CV segment reports steady volumes prints for August 2022
News: Market leader Tata Motors (TML) reported August 2022 CV volumes of 31,492 units, down 7.8% MoM, with volumes at M&M up 2.6% MoM at 21,492 units (LCV up 3.5%, M&HCV down 18.8%). VECV volumes at Eicher Motors declined 16.4% MoM to 5,003 units while Ashok Leyland reported volume prints of 14,121 units, up 3.6% MoM.
View: Volume prints came in broadly in line with our expectations. M&HCV segment witnessed some recovery with low single digit growth while LCV segment grew 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.
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