Mahindra’s domestic vehicle sales slump 26% in August

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Mumbai, Sep 1 (IANS) Automobile major Mahindra and Mahindra (M&M) on Sunday reported a 26 per cent decline in domestic sales in August on a year-on-year (YoY) basis.

The company sold a total 33,564 units of vehicles during the month in the country, against 45,373 units during the corresponding period last year.

“The company’s auto sector overall sales (domestic and exports) stood at 36,085 vehicles in August 2019, compared to 48,324 vehicles during August 2018,” M&M said in a statement. Exports of the company last month fell 15 per cent to 2,521 units, it said.

In the domestic market, sale of passenger vehicles declined by 32 per cent in August to 13,507 units and commercial vehicle sales slumped 28 per cent to 14,684 units.

Commenting on the performance, Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, M&M said: “The auto industry continued to be subdued in the month of August due to several external factors.”

“We are optimistic and hopeful of a good festive season going ahead,” he added.

In the farm equipment segment too, the company witnessed a massive drop in sales, with domestic sales down 15 per cent and exports down 33 per cent to 13,871 units and 946 units, respectively.

“Domestic sales in August 2019 were at 13,871 units, as against 16,375 units during August 2018. Total tractor sales (domestic and exports) during August 2019 were at 14,817 units, as against 17,785 units for the same period last year. Exports for the month stood at 946 units,” the company said.

Commenting on the performance, Rajesh Jejurikar, President of Farm Equipment Sector, M&M said: “The improved monsoon spread and sowing pattern for the Kharif crop is likely to help boost rural sentiment going into the festive season. The recently announced fiscal measures by the government may also provide the necessary stimulus for tractor demand uptick.”

–IANS

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