Mahindra & Mahindra (M&M) carried forward the positive sales trend in February after January. The company sold 44,002 units in February 2016, up 16% compared to 38,030 units in February 2016.
Domestic sales of the company stood at 41,348 in the second month of this year, up 18% compared to 34,918 units sold in the previous year. The export market decreased 15% to 2,654 units in February 2016 from 3,112 in the same month previous year.
Pravin Shah, President & Chief Executive (Automotive), M&M, said, “We are happy to have achieved a growth of 16.0% during February 2016 on the back of strong performance by our passenger and commercial vehicles.”
He further added that,” the imposition of an infrastructure cess of 1% to 4% for passenger vehicles, as announced in the Union Budget, would increase automotive products immediately. An increasing number of duties levied on automobile is a cause of concern and we see the need for GST sooner than later. However, we need to take it positively in view of the strong emphasis on rural agri and infrastructure plans for sound, sustainable and inclusive growth of the economy and to spur the much-needed demand.”
The passenger vehicles segment (which includes UVs, cars and vans) sold 23,718 units in February 2016 as against 18,817 units sold during February 2015, a growth of 26%.