Mahindra vehicle sales increased by 19% to 47,059 units during July 2012 as compared to 39,633 units during the same month last year. Domestic sales of Mahindra & Mahindra India Ltd stood at an impressive 42,799 units as compared to 37,323 units last July. This is a marked increase of 15%. The passenger vehicles segment sold 22,011 units in July 2012, as compared to 17,312 units during July last year, registering an overall growth of 27%. This segment mainly consists of sales related to UV’s and the Mahindra Verito.
The farm equipment sector managed to stay on the top and maintained its lead with a sale of 16,521 units which includes both domestic and international tractor sales. Domestic sales for July 2012 were recorded at 15,495 units while exports for July 2012 were recorded at 10,26 units.
Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra Ltd said that the company was happy to have registered an increase in sales in spite of the difficult market conditions. He also pointed out that a cut in the current interest rates would cut down manufacturing and production costs which would help benefit the Auto industry on the whole.
Read the press release below for more information.
Mahindra’s Auto Sector registers 19% growth during July 2012
Passenger vehicles segment grows by an impressive 27%
Mumbai, August 1 2012: Mahindra & Mahindra Ltd. (M&M Ltd.), India’s leading SUV manufacturer, today announced a 19% rise in its auto sales numbers, which stood at 47059 units during July 2012 as against 39633 units during July 2011.
The company’s domestic sales stood at 42799 units during July 2012, as against 37323 units during July 2011, an increase of 15%. The Passenger Vehicles segment (which includes the UVs and Verito) has registered a growth of 27%, having sold 22011 units in July 2012, as against 17312 units during July 2011.
Speaking on the performance, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra Ltd. said, “We are happy to have achieved a growth of 19% during July 2012 in spite of difficult and uncertain market conditions continuing. Incidentally, July 2012 is the second highest monthly sales for us. The Auto Industry needs to be concerned about slower economic expansion and consumer sentiments which are not so positive. A cut in interest rates would have helped lower the cost of manufacturing and product, thereby improving industry confidence”
Mahindra & Mahindra’s Farm Equipment Sector (FES), a part of the U.S. $15.4 billion Mahindra Group, maintained its leadership position in the tractor industry in July 2012.
Domestic sales in July 2012 stood at 15495 units, as against 15699 units during July 2011. Total tractor sales (domestic + exports) in July 2012 stood at 16521units, as against 16692 units for the same period last year. Exports for the month of July 2012 stood at 1026 units, as against 993 units in July 2011.