​Mahindra & Mahindra automotive sales crosses half a million mark in FY-18, grows 11%

Mahindra & Mahindra, the maker of Scorpio and Bolero SUV has registered 10% growth in March of 2018 with dispatches of 62,077 units, driving the company past 5 lakh mark for the entire financial year FY-18, a first in five years. Mahindra & Mahindra sold 26555 units of passenger vehicle in March 2018 registering a growth of 4%, whereas commercial vehicle sales grew by 11% to 25496 units Rajan Wadhera, President, Automotive Sector, M&M Ltd. said, “We are extremely happy to have achieved a sales milestone of 5 lac plus units during the lastfinancial year, with an overall growth of 8%. This is testimony to the good performance of both passenger as well as commercial vehicles. We are particularly buoyed by the growth of our truck business, which has outperformed the industry. With three of our critical new automotive launches lined up in FY19, we are confident of increasing our market share in the utility vehicle space”.The strong performance for Mahindra in FY-18 was led by higher offtake of its commercial vehicle which registered a 20% growth in last financial year, whereas bread and butter utility vehicle segment registered a growth of just 5%. Mahindra & Mahindra sold over 5.2 lakh units in FY-18 against 4.7 lakh units it sold in FY-17. The total sales including exports stood at 5.49 lakh units in FY-18 versus 5.07 units it sold in FY-17.The small commercial vehicle sales grew by 20%, whereas medium and heavy truck segment registered almost double the growth at 41% in FY-18 with sales of 9484 units.

from The Economic Times https://ift.tt/2InXhuZ