Mahindra’s Auto Sector registers 18pc growth in passenger vehicles

Mahindra & Mahindra Ltd. (M&M Ltd.), India’s leading SUV manufacturer, has announced a 6pc rise in its auto sales numbers, which stood at 45,297 units during December 2012 as against 42761 units during December 2011. The company’s domestic sales stood at 42307 units during December 2012, as against 39891 units during December 2011, an increase of 6pc. The Passenger Vehicles segment (which includes the UVs and Verito) registered a growth of 18pc, having sold 22761 units in December 2012, as against 19341 units during December 2011. The 4 wheeler commercial segment which includes the passenger and load categories registered a sale of 13706 units, while the 3 wheeler segment clocked 5209 units in December 2012. Exports for the month of December 2012 stood at 2990 units, a growth of 4pc over December 2011. Speaking on the monthly performance, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra mentioned, “High interest rates, rising fuel prices and an overall slowdown in economic growth has kept consumer sentiment low during 2012. This is also evident in the auto industry sales performance for December, which traditionally has been a lean month. We do hope that corrective measures are announced and implemented soon bringing in the much needed buoyancy and growth for the industry. At Mahindra, we are happy to maintain our growth momentum even during these challenging times”.