After a recovery in retail sales in Q4FY21, commercial vehicle (CV) sales plunged in early FY22. Several states enforced strict lockdown but allowed commercial activity to continue. Yet in April, retail CV sales fell by 24% MoM, and then again in May sales dropped by 65% MoM as lockdowns were tightened.

The top-5 CV makers - Tata Motors, Mahindra & Mahindra, Ashok Leyland, Eicher Motors' VECV. and Maruti Suzuki India saw a 65-72% decline in CV retail sales in May MoM. The worst affected was VECV. These companies' CV sales in May 2021 are less than 25% of March 2021 levels.