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MoM growth trend gets arrested with players reporting decline in sales volume for November 2021

News: Market leader Tata Motors (TML) reported November 2021 CV volumes of 32,245 units, down 4.2% MoM. Ashok Leyland posted 5.4% decline to 10,480 units while M&M posted flattish sales performance at 14,979 units. VECV volumes at Eicher Motors declined 30% to 4,085 units.

Views: CV volumes largely underperformed expectations, particularly in M&HCV truck segment which witnessed double digit decline. M&HCV truck segment witnessed a decline of 16.4% MoM at Ashok Leyland while the same for Tata Motors stood at ~18% MoM. The only silver lining was for the month was revival in M&HCV bus segment with both Tata Motors and Ashok Leyland witnessing healthy MoM growth, albeit on a low base.

Impact: Negative