Mahindra’s Auto Sector sales decline 13% during January 2014
Mumbai, February 1, 2014: Mahindra & Mahindra Ltd. (M&M Ltd.), India’s leading SUV manufacturer, today announced its auto sales numbers which stood at 42,685 units during January 2014.
The Passenger Vehicles segment (which includes UVs and Verito) sold 19,792 units in January 2014, as against 26,555 units during January 2013. The company’s domestic sales stood at 40,324 units during January 2014, as against 47,841 units during January 2013. The 4-wheelers commercial segment has sold 15,100 units, while the 3-wheelers segment clocked 4,710 units in January 2014. Exports for the month stood at 2,361 units.
Commenting on the monthly performance, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra Ltd. said, “The first month of 2014 did not witness any improvement in the overall industry performance and the situation remains subdued. The recent Repo Rate hike will in coming months escalate the rate of interest on car loans impacting consumer sentiment. We hope the upcoming Auto Expo which will showcase new products and technology, will provide a trigger in giving a much needed boost to the auto industry and overall sentiment.”
The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
A USD 16.7 billion multinational group based in Mumbai, India, Mahindra employs more than 180,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.
In 2012, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. In 2013, the Mahindra Group received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category.