CV segment reports muted volumes prints for November 2023
News: Market leader Tata Motors (TML) reported CV volumes of 28,029 units down 3.5% YoY for November 2023. VECV volumes at Eicher Motors were up 6% YoY to 5,194 units while Ashok Leyland reported a volume decline of 3.5% YoY at 14,953 units.
Views: In the CV space too, all OEM’s witnessed double digit decline in volumes on MoM basis which is a general post festive period trend. Decline was witnessed across vehicle categories namely trucks, buses and LCV’s. Going forward amidst robust economic activity (healthy core sector growth such as coal, cement and Steel) and cyclical upswing underway in CV space, we expect CV volumes to grow high single digit in FY24E and attain new peak.