{"id":90452,"date":"2026-05-21T10:49:10","date_gmt":"2026-05-21T05:19:10","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=90452"},"modified":"2026-05-21T10:49:12","modified_gmt":"2026-05-21T05:19:12","slug":"ashok-leyland-analyst-review-2026","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/","title":{"rendered":"Ashok Leyland Analyst Review May 2026"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p>This <strong><a href=\"https:\/\/univest.in\/user\/stocks\/ashokley\/ashok-leyland-ltd-share-price-today\">Ashok Leyland<\/a> analyst review<\/strong> for May 2026 covers the key data investors need for ASHOKLEY at its current price of Rs 149.26. Ashok Leyland (NSE: ASHOKLEY) is India&#8217;s second largest commercial vehicle manufacturer with a market capitalisation of approximately Rs 43,800 crore, producing MHCV trucks and buses. The analyst consensus target of Rs 175 implies meaningful upside, and this <strong>Ashok Leyland analyst review<\/strong> examines technical levels, business performance, valuation, and key risks that will determine whether ASHOKLEY achieves that target through FY27.<\/p>\n<p><a href=\"https:\/\/univest.in\/user\/log-in\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Ashok_Leyland_Company_Snapshot_May_2026\" title=\"Ashok Leyland Company Snapshot May 2026\">Ashok Leyland Company Snapshot May 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Analyst_Insight_in_This_Ashok_Leyland_Analyst_Review\" title=\"Analyst Insight in This Ashok Leyland Analyst Review\">Analyst Insight in This Ashok Leyland Analyst Review<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Technical_Analysis_in_This_Ashok_Leyland_Analyst_Review\" title=\"Technical Analysis in This Ashok Leyland Analyst Review\">Technical Analysis in This Ashok Leyland Analyst Review<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Key_Support_and_Resistance_Levels\" title=\"Key Support and Resistance Levels\">Key Support and Resistance Levels<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Business_Segment_Analysis\" title=\"Business Segment Analysis\">Business Segment Analysis<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Medium_and_Heavy_Commercial_Vehicles_MHCV\" title=\"Medium and Heavy Commercial Vehicles (MHCV)\">Medium and Heavy Commercial Vehicles (MHCV)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Light_Commercial_Vehicles_Dost_Bada_Dost\" title=\"Light Commercial Vehicles (Dost, Bada Dost)\">Light Commercial Vehicles (Dost, Bada Dost)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Electric_Buses_and_Defence_Vehicles\" title=\"Electric Buses and Defence Vehicles\">Electric Buses and Defence Vehicles<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Valuation_in_This_Ashok_Leyland_Analyst_Review\" title=\"Valuation in This Ashok Leyland Analyst Review\">Valuation in This Ashok Leyland Analyst Review<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Trade_Outlook_for_Ashok_Leyland\" title=\"Trade Outlook for Ashok Leyland\">Trade Outlook for Ashok Leyland<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Key_Risks_for_Ashok_Leyland_in_FY27\" title=\"Key Risks for Ashok Leyland in FY27\">Key Risks for Ashok Leyland in FY27<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Conclusion_Ashok_Leyland_Analyst_Review_Verdict_for_2026\" title=\"Conclusion: Ashok Leyland Analyst Review Verdict for 2026\">Conclusion: Ashok Leyland Analyst Review Verdict for 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Frequently_Asked_Questions_Ashok_Leyland_Analyst_Review_2026\" title=\"Frequently Asked Questions: Ashok Leyland Analyst Review 2026\">Frequently Asked Questions: Ashok Leyland Analyst Review 2026<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#What_is_the_analyst_target_for_Ashok_Leyland_in_2026\" title=\"What is the analyst target for Ashok Leyland in 2026?\">What is the analyst target for Ashok Leyland in 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Is_Ashok_Leyland_a_good_investment_at_Rs_14926\" title=\"Is Ashok Leyland a good investment at Rs 149.26?\">Is Ashok Leyland a good investment at Rs 149.26?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#What_is_Ashok_Leylands_52-week_high_and_low\" title=\"What is Ashok Leyland&#8217;s 52-week high and low?\">What is Ashok Leyland&#8217;s 52-week high and low?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#What_are_the_key_risks_for_Ashok_Leyland\" title=\"What are the key risks for Ashok Leyland?\">What are the key risks for Ashok Leyland?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/ashok-leyland-analyst-review-2026\/#Where_can_I_track_live_data_for_Ashok_Leyland\" title=\"Where can I track live data for Ashok Leyland?\">Where can I track live data for Ashok Leyland?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Ashok_Leyland_Company_Snapshot_May_2026\"><\/span><strong>Ashok Leyland Company Snapshot May 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ashok Leyland&#8217;s AVTR modular truck platform, electric bus portfolio (Circuit series), and defence vehicle business position it for the next CV up-cycle. The company has been gaining MHCV market share against Tata Motors. The table below summarises the key data referenced in this <strong>Ashok Leyland analyst review<\/strong>.