CV space posts muted volume prints for April 2022

News: Market leader Tata Motors (TML) reported April 2022 CV volumes of 30,838 units, down 34.5% MoM. VECV volumes at Eicher Motors decreased 37.2% MoM to 5,525 units.

Views: In CV space softer April volume prints is a general trend post superlative March volume numbers (year0end phenomenon). M-o-M decline was in excess of 30% for both Tata Motors as well as VECV. In this segment, LCV (super-carry) volumes at MSIL posted good numbers at 4,266 units, up 12.4% M-o-M. Going forward, with cyclical upswing & greater infrastructure spend by the government and revival in private capex cycle, we expect CV space to report healthy growth in volumes going forward.

Impact: Neutral