CV wholesales continue to grow in February, but demand sees slowdown

The wholesales of commercial vehicles have now started seeing slowdown, and while the overall numbers continue to be in green, the single-digit growth on month-on-month basis could be an indicator that the segment again may be facing challenges.  

In February, the overall commercial vehicle sales came at 72,434 units, a growth of 25 percent YoY (February 2021: 57,944 units), but just 3 percent higher compared to the previous month.

Tata Motors reported wholesales of 33,894 units, which was 9 percent higher compared to the same period last year. Except for the Intermediate & LCV segment the company saw an uptick in all segments.

Mahindra & Mahindra which is one of the most impacted companies due to the ongoing semiconductor shortage, reported wholesales of 20,166 units which was 119 percent higher albeit a low-year-ago base. In contrast, the company’s monthly sales was 4 percent lower when compared to the month of January 2022.  

Ashok Leyland reported growth of 4 percent YoY, with wholesales of 13,281 units, compared to 12,776 units a year ago. The company reported a YoY decline of 12 percent in the LCV segment.

VE Commercial Vehicles continues to see sustained demand and reported wholesales of 5,093 units,  6 percent higher YoY, and 13 percent higher compared to January 2022.