing superior growth within the evolving electric transition.