Passenger vehicle wholesales rise ~16% in March amid external geopolitical pressures

– Market leader; reflects domestic demand trends – SUV demand strength – PV and EV exposure Automakers reported strong dispatch growth despite geopolitical tensions, indicating resilient domestic demand and inventory alignment. Investors assess demand durability, supply chain risks, and channel inventory health across cycles. March dispatch growth ~16% YoY. Auto demand often remains resilient despite external shocks.