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Mahindra & Mahindra (M&M) vehicle sales fell 13.77 per cent to 42,685 units in January compared with 49,503 units sold during the same month a year ago.
The company’s passenger vehicles segment (including utility vehicles and Verito) sold 19,792 units in January 2014 against 26,555 units during January 2013, the company said in a statement.
“The first month of 2014 did not witness any improvement in the overall industry performance and the situation remains subdued. The recent repo rate hike will in coming months escalate the rate of interest on car loans impacting consumer sentiment,” Pravin Shah, Chief Executive, Automotive Division at M&M, said.
“We hope the upcoming Auto Expo, which will showcase new products and technology, will provide a trigger in giving a much-needed boost to the auto industry and overall sentiment,” he added.
M&M’s domestic sales stood at 40,324 units during January 2014 against 47,841 units during January 2013. The four-wheelers commercial segment sold 15,100 units, while the 3-wheelers segment clocked 4,710 units in January 2014. Exports for the month stood at 2,361 units.
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