Mahindra’s Auto Sector sells 55,722 vehicles during January 2019 Witnesses a growth of 7% over the previous year

Deepthi | Myequity news | Date : 01-02-2019 14:45:00 IST

Mahindra & Mahindra Ltd., today announced its auto sales performance for January 2019 which stood at 55,722 vehicles, compared to 52,063 vehicles during January 2018, a growth of 7%.

The company’s domestic sales touched 52,500 vehicles during January 2019, as against 49,432 vehicles in January 2018, a growth of 6%. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 23,872 vehicles in January 2019, as against 23,686 vehicles in January 2018.

In the Commercial Vehicles segment, the company sold 22,625 vehicles in January 2019, as against 21,002 vehicles in January 2018, a growth of 8%. In the Medium and Heavy Commercial Vehicles segment, M&M sold 849 vehicles for the month. Exports for January 2019 stood at 3,222 vehicles, a growth of 22%.

Farm Equipment Sector’s Domestic sales in January 2019 were at 20,948 units, as against 20,822 units during January 2018. Total tractor sales (domestic + exports) during January 2019 were at 22,212 units, as against 22,065 units for the same period last year. Exports for the month stood at 1,264 units.

Commenting on the performance, Rajan Wadhera, President, Automotive Sector, M&M Ltd. said, “The first month of the new calendar year continues to be on an overall growth path. There is buoyancy in rural growth, commodity costs are levelling, fuel prices are coming down and we see improvement in Forex movement, which in turn will drive positive customer sentiment. Having successfully established the Marazzo & Alturas brands and with the upcoming launch of our new compact SUV, the XUV300, we are positive on our outlook”.

Commenting on the month’s performance, Rajesh Jejurikar, President - Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “We have sold 20,948 tractors in the domestic market during January 2019, a growth of 1% over last year. We believe that the increased focus on agriculture and rural infrastructure will drive positive sentiments and future demand. In the exports market, we sold 1,264 tractors, a growth of 2% over January 2018.”

About Mahindra

The Mahindra Group is a federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It enjoys a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, aerospace, commercial vehicles, components, defense, logistics, real estate, renewable energy, speedboats and steel, amongst other businesses. Headquartered in India, Mahindra employs over 2,40,000 people across 100 countries.

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