Mahindra registers 11% sales growth in December owing to continued strong demand
Homegrown auto major Mahindra & Mahindra reported an 11 per cent rise in total sales last month at 39,157 units as against 35,187 units sold in December of 2020. Passenger vehicle sales in the domestic market rose by 10 per cent to 17,722 units last month as compared to 16,182 units in the year-ago period.
Commercial vehicles segment of the company sold 18,418 units in the domestic market last month as compared to 16,795 units in December of 2020, which is an increase of 10 per cent. Exports increased by 37 per cent to 3,017 units in December 2021 compared to 2,210 units in the year-ago month.
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Mahindra attributed the rise in sales to strong demand across segments. "We have seen growth in business segments, including Passenger Vehicles, Commercial Vehicles and International Operations, owing to continued strong demand across the product portfolio," said M&M Chief Executive Officer - Automotive Division, Veejay Nakra.
He added that the crisis due to the shortage of semiconductor-related parts continues to be a challenge for the automotive industry and remains a major focus area for the company as well.
Mahindra's total tractor sales declined 19 per cent last month and stood at 18,269 units as compared to 22,417 units in the same month of 2020. The domestic tractor sales were at 16,687 units last month as compared to 21,173 units in December 2020, down 21 per cent. Whereas the tractor exports grew 27 per cent to 1,582 units as against 1,244 units in December 2020.
The company expects the momentum to recover in the coming months. The company's President - Farm Equipment Sector, Hemant Sikka said, “We expect momentum to recover in the coming months on account of the good progress of Kharif procurement, bringing liquidity in the hands of farmers and Rabi acreage showing signs of growth over last year."