Mahindra and Mahindra (M&M Ltd) sales for September 2015 fell by six per cent with total domestic sales accounting to 39,693 units. These are the overall sales numbers that include passenger, utility, LCV vehicles and three wheelers as well.
The sales of passenger vehicles are also down by seven per cent. Only 19,564 vehicles were sold last month in comparison to 21,141 cars sold in the corresponding period in 2014. Despite the low sales within the country, the exports rose by 26 per cent with 3,155 units sold as against 2,503 vehicles in September 2014.
Pravin Shah, President and Chief Executive (Automotive), M&M Ltd. said, “While the auto industry has witnessed a slow and fragmented recovery, the recent interest rate reduction by the RBI is bound to infuse optimism. If the majority of the rate cut is passed on to customers by the lending institutions, it will bring back the momentum in auto sales especially during the upcoming festival season. At Mahindra, we are very happy with the performance of our exports and MHCV segments which have grown by 26 per cent and 184 per cent respectively. Our TUV300, which was launched in September, has received a very good response and we expect this to boost our overall performance going forward."
Despite the overall feeble sales performance, Mahindra plans to regain their lost market share with the launch of new vehicles for the Indian market. Last month they launched the TUV300, which is a completely new product and the manufacturer will soon come with a new compact SUV accompanied by facelifts of current cars.