<\/p>\n<table>\n<tbody>\n<tr>\n<th>Parameter<\/th>\n<th>Value<\/th>\n<\/tr>\n<tr>\n<td>NSE Ticker<\/td>\n<td>ASHOKLEY<\/td>\n<\/tr>\n<tr>\n<td>Sector<\/td>\n<td>Automobiles &#8211; Commercial Vehicles<\/td>\n<\/tr>\n<tr>\n<td>CMP (May 2026)<\/td>\n<td>Rs 149.26<\/td>\n<\/tr>\n<tr>\n<td>52 Week High<\/td>\n<td>Rs 215.42<\/td>\n<\/tr>\n<tr>\n<td>52 Week Low<\/td>\n<td>Rs 114.96<\/td>\n<\/tr>\n<tr>\n<td>Market Cap<\/td>\n<td>Rs 43,800 Crore<\/td>\n<\/tr>\n<tr>\n<td>Trailing P\/E<\/td>\n<td>25x<\/td>\n<\/tr>\n<tr>\n<td>Analyst Consensus Target<\/td>\n<td>Rs 175<\/td>\n<\/tr>\n<tr>\n<td>Bull Case Target<\/td>\n<td>Rs 220<\/td>\n<\/tr>\n<tr>\n<td>Bear Case Target<\/td>\n<td>Rs 110<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Analyst_Insight_in_This_Ashok_Leyland_Analyst_Review\"><\/span><strong>Analyst Insight in This Ashok Leyland Analyst Review<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Senior Research Analyst <strong>Ankit Jaiswal<\/strong> flags Ashok Leyland as a stock to watch in May 2026. At Rs 149.26, Ankit Jaiswal identifies key support in the Rs 117 to Rs 142 band and resistance near Rs 158. He suggests watching Ashok Leyland for a potential move toward Rs 175, subject to Automobiles &#8211; Commercial Vehicles sector momentum and Nifty 50 direction. Ankit Jaiswal&#8217;s view is one input in this <strong>Ashok Leyland analyst review<\/strong> and does not constitute a trade recommendation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Technical_Analysis_in_This_Ashok_Leyland_Analyst_Review\"><\/span><strong>Technical Analysis in This Ashok Leyland Analyst Review<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At Rs 149.26, ASHOKLEY is trading within its 52-week band of Rs 114.96 to Rs 215.42. The current position relative to the 52-week high and low is the first layer of technical context for any entry or exit decision. Momentum indicators including the 14-day RSI, MACD crossover, and volume trends are useful secondary signals to monitor alongside the Nifty 50 direction.<\/p>\n<p>Near-term support is identified in the Rs 117 to Rs 142 band while resistance is seen in the Rs 158 to Rs 162 zone. A sustained move above Rs 158 could open the path toward the analyst consensus target of Rs 175.<\/p>\n<p><a href=\"https:\/\/univest.in\/screeners\"><strong>Screen the best stocks on the Univest Screener.<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Support_and_Resistance_Levels\"><\/span><strong>Key Support and Resistance Levels<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Support Zone:<\/strong> Rs 117 to Rs 142 &#8211; investors tracking this <strong>Ashok Leyland analyst review<\/strong> should watch for stabilisation or a bounce in this range as a potential accumulation signal for ASHOKLEY.<\/li>\n<li><strong>Resistance Zone:<\/strong> Rs 158 to Rs 162 &#8211; a sustained close above Rs 158 would be a positive breakout signal worth flagging in this <strong>Ashok Leyland analyst review<\/strong>.<\/li>\n<li><strong>Medium-Term Target:<\/strong> The analyst consensus of Rs 175 represents the base-case upside scenario identified in this <strong>Ashok Leyland analyst review<\/strong>.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Business_Segment_Analysis\"><\/span><strong>Business Segment Analysis<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Medium_and_Heavy_Commercial_Vehicles_MHCV\"><\/span><strong>Medium and Heavy Commercial Vehicles (MHCV)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is the primary revenue and margin driver for Ashok Leyland, directly supporting the earnings trajectory toward the consensus target of Rs 175.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Light_Commercial_Vehicles_Dost_Bada_Dost\"><\/span><strong>Light Commercial Vehicles (Dost, Bada Dost)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This segment adds scale and diversification to Ashok Leyland&#8217;s business model and is a meaningful EPS contributor through FY27 and FY28.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Electric_Buses_and_Defence_Vehicles\"><\/span><strong>Electric Buses and Defence Vehicles<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This represents the medium-term growth frontier for Ashok Leyland and a key re-rating catalyst for the stock over the next 12 to 24 months.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Valuation_in_This_Ashok_Leyland_Analyst_Review\"><\/span><strong>Valuation in This Ashok Leyland Analyst Review<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At Rs 149.26, Ashok Leyland trades at a trailing P\/E of 25x. This <strong>Ashok Leyland analyst review<\/strong> presents three valuation scenarios: a bull case of Rs 220 on strong earnings delivery and sector tailwinds, a base case of Rs 175 at analyst consensus, and a bear case of Rs 110 if macro headwinds persist. Q1 FY27 results will be the first key checkpoint for this <strong>Ashok Leyland analyst review<\/strong>.