Mahindra & Mahindra Ltd, India's leading SUV manufacturer, reported a 11 per cent growth in auto sales for May at 40,656 units.
The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 19,635 units in May 2016 as against 18,135 units during May 2015, a growth of 8%. The company's domestic sales grew by 10 per cent at 36,613 units in May 2016. The Medium and Heavy Commercial Vehicles segment sold 501 units, registering a growth of 46%. Exports for May 2016 stood at 4,043 units, a growth of 21%.
“We are happy to have achieved an overall growth of 11% during May 2016, in the midst of regulatory uncertainties,” said Pravin Shah, President & Chief Executive (Automotive), M&M Ltd. “The favourable monsoon projections will definitely lead to improved buyer sentiment that would likely bring a buoyancy in overall demand across all segments of the automotive industry. Going forward, we expect that our wider product portfolio will drive our growth.”
The continuing growth in its MHCV and Exports volumes is also encouraging, he added. “Further the upcoming e Verito launch will add a new and innovative product to our EV range."
Shah hoped that regulatory interventions would settle at the earliest to enable the auto industry to operate in a stable regime and contribute to the planned growth of India’s GDP.