The largest utility vehicle manufacturer in India, Mahindra & Mahindra (M&M), recorded the highest ever growth in a month at 53,438 units in October, 2012. This is a growth of 28.74 per cent and a substantial surplus over 41,506 vehicles sold in the same month of 2011. In the domestic circle, M&M reported a sales volume of 51,316 as compared to 39,352 units sold in the same month of last year, marking a growth of 30.4 per cent.
Coming to the passenger vehicles segment, including Multi-Utility Vehicles (MUV), Sports Utility Vehicles (SUV) and the Verito sedan, M&M reported a growth of 43.59 per cent. The sales of these vehicles took a surge from 18,756 units in October, 2011 to 26,932 units in the same month of this year. However, the only hiccup for the automotive giant was the exports, where it came down to 2,122 units in October, 2012 from 2,154 units in the same month of last year.
Speaking on these statistics, Pravin Shah, Chief Executive Officer (CEO), Automotive Division, M&M, said, "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."
When probed about the situations prevailing in the market in recent time, Shah expressed that he is optimistic about the reduction of 25 basis points in Cash Reserve Ratio (CRR) by the Reserve Bank of India (RBI). However, he maintained this step by the RBI would not bring down the interest rates for corporate and retail credits. This means that the customers need to be concerned about the high financing rates, while making a purchase decision.
