Covid-19 to hit CV industry hard: Icra

Commercial vehicle (CV) industry weighed down significantly by the coronavirus outbreak. Near-term outlook for the commercial vehicle (CV) industry weighed down significantly by the coronavirus outbreak. The volumes likely to contract further between 8-10% in FY2021, said an Icra note on Wednesday. With cash flows of fleet operators also under pressure, replacement demand for new trucks is likely to remain muted till any meaningful pick-up in the economy and infrastructure projects fructify. An improvement in economic environment and resolution of liquidity constraints remain critical for a sustained revival in the industry, the note pointed out.