Even TUV 300 couldn’t help Mahindra’s sales from dipping this September

Despite launching the TUV 300 last month in the Indian market, Mahindra and Mahindra Ltd’s sales dip marginally this September.

Mahindra released its sales figures for the month of September, and according to the numbers, the sales graph has taken a little beating this year. Despite the launch of the new TUV 300 last month, Mahindra witnessed a slump of -5% in overall sales.

Where Mahindra sold 42,848 units (across all categories) this September, it had sold 44,911 units last September. The Passenger Vehicles segment, which comprises of UVs, cars and vans, took a beating of 1,577 units, as Mahindra sold 19,564 units this September as against 21,141 units sold last year for the same duration. The reprise came in the form of Light Commercial Vehicles (over 3.5T) and Medium and Heavy Commercial Vehicles which witnessed a growth of 77% and 184% respectively. Total exports also rose by 26% from 2,503 units to 3,155 units.

Speaking on the September sales performance, Pravin Shah, President & Chief Executive (Automotive), M&M Ltd., said, “While the auto industry has witnessed a slow and fragmented recovery, the recent interest rate reduction by the RBI is bound to infuse optimism. If the majority of the rate cut is passed on to customers by the lending institutions, it will bring back the momentum in auto sales especially during the upcoming festival season. At Mahindra, we are very happy with the performance of our exports and MHCV segments which have grown by 26% and 184% respectively. Our TUV300, which was launched in September, has received a very good response and we expect this to boost our overall performance going forward”.