Mahindra & Mahindra Ltd. (M&M Ltd.), India’s leading SUV manufacturer, reported 14 percent growth in the Passenger Vehicles segment that includes Utility Vehicles and Verito. The company has sold 23,421 units in February 2013 whereas 20,573 units were sold in February 2012. The company has reported 11 percent growth in the auto sales sector by selling 47,824 vehicles in the month of February 2013 as compared to 43,087 vehicles sold during February 2012.
The company’s domestic sales stood at 44,399 units during February 2013, as against 40,461 units during February 2012, an increase of 10 percent. The 4 wheeler commercial segment which includes the passenger and load vehicles registered a sale of 15167 units, while the 3 wheeler segment clocked 4,803 units in February 2013. Exports for the month of February 2013 stood at 3,425 units.
Speaking on the performance, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra Ltd. commented, “We have a balanced budget from the Finance Minister that emphasizes inclusive and sustainable growth which we hope will bring the much needed positive sentiment for the economy, including the automotive industry. However, levying a 3% higher duty on SUVs on the basis of higher ground clearance is disappointing as it slows down further growth and does not provide equal competitive space to all players. Our February 2013 performance is reflective of the customers’ preference for our products, for which we thank them.”