CV segment reports healthy volumes prints for June 2022
News: Market leader Tata Motors (TML) reported June 2022 CV volumes of 37,265 units up 13.6% MoM, with volumes at M&M down 3.4% MoM at 20,431 units (LCV down 3.4%, M&HCV down 2.5%). VECV volumes at Eicher Motors increased 11.9% MoM to 6,307 units while Ashok Leyland reported volume prints of 14,531 units, up 9.5% MoM
Views: CV space continued to outshine peers with current month’s reading growing at high single digit. M&HCV segment witnessed nearly double-digit sequential growth while LCV segment was flat to negative. Going forward, with cyclical upswing & revival in capex cycle, we expect CV space to continue its positive momentum and report higher double digit volume growth in FY23E
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