Mahindra records export growth, domestic sales down in May

 

 

Increasing demand for its vehicles in overseas markets has driven Mahindra & Mahindra to register good  growth in exports but its domestic sales fell in May 2015.

 

India’s largest’s largest Sports Utility Vehicle (SUV) maker Mahindra & Mahindra reported appreciable sales growth in its overseas markets while its domestic sales tumbled in May 2015.

The company’s overall automotive sales tumbled to 36,706 units in May 2015 from 37,869 units reported in May 2014.

In domestic market, Mahindra sold 33,369 units of vehicles during May 2015, down from the sales of 35,499 units recorded in the same period in the previous financial year. Its Medium & Heavy Commercial Vehicle (M&HCV) segment registered a year-on-year growth of 44 percent at 343 units in May 2015.

The company’s vehicle shipment to overseas markets witnessed a whopping year-on-year growth of 41 percent at 3,337 units in May 2015.

The sales in Passenger Vehicles segment of Mahidnra & Mahindra (which includes Utility Vehicles, Cars and Vans) tumbled to 18,135 units of vehicles during May 2015 compared to 19,470 units sold in the same month a year ago.

Pravin Shah, President and Chief Executive of Automotive division in Mahindra & Mahindra, commenting on May 2015 automotive sales performance, said, “The automotive industry is showing signs of recovery. The factors like interest rate cut, if considered, would accelerate growth. The company hopes to witness positive sentiments with increasing economic activities and the launch of New Age XUV500 that received a good response.”

The company sold 16,980 units of utility vehicles in May 2015, down by 5 percent from 17,831 sales recorded in the same period a year ago. Its car and van division sales too declined by 30 percent to 1,115 units from 1,639 units. The company’s commercial vehicle unit sales witnessed a fall of 7 percent at 11,407 units compared to 12,297 units during the period. However its Light Commercial Vehicle (above 3.5 tonne) sales surged by 18 percent in May 2015 to 715 units from 608 units sold in May 2014 but its LCV sales in less than 3.5 tonne category fell by 10 percent to 10,349 units from 11,451 units.

Its three wheeler sales surged by 3 percent to 3,827 units in May 2015 from 3,732 units recorded in the same period in the previous fiscal.