New Delhi:
Auto major Mahindra and Mahindra (M&M) on Friday reported an 11 per cent decline in total sales at 51,896 units in October. The company had sold 58,416 units in the corresponding month last year, M&M said in a regulatory filing. In the domestic market, sales were down 11 per cent at 49,193 units last month as compared to 55,350 units in October 2018. Exports also registered a decline of 12 per cent at 2,703 units as against 3,066 units in the year-ago month.
In the passenger vehicle segment, which includes utility vehicles, cars and vans, the company sold 18,460 units last month as compared to 24,066 units in the same month last year, down 23 per cent. In the commercial vehicle segment, the company sold 23,582 units as against 24,353 units in the same month a year ago, down 3 per cent.
M&M Chief of Sales and Marketing, Automotive Division, Veejay Ram Nakra said, “The festive month of October was excellent for Mahindra, with retail volume exceeding wholesale by approximately 40 per cent. This robust retail performance was contributed by both passenger and commercial vehicles.”
Further, the company’s billing numbers are in line with what it had planned for the month, since the objective was to significantly correct its channel inventory, Nakra said. “We hope to see the positive consumer sentiment continue going forward,” he added.
Apart from this, Mahindra Two Wheelers Europe already has 51 per cent stake in PMTC. This reaffirms the commitment of the Mahindra Group to the future growth of Peugeot Motocycles, M&M said in a regulatory filing.
“We are seeing positive momentum at Peugeot Motocycles. Kisbee becoming the largest selling 50cc vehicle in Europe, Peugeot Metropolis getting stronger in Europe and China, the positive market response to the new launch of the Urban GT connected Pulsion, are all cases in point,” M&M President - FES & Two Wheelers Rajesh Jejurikar said.
The homegrown auto major, however, did not disclose financial details. The acquisition would help the company introduce seven new products between 2019 and 2021. Commenting on the deal, Peugeot Brand CEO Jean-Philippe Imparato said: “This decision by the shareholders will ensure that Peugeot Motocycles benefits from the expertise of a significant global player in the two wheelers industry.”
(With PTI inputs)
