BackJune tractor and passenger vehicles sales drop at Mahindra
Passenger vehicles sales declined 15% to 15,880 units in the 12 months to June; Tractor sales contracted 17% to 23,899 units in June compared with a year ago
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Mumbai: Passenger vehicles sales at Mahindra and Mahindra Ltd, India’s largest utility vehicle maker, declined 15% to 15,880 units in the 12 months to June, the company said on Wednesday.
Domestic sales, which include commercial vehicles in the light and heavy duty segments, dropped 9% to 33,282 over the same period.
The company expects sales to improve with the roll-out of new models which will kick in this month. It will also be helped by the possibility of a normal monsoon, said Pravin Shah, president and chief executive, automotive.
“With a normal monsoon till date, an overall positive sentiment and a slew of new launches in the automotive industry, we expect buoyancy in demand going forward," he said. The new models including the new generation XUV500 and the all-new small commercial vehicle Jeeto have been very well received by consumers, he said.
Tractor sales at the firm also continued their declining streak because of weak rural sentiment. It contracted 17% to 23,899 units in June compared with a year ago. Exports of tractors, however, rose 20% to 1,191 units.
With a healthy spread of the monsoon and good sowing progress across the country, the vehicle maker is hopeful of good agricultural output, leading to improved market sentiment, said Harish Chavan, chief operating officer, farm division.
Mahindra and Mahindra’s shares closed at ₹ 1290.25, up 0.7%. India’s benchmark Sensex rose 0.86% to close at 28,020.87 points.
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