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Auto Sector(CV): Underwhelming sequential performance

News: Market leader Tata Motors (TML) reported October 2021 CV volumes of 33,674 units, up 1.3% MoM. Ashok Leyland posted 16.2% growth to 11,079 units while M&M outperformed with 59.2% growth to 15,077 units. VECV volumes declined 4.4% to 5,805 units.

Views: CV volumes largely underperformed expectations, particularly in M&HCV where TML registered 11% decline in trucks and 12% decline in buses. M&M's growth arrived on the back of jump in <3.5T LCVs whereas Ashok Leyland did well across segments.