Bajaj Auto Ltd has two main concerns. One, chip shortage, and the second, weakening outlook in its export markets. While the issue of chip shortage is expected to ease in the coming months, export concerns seem here to stay. True, this headwind also weighs on Bajaj’s two-wheeler (2W) peers, Hero MotoCorp Ltd. and TVS Motor Co. Ltd. But Bajaj Auto is at a relatively greater risk, as exports account for a much larger part of its total sales volumes. For perspective, in FY22, Bajaj’s export volume share stood at 58% versus about 38% for TVS Motor.