Mahindra & Mahindra grows 19 percent in JulyAugust 1st, 2012 - 5:04 pm ICT by IANS
Chennai, Aug 1 (IANS) Utility vehicle major Mahindra & Mahindra Ltd (M&M;) closed July with 19 percent growth in sales selling 47,059 units.
In a statement issued Wednesday, M&M; said the company sold 47,059 units (domestic 42,799 units, exports 4,260 units) last month as against 39,633 units (domestic 37,323 units, exports 2,310 units) sold in July 2011.
In the passenger vehicles segment (utility vehicles and Verito), M&M; sold 22,011 units last month, up form 17,312 units sold during July 2011.
The company sold 14,688 units of commercial vehicles (passenger and load carriers) last month as against 13,472 units sold in July 2011.
However, the company’s three-wheelers and commercial vehicles (operated by subsidiary Mahindra Navistar) logged negative sales for the period under review.
Last month, M&M; sold 5,149 three-wheelers and 951 commercial vehicles — down from 5,395 units and 1,144 units respectively sold in July 2011.
Expressing satisfaction at the company’s 19 percent sales growth, Pravin Shah, chief executive (automotive division), said: “Incidentally, July 2012 is the second-highest monthly sales for us. The auto industry needs to be concerned about slower economic expansion and consumer sentiments which are not so positive. A cut in interest rates would have helped lower the cost of manufacturing and product, thereby improving industry confidence.”
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Tags: amp, auto industry, chennai, commercial vehicles, confidence, economic expansion, interest rates, load carriers, navistar, passenger vehicles, satisfaction, segment, sentiments, subsidiary, three wheelers, utility vehicles, verito