BackMahindra’s tractors sales drop 21% to 18,145 units in May
The company's total sales, including commercial vehicles, contracted 6% to 33,369 units against last year
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Mumbai: Passenger vehicle sales at Mahindra and Mahindra Ltd dropped 7% to 18,135 units in May from a year ago, the company said in a statement on Monday.
While the utility vehicles’ (UV) sales dropped 5% to 16,980 units, cars and vans saw a steep 30% decline to 1,155 units over the period. The company’s total sales, including commercial vehicles, contracted 6% to 33,369 units against last year. Exports increased 41% to 3,337 units—albeit on a low base.
“The auto industry has been showing signs of recovery and it is important that factors like an interest rate cut if considered, would accelerate growth. At Mahindra we hope to see improved sentiments with higher level of economic activities and the launch of our New Age XUV500 which has received a good initial response," said Pravin Shah, president and chief executive (automotive), at the firm.
Meanwhile, tractor sales continued to fall sharply for India’s largest tractor maker— they dropped 21% to 18,145 units from last year. Harish Chavan, chief operating officer at the farm division said the upcoming monsoon will be the primary trigger for sales, adding that pent up demand following a good rainfall should help.
M&M closed at ₹ 1,255.50 on BSE, down 0.37% from previous close while India’s benchmark Sensex Index rose 0.07% to 27,848.99 points.
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