Mahindra registers 11% growth for Feb 2013: New Maxximo Plus launch today

Mahindra and Mahindra, leaders in the SUV sector in India, have announced their sales results for the month of February 2013. During the month the company registered sales to the extent of 47,824 vehicles, an increase of 11% as compared to 43,087 units sold in the same month a year earlier.

Passenger vehicles of M&M which includes utility vehicles and the Mahindra Verito, saw a 14% increase in sales with 23,421 units sold during the month of February 2013. Domestic sales were also up 10% in February 2013 to 44,399 units as against 40,461 units sold in February 2012. Three wheeler sales stood at 4,803 units in February 2013 while exports during the same month stood at 3,425 units. Despite these figures, the company is disappointed at the levy of 3% additional duty on SUVs by Union Budget 2013. This is expected to dampen further growth and does not provide a conducive climate for enhanced sales.

Mahindra will also be launching their new Maxximo Plus with a revolutionary new technology. Mahindra adds, Maxximo Plus is India’s most technologically advanced mini-truck. Speaking about the growth in sales during a period when the industry is facing difficult times, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra Ltd. commented, “We have a balanced budget from the Finance Minister that emphasizes inclusive and sustainable growth which we hope will bring the much needed positive sentiment for the economy, including the automotive industry. However, levying a 3% higher duty on SUVs on the basis of higher ground clearance is disappointing as it slows down further growth and does not provide equal competitive space to all players. Our February 2013 performance is reflective of the customers’ preference for our products, for which we thank them”.