Slowdown pushes commercial vehicle manufacturers in a trench
Truck rentals fell 15-17% in the past 10 months, higher than the 12-13% fall in the 2008-09 crisis
Normally, the M&HCV downcycle lasts 10-11 quarters, and this is only in the third quarter
Ashok Leyland Ltd on Monday announced a shutdown schedule for September, ranging from 5-18 days, at all its plants. Coming from the second-largest commercial vehicle (CV) maker in India, this portends economic gloom. Besides, it follows 59% drop in production of medium and heavy commercial vehicles (M&HCVs) in August.
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