Mahindra passenger vehicle sales down 13%

Mumbai, July 1, 2013: Mahindra & Mahindra, like most automakers, is feeling the pressure from slowing automobile sales. The company’s passenger vehicles segment (which includes utility vehicles, the Verito saloon and the recently launched Verito Vibe) sold 17,232 units in June 2013, as against 19,792 units during June 2012. In the fiscal year to date (April-June 2013), M&M sold a total of 60,224 vehicles compared to 61,500 units in the April-June 2012 period, down 2 percent.

The company’s total domestic vehicle sales fell seven percent in June 2013 -- 36,207 units as against 38,951 units during June 2012. The 4-wheeler commercial segment which includes passenger and load vehicles registered 5 percent growth, having sold 13,761 units (June 2012: 13,103), while the three-wheeler segment clocked 4,303 unit sales in June 2013 (June 2012: 4,836), down 11 percent. Exports in June 2013 stood at 1,885 units, down 20 percent (June 2012: 2,371).

Commenting on the June 2013 sales, Pravin Shah, chief executive, Automotive Division, Mahindra & Mahindra, said, “We have witnessed a de-growth in June 2013 amidst an overall decline in the auto industry. The depreciating rupee resulting in spiraling fuel costs coupled with high interest rates and the additional excise duty on SUVs has further dampened the industry without any substantial revenue to the government. Going forward, we do hope that some immediate short-term measures are announced and implemented by the government to bring back buoyancy in demand which is the need of the hour."