Mahindra & Mahindra (M&M) June vehicle sales fell 7.8 per cent to 38,092 units compared with 41,322 units sold during the same month a year-ago.
Passenger vehicles segment, which includes its utility vehicles and Verito, sold 17,232 units (19,792 vehicles). Domestic sales stood at 36,207 units (38,951 vehicles), the company said in a statement.
Four-wheeler commercial segment, which includes passenger and load vehicles, recorded a 5 per cent growth at 13,761 units, while the three-wheeler segment clocked 4,303 units. Exports stood at 1,885 units.
“We have witnessed a de-growth in June amid an overall decline in the auto industry,” Mahindra & Mahindra Chief Executive Officer (Automotive Division) Pravin Shah said.
“The depreciating rupee resulting in spiralling fuel costs coupled with high interest rates and the additional excise duty on sports utility vehicles has further dampened the industry without any substantial revenue to the Government. Going forward, we do hope that some immediate short term measures are announced and implemented by the Government to bring back buoyancy in demand which is the need of the hour,” Shah added.
Tractor segment
The farm equipment sector has posted a 19 per cent growth in domestic sales at 26,723 vehicles in June compared with 22,493 units sold during the same month a year-ago.
The company’s overall sales rose 17 per cent to 27,749 vehicles in June, while exports for the month stood at 1,026 units.
“The domestic growth of 19 per cent achieved in June is indicative of the positive momentum this year. The improved Kharif crop output prospect is expected to spur the rural economy further,” said Rajesh Jejurikar, Chief Executive, Tractor and Farm Mechanisation, Mahindra & Mahindra.
PTI adds: M&M today announced a nominal 0.5 per cent price hike across all models, expect for the premium sports utility vehicles XUV 500 and the Rexton from its Korean arm.
Announcing the 0.5 percentage point price hike across all models, M&M automotive division chief executive Pravin Shah said the increase, to protect margins from rising input costs arising from the falling rupee, would translate into an upward movement in the prices to the tune of Rs 3,000 to Rs 6,000, depending on the model. The price increase is with immediate effect, he added.