IANS

M&M’s sales up 17% in November

Mumbai, Dec 1 (IANS) Auto major Mahindra & Mahindra (M&M) on Saturday reported a 17 per cent rise in its vehicle sales including exports for November, compared on a year-on-year basis.

The total sales of the company stood at 45,101 units last month, against 38,570 units recorded during the corresponding period of the financial year 2017-18.

“The company’s domestic sales touched 41,564 vehicles during November 2018, as against 36,039 vehicles in November 2017, a growth of 15 per cent,” M&M said in a statement.

In the passenger vehicles segment, M&M sold 16,188 vehicles in November 2018, as against 16,030 vehicles in November 2017 and in the commercial vehicles segment, the company sold 19,673 units, registering a year-on-year growth of 26 per cent.

On the export front, sales zoomed by 40 per cent to 3,537 vehicles last month.

Commenting on the monthly performance, Rajan Wadhera, President, Automotive Sector, M&M said, “We have registered a double-digit growth in our overall sales. However, adverse macro-economic conditions have impacted the growth forecast for the automotive industry in general.”

“Going forward, we hope that decrease in fuel prices and improving liquidity will drive demand for passenger vehicles. At Mahindra, we remain upbeat due to our new product launches of Marazzo, Alturas G4 and the upcoming launch of our new SUV codenamed S201,” he added.

On a cumulative basis, the company has sold 3,94,162 units including exports, so far in the financial 2018-19, 14 per cent higher on a year-on-year basis.

–IANS
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