Mahindra's Auto Sales Take a 16% Hit

Mahindra & Mahindra Ltd. (M&M) announced its auto sales numbers for the month of May 2014 today, which stood at 37,869 units. The company's passenger vehicles segment, which includes utility vehicles and the Verito, sold 18,085 units in the aforementioned month, thus registering a drop of over four thousand units as compared to the sales figure achieved during May 2013. Also, their domestic sales stood at 35,499 units during the same period as against the 42,104 units sold during May 2013.

The commercial 4-wheelers segment sold 12,836 units, while the 3-wheelers segment clocked a figure of 3,732 units for May 2014. Moving on to the exports, it stood at 2,370 units, a growth of 75%. Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra Ltd. commented on the monthly performance and said, "Auto sales continue to remain subdued for many players, at the back of yet another challenging month for the industry. Post the electoral mandate, we expect to see improved sentiments resulting in a better economic situation which we hope will lead to a gradual increase in demand. We are happy to have achieved a growth of 75% in our export volumes during May."