CVs run into Covid-19, sales to shrink 30-35% this fiscal: Report

The industry is staring at further de-growth in fiscal year 2021 as Covid-19-led economic downturn adds to the negative sentiment

Commercial vehicle sales are expected to decline by more than one -third in the current fiscal and industry needs demand revival, a report said on Friday.

The domestic commercial vehicle (CV) industry continues to exhibit cyclicality as witnessed in the last two decades but the slump witnessed in fiscal year 2020 was sharp with sales volume declining 29 per cent year-on-year (YoY) to 720,000 units, Ratings agency Care Ratings said in its report.

During fiscal year 2020, in terms of unit volume, M&HCV (medium and heavy commercial vehicle) accounted for 31 per cent of the total CV sales, while LCV