The commercial vehicle industry has seen a decline in wholesales after a long time, thanks to a bit of moderation in demand in the first month of the new year and a high-base effect.
The overall wholesales for the industry in January came at 58,360 units, which was lower by a percent, compared to 59,008 units for the same period last year.
The market leader, Tata Motors sold 30,643 commercial vehicles, down 3 percent, compared to 31,694 units a year ago. The company saw a decline in its HCV, ILMCV trucks and SCV Cargo and Pickup. The passenger carriers segment however was in the green.
Ashok Leyland reported a drop of 8 percent with sales of 14,899 units, compared to 16,198 units sold a year ago. The company however saw a robust 89 percent jump in demand for buses, which was higher both on YoY and MoM basis.
Mumbai-headquartered Mahindra & Mahindra was the sole CV maker to report a 8 percent growth in its overall wholesales. The company sold 23,481 units, compared to 21,724 units a year ago.
Volvo Eicher Commercial Vehicles (VECV) reported a drop of 2 percent with sales of 6,858 units versus 6,992 units a year ago.
Going forward, the sales of CVs in India are expected to have a bit of moderation but would continue to be in the green. Thanks to the government’s continued focus on infrastructure development as well as the demand for fuel-efficient cleaner vehicles.
| COMMERCIAL VEHICLE SALES IN INDIA | |||||
| Company and Segment | Jan ’24 | Jan ’23 | Change (in units) | Change (in %) | Dec ’23 |
| YoY | YoY | ||||
| Tata Motors | |||||
| HCV Trucks | 8,906 | 9,994 | -1,088 | -11% | 11,199 |
| ILMCV Trucks | 4,743 | 4,755 | -12 | 0% | 5,675 |
| Passenger carriers | 3,872 | 2,851 | 1,021 | 36% | 3,060 |
| SCV Cargo and Pickup | 13,122 | 14,094 | -972 | -7% | 12,734 |
| Total | 30,643 | 31,694 | -1,051 | -3% | 32,668 |
| Mahindra & Mahindra | |||||
| LCV < 2T | 4,039 | 2,675 | 1,364 | 51% | 2,849 |
| LCV 2 T – 3.5 T | 17,116 | 18,101 | -985 | -5% | 12,668 |
| LCV > 3.5T + M&HCV | 2326 | 948 | 1,378 | 145% | 2,371 |
| Total | 23,481 | 21,724 | 1,757 | 8% | 17,888 |
| Ashok Leyland | |||||
| M&HCV Trucks | 7,581 | 9,119 | -1,538 | -17% | 8,379 |
| M&HCV Bus | 1,874 | 989 | 885 | 89% | 1,723 |
| LCV | 5,444 | 6,090 | -646 | -11% | 5,221 |
| Total | 14,899 | 16,198 | -1,299 | -8% | 15,323 |
| Volvo Eicher CV | 6,858 | 6,992 | -134 | -2% | 7,468 |
| Grand Total | 58,360 | 59,008 | -648 | -1% | 73,347 |
