MoM growth trend resumes with nearly high single digit MoM growth in sales volume for December 2021

News: Market leader Tata Motors (TML) reported December 2021 CV volumes of 34,151 units, up 5.9% MoM, with volumes at M&M up 6.4% MoM at 15,938 units. VECV volumes at Eicher Motors outperformed its peers and was up 51% MoM to 6,154 units.

Views: With CV space amid cyclical upswing amidst greater infrastructure spend by the government and revival in private capex cycle,  we expect CV space to report meaningful improvement in volumes going forward. Revival in volumes at the bus segment was the key highlight for the month.

Impact: Neutral