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Home News M&M reports and increase of 59% in MHCV sales

M&M reports and increase of 59% in MHCV sales

Mumbai, November 1, 2017

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Last updated: March 20, 2024
by and Alex Morrell is a senior correspondent at Business Insider covering Wall Street at large.

Mahindra and Mahindra Ltd (M&M Ltd) announced its auto sales performance for the month of October, where its MHCV segment had experieced an increase of 59 per cent since October 2016. The units sold stood at 748 as compared to 471 vehicles sold last year. The YTD sales increase is by 38 per cent. All in all though, M&M Ltd has sold 51,149 vehicles, compared to 52,008 vehicles during October 2016.

The passenger vehicles segment (which includes UVs, cars and vans) sold 23,413 vehicles in October 2017, as against 24,737 last year, marking a negative growth of five per cent. The company’s domestic sales stood at 48,818 vehicles during October 2017, as against 48,729 vehicles during October 2016. Exports for October 2017 stood at 2,331 vehicles a de-growth of 29 per cent, while the company’s domestic sales showed a zero per cent increase. It sold 48,818 vehicles in October 2017, against 48,729 units last year.

Commenting on the monthly performance, Rajan Wadhera, President, Automotive Sector, M&M Ltd said, “The auto industry has had a mixed month. The build up to Dhanteras and Diwali was good but the demand tapered off subsequently. Last year all festivals were in the month of October and the industry volumes had a high base. This year, September and October combined, we have grown by 7.9 per cent in the auto division. Going forward we enter into a year-end period of lower sales. Our refreshes and new variants, that have been launched, will carve out a niche and we expect to sustain the growth momentum for the remaining period of the current financial year.”

Other than MHCV’s, M&M have experienced growth in the light commercial vehicle (LCV) segment, in both below 3.5 T and above 3.5 T categories. The above 3.5 T category recorded an increase of 17 per cent with 474 vehicles sold this October as against 406 in October 2016. The below 3.5 T category showed that the company sold 18,057 vehicles in October 2017 compared to 17,182 vehicles sold in October 2016.

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