Mahindra & Mahindra registered a 36 per cent growth last month, selling 19,662 passenger cars compared to 14,473 units in the same month last year.
The introduction of the facelifted XUV500 in May and the launch of the TUV300 in September have boosted the company’s sales this festive season. Mahindra recorded 19 per cent growth in October and has followed it up with a larger 36 per cent hike last month.
The last couple of months have been extremely positive for the Indian industry, with the market registering highest domestic wholesales ever in October. The economic conditions continue to remain favourable with the recent slash in interest rates by RBI, though the sales are expected to be relatively slower till the end of the year.
Speaking on the auto sales performance for November 2015, Pravin Shah, President and Chief Executive (Automotive), M&M Ltd. said, “The festive season coupled with new product launches as well as moderation in interest rates has seen the auto industry post a positive growth during the last couple of months. I believe speedy implementation of GST will help and have a long term impact on the competitiveness of Indian auto industry. At Mahindra, we have been buoyed by our new product launches such as the TUV300 as well as growth momentum of existing products like the Bolero, Scorpio and XUV500. Our exports have been very encouraging, showing a 28 per cent cumulative growth for the current fiscal. We are happy to be in a positive growth phase at the end of November 2015.”