Mahindra October 2018 sales up by 14%, sold 58416 vehicles; cautious on festive season
The Mahindra & Mahindra (M&M) sold a total 58,416 vehicles in October 2018, which was up by 14% compared to sales of 51,160 vehicles during October 2017. Mahindra's domestic sales touched 55,350 vehicles during October 2018, as against 48,860 vehicles in October 2017, a growth of 13%.
On the other hand, passenger vehicles was mostly subdued with sales of 24,066 vehicles in October 2018, as against 23,453 vehicles in October 2017.
This means, Mahindra recorded growth of only 3% this month. Passenger vehicles include UVs, Cars and Vans.
Talking about passenger segment, Rajan Wadhera, President, Automotive Sector, M&M Ltd. said, “For past few months, the automotive industry has been witnessing subdued retail sales for passengervehicles segment, because of low consumer buying sentiment. Therefore, one has to remain cautious on
how the festive season, ultimately, turns out to be."
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Meanwhile, commercial Vehicles segment, the company sold 24,353 vehicles in October 2018, registering a 26%
In the Medium and Heavy Commercial Vehicles segment, M&M sold 683 vehicles for the month.
Finally, exports for October 2018 stood at 3,066 vehicles, a growth of 33%.
However, Wadhera adds, " at Mahindra we are happy with the response to our Marazzo as well as the uptake for our commercial vehicle portfolio, driven by the newly launched Maha Bolero Pik-up (with 1,700 kg payload) in October”.
On Sensex, the share price of Mahindra ended at Rs 755.25 per piece down by 1.06%.