M&M reports 60% rise in domestic passenger vehicle sales at 32,298 units

Mahindra & Mahindra Ltd reported a 60% rise in domestic passenger vehicle sales at 32,298 units in October 2022

Mahindra & Mahindra Ltd on Tuesday reported a 60 per cent rise in domestic passenger vehicle sales at 32,298 units in October 2022.

The company had sold 20,130 units in the same month last year, Mahindra & Mahindra (M&M) said in a statement.

Utility vehicle sales were at 32,226 units, as against 20,034 units in the year-ago month, a growth of 61 per cent, it added.

However, car and van sales were down 25 per cent at 72 units, from 96 units in October 2021.

"Our sales volume continued to grow in October on the back of strong festive demand," M&M President, Automotive Division Veejay Nakra said.

M&M said in the commercial vehicles segment, it sold 20,980 units in October 2022.

Total tractor sales were higher by 11 per cent at 51,994 units last month as compared to 47,017 units in October 2021.

Domestic tractor sales were at 50,539 units as against 45,420 units in the same month last year, a growth of 11 per cent, while exports were down 9 per cent at 1,455 units as compared to 1,597 units in the year-ago month, the company said.

"Festive season kept the spirits high and led to very strong momentum in demand for tractors and farm machinery," M&M President - Farm Equipment Sector, Hemant Sikka said.

On the outlook, he said the recent government announcement of higher MSP for key Rabi crops, good moisture content in the soil, high reservoir levels and good progress in sowing for Rabi crops are all positives for continued good demand for tractors in coming months.