CV segment reports healthy volumes prints for September 2022
Market leader Tata Motors (TML) reported September 2022 CV volumes of 34,890 units up 10.8% MoM. VECV volumes at Eicher Motors grew 32.5% MoM to 6,631 units while Ashok Leyland reported volume prints of 17,549 units, up 24.3% MoM.
Volume prints coming in above our expectations was a positive surprise. M&HCV segment witnessed healthy recovery with high double digit growth while LCV segment continues to grow in mid-single digits. Going forward, with cyclical upswing and greater infra spends, we expect CV volumes to improve and report higher double digit volume growth in FY23E.