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In April, the automotive industry experienced a mixture of highs and lows. While the PV segment showed decent volumes on YoY basis, CVs saw a solid decline in the medium and heavy commercial vehicle (M&HCV) segment for both Tata Motors
and Ashok Leyland, particularly on a sequential basis. This reduction in volumes can be attributed to pre-buying activity in March, just before the implementation of Bharat Stage VI Phase 2 in April. The 2W segment showed flattish growth on a yearly basis, and the trend of massive declines in 2W exports persisted, as seen in April. The tractor sales also declined by double digits, mainly due to the pre-ponement of high-demand generating festivals such as Navratri and Gudi Padwa in March this year compared to April last year, and the occurrence of unseasonal rains.

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