Ashok Leyland MHCV volume 91% in FY23, sees industry demand gaining

Company increases market share in commercial vehicle segment, credits 'development initiatives in key industries'

Ashok Leyland clocked 91 per cent volume growth in the medium and heavy commercial vehicles (MHCV) segment in FY23 compared to the previous financial year, said a senior executive as the industry gains from various economic factors.

The commercial vehicle market grew robustly and MHCV industry volumes were up by 53 per cent compared to FY22, as construction and mining expanded, capital expenditure increased in infrastructure and pent-up replacement demand continued.

Ashok Leyland’s FY23 growth comes alongside its market share increasing in the commercial vehicle segment: from 15.46 per cent in February 2022 to 16.87 per cent in February 2023,