Mahindra & Mahindra Ltd. today announced an all time high monthly auto sales number of 53438 units, representing a 29% growth over October 2011 which stood at 41506 units.
The company’s passenger vehicles also registered all time high sales at 26932 units in October 2012, a growth of 44% over the corresponding period last year. Its domestic sales stood at 51316 units during October 2012, as against 39352 units during October 2011, an increase of 30%. The 4 wheeler commercial segment which includes the passenger and load categories has registered a growth of 26% at 16561 units. Exports for the month of October 2012 stood at 2122 units. The production of XUV500 has been increased to 5000 units per month starting October 2012, which will help in reducing the waiting period for one of the flagship products of the company.
Speaking on the performance, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra Ltd. said, “The reduction of 25 basis points in CRR in the recently announced credit policy is a positive step. This however is not likely to result in a decrease of interest rates for corporate or retail credits and hence the current financing rates will still remain high for auto industry customers which is a cause of concern. We are thankful to our customers whose support and acceptance of all our newly launched products has been instrumental in achieving our all time high monthly sales during October 2012”.