<\/p>\n<table>\n<tbody>\n<tr>\n<th>Scenario<\/th>\n<th>Target Price<\/th>\n<th>Key Condition<\/th>\n<\/tr>\n<tr>\n<td>Bull Case<\/td>\n<td>Rs 220<\/td>\n<td>Strong earnings delivery and sector re-rating<\/td>\n<\/tr>\n<tr>\n<td>Base Case (Consensus)<\/td>\n<td>Rs 175<\/td>\n<td>Moderate growth, analyst consensus estimate<\/td>\n<\/tr>\n<tr>\n<td>Bear Case<\/td>\n<td>Rs 110<\/td>\n<td>Earnings miss or macro headwinds<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Trade_Outlook_for_Ashok_Leyland\"><\/span><strong>Trade Outlook for Ashok Leyland<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Based on the technical and fundamental analysis in this <strong>Ashok Leyland analyst review<\/strong>, investors might watch ASHOKLEY near the support zone of Rs 117 to Rs 142 for potential opportunities. A flag above Rs 158 could suggest improving momentum toward Rs 175. This article uses watch-and-flag language only and does not constitute a trade recommendation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_for_Ashok_Leyland_in_FY27\"><\/span><strong>Key Risks for Ashok Leyland in FY27<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A well-rounded <strong>Ashok Leyland analyst review<\/strong> must assess downside risks. Key risks for Ashok Leyland include a macro slowdown affecting Automobiles &#8211; Commercial Vehicles sector demand, input cost or regulatory headwinds compressing margins, continued FII selling from Indian equities, and earnings estimate downgrades if Q1 FY27 guidance disappoints. Market conditions may change rapidly. This analysis is not financial advice; investors should perform their own due diligence before investing in ASHOKLEY.<\/p>\n<p>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or the <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to get daily stock recommendations and expert research.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion_Ashok_Leyland_Analyst_Review_Verdict_for_2026\"><\/span><strong>Conclusion: Ashok Leyland Analyst Review Verdict for 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This <strong>Ashok Leyland analyst review<\/strong> concludes that at Rs 149.26, ASHOKLEY offers a defined risk-reward with a consensus target of Rs 175. The 52-week range of Rs 114.96 to Rs 215.42 provides context on the current entry point. Use this <strong>Ashok Leyland analyst review<\/strong> as a research starting point and consult a SEBI-registered financial advisor before making any investment decisions on ASHOKLEY.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_Ashok_Leyland_Analyst_Review_2026\"><\/span><strong>Frequently Asked Questions: Ashok Leyland Analyst Review 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_analyst_target_for_Ashok_Leyland_in_2026\"><\/span><strong>What is the analyst target for Ashok Leyland in 2026?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The analyst consensus target is Rs 175, with a bull case of Rs 220 and a bear case of Rs 110. Monitor Q1 FY27 earnings for confirmation as highlighted in this <strong>Ashok Leyland analyst review<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Ashok_Leyland_a_good_investment_at_Rs_14926\"><\/span><strong>Is Ashok Leyland a good investment at Rs 149.26?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>At Rs 149.26 with a P\/E of 25x and a consensus target of Rs 175, this <strong>Ashok Leyland analyst review<\/strong> is constructive for medium to long-term investors in the Automobiles &#8211; Commercial Vehicles sector. Always consult a SEBI-registered advisor before investing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_Ashok_Leylands_52-week_high_and_low\"><\/span><strong>What is Ashok Leyland&#8217;s 52-week high and low?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The 52-week high is Rs 215.42 and the 52-week low is Rs 114.96. At Rs 149.26, ASHOKLEY is positioned within this range as noted in this <strong>Ashok Leyland analyst review<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_key_risks_for_Ashok_Leyland\"><\/span><strong>What are the key risks for Ashok Leyland?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Key risks include macro slowdown, input cost pressures, FII selling, and regulatory changes in the Automobiles &#8211; Commercial Vehicles sector as assessed in this <strong>Ashok Leyland analyst review<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Where_can_I_track_live_data_for_Ashok_Leyland\"><\/span><strong>Where can I track live data for Ashok Leyland?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Track Ashok Leyland&#8217;s live price and analyst targets on the Univest Screener alongside professional financial advice to complement this <strong>Ashok Leyland analyst review<\/strong>.<\/p>\n<p><em>Investments in securities are subject to market risk. This content is for educational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making any investment decisions.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ashok Leyland analyst review 2026: CMP Rs 149.26, MCap Rs 43,800 Cr, PE 25x. Automobiles &#8211; Commercial Vehicles outlook and technical levels. 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