Mahindra's Auto sector sells 32,499 vehicles during Nov'16
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".
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”.
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