Mahindra & Mahindra Ltd. sold 42,714 vehicles in February 2017, three percent lower than the 44,002 vehicles it sold in the same month last year, it said in a media release.
The auto manufacturer saw a 13 percent decline in passenger vehicle, managing to sell only 20,605 units last month.
The commercial vehicle segment, which had been hit by demonetisation in December and January, saw an 18 percent sales growth to 16,383 units from 13,864 units last year. It was the medium and heavy commercial vehicles which grew 49 percent, year-on-year, with 716 units sold in February, that pushed up the total sales number.
The total domestic sales stood 2 percent lower at 40,414 units, while exports fell 13 percent to 2,300 units.
The company does paint a rosy picture though, saying a turnaround for the auto industry is in sight, and all the preparation for Bharat Stage IV emission norms have been done.
With rural sentiments improving, we believe that there will be a turnaround in demand over the next few months for the small commercial vehicles space. The industry is also waiting for the implementation of the BS 4 norms from April 2017 and at Mahindra, we have geared the supply chain so that there is no strain in moving to meet the new emissions norms.Pravin Shah, President and Chief Executive - Automotive, M&M.
M&M's farm equipment sector sold 15,007 tractor units in February 2017. This was 22 percent higher than 12,702 tractors sold in February 2016. Exports grew 35 percent to 1,173 units while domestic sales grew 9 percent to 13,834 units.
We expect that record crop production in last rabi season & increased Union budget allocations to rural and agri sector will drive positive momentum incoming months.Rajesh Jejurikar, President and Chief Executive - Farm Equipment and Two Wheelers, M&M.
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