CV SEGMENT REPORTS MUTED VOLUMES PRINTS FOR OCTOBER 2022
News:
Market leader Tata Motors (TML) reported October 2022 CV volumes of 32,912 units down 5.7% MoM. VECV volumes at Eicher Motors de-grew 8.9% MoM to 6,038 units while Ashok Leyland reported volume prints of 14,863 units, down 15.3% MoM
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Volume prints came in below our expectations and was a negative surprise. M&HCV segment witnessed double digit de-growth while LCV segment witnessed mid-single digit de-growth. Going forward, with cyclical upswing & greater infra spends, we expect CV volumes to strengthen, going forward, with expectations set for higher double digit volume growth in FY23E
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