M&HCV sales dip in Feb-19, may lead to Q4 volume drop

Major CV makers like Tata Motors, Ashok Leyland, Mahindra & Mahindra, and Eicher branded trucks & buses reported either negative or marginal growth in their CV sales in Feb-19. Tata Motors (M&HCV) volumes declined sharply by 18 per cent year-on year (Y-o-Y) in February, while Ashok Leyland sales in the same segment contracted by 4 per cent. Eicher Motors and M&M M&HCV sales also fell by 7.8 per cent and 17 per cent respectively in the same month. The axle norms introduced in Aug-18, has increased the freight carrying capacity of M&HCV by 20%, thereby almost putting a halt on new truck buying. Goods carrying HCV sales remained subdued over a high base of Feb-18 (created due to a stricter implementation of overloading ban in north India last fiscal). The major factors contributing to this slide other than revised axel norms are factors like higher interest rates, slow economic activities, liquidity issue and high base effect.

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