MAHINDRA & MAHINDRA LIMITED Mumbai, December 1, 2016: Mahindra & Mahindra Ltd. (M&M Ltd.), India's leading SUV manufacturer, today announced its auto sales performance for November 2016 which stood at 32,499 vehicles compared to 41,590 vehicles during November 2015.
The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 13,217 vehicles in November 2016 as against 19,662 vehicles during November 2015. The company's domestic sales stood at 29,814 vehicles during November 2016, as against 39,383 vehicles during November 2015.
Exports for November 2016 stood at 2,685 units registering a growth of 22% over November 2015.
Commenting on the auto sales performance for November 2016, Pravin Shah, President & Chief Executive (Automotive), M&M Ltd. said, 'While we expected an improved auto industry performance on the back of the festive season and other positive parameters such as rural demand and interest rates softening, the sudden announcement of demonetisation has brought in an immediate disruption and uncertainty. While it is a good and welcome step in the mid to long term, this has dampened overall sentiments leading to postponed buying thereby resulting in a major drop in volumes during November. This is significant as the automotive industry had just started experiencing stability post a long and tough period of uncertainty'.
Mr. Shah further added, 'We at Mahindra are working with our network partners and customers by extending necessary help and support to minimize the challenges currently being experienced. While we face these challenges, our exports continue to grow and had a growth of 22% during the last month'.
November | YTD November | |||||
F17 | F16 | % Change | F17 | F16 | % Change | |
Passenger Vehicles | 13217 | 19662 | -33% | 153463 | 145419 | 6% |
Utility Vehicles | 12416 | 18686 | -34% | 144011 | 135932 | 6% |
Cars + Vans | 801 | 976 | -18% | 9452 | 9487 | 0% |
Commercial Vehicles | 12644 | 14801 | -15% | 113529 | 108631 | 5% |
LCV < 3.5T | 11837 | 14014 | -16% | 105211 | 101178 | 4% |
LCV > 3.5T | 451 | 333 | 35% | 4884 | 4245 | 15% |
MHCV | 356 | 454 | -22% | 3434 | 3208 | 7% |
3W | 3953 | 4920 | -20% | 37304 | 38168 | -2% |
Total Domestic Sales | 29814 | 39383 | -24% | 304296 | 292218 | 4% |
Total Exports | 2685 | 2207 | 22% | 27918 | 23456 | 19% |
Total Sales (Domestic + Export) | 32499 | 41590 | -22% | 332214 | 315674 | 5% |
About Mahindra
The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
A USD 17.8 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.
In 2015, Mahindra & Mahindra was recognized as the Best Company for CSR in India in a study by the Economic Times. In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world's largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times 'Boldness in Business' Award in the 'Emerging Markets' category in 2013.
Visit us at www.mahindra.com
Our Social Media Channels:
Twitter - https://twitter.com/MahindraRise
Facebook - https://www.facebook.com/MahindraRise
Media contact information:
Mohan Nair
Vice President (Communications)
Automotive & Farm Equipment Sectors
Office Direct Line - + 91 22 28468510
Office Email Address - nair.mohan@mahindra.com
Mahindra & Mahindra Ltd. published this content on 01 December 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 01 December 2016 11:41:03 UTC.
Original documenthttp://www.mahindra.com/news-room/press-release/Mahindras-Auto-Sector-Sells-32499-vehicles-during-November-2016
Public permalinkhttp://www.publicnow.com/view/31D237DBA397B4AE6D5F669219B1E53C6573E512
