Biznextindia : Mahindra & Mahindra Ltd. (M&M Ltd.), a part of the USD 20.7 billion Mahindra Group, has reported 9% dip in its November sales at 41,235 units against 45,101 units in November 2018. While, total domestic sales has dipped by 7% to 38614 units, exports has dipped drastically by 26% 2621 units.
The cumulative sales during the April-November period has also dropped by 13% to 3,44,390 units from 3,94,162 units during the corresponding period last financial year. While, total domestic sales has dipped by 12% to 3,23,667 units, exports has dipped by 18% 20,723 units.
In the Passenger Vehicles segment (which includes UVs, Cars and Vans), Mahindra sold 14,637 vehicles in November 2019, compared to 16,188 vehicles November 2018. In the Commercial Vehicles segment, the company sold 17,384 vehicles in November 2019, as against 19,673 vehicles in November 2018. In the Medium and Heavy Commercial Vehicles segment, Mahindra sold 311 vehicles for the month. Exports for November 2019 stood at 2,621 vehicles.
The company’s farm equipment segment has also reported 19% drop in its November Sales at 21032 units, from 25949 units in November 2018.
“The month post-festive season is historically a lean month for the automotive industry. Consumer demand, especially for passenger vehicles, typically picks up in the year-end that is in December. Therefore, we expect December to pan out better for the automotive industry”
Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, M&M Ltd. said.