Mahindra & Mahindra July sales down 21.17%

Company sold 47,059 units in the same month in 2012

Auto-maker Mahindra & Mahindra today reported 21.17% decrease in its total sales at 37,096 units in July, 2013.

The company had sold 47,059 units in the same month in 2012, Mahindra & Mahindra (M&M) said in a statement.

In July this year, M&M's domestic sales stood at 34,490 units as against 42,799 units in the same month last year, down 19.41%.

Total sales of passenger vehicles, including Scorpio, XUV500, Xylo, Bolero and Verito, stood at 15,530 units as against 22,011 units in July, 2012, down 29.44%.

Sales of the company's commercial vehicles, including Gio and Maxximo mini-trucks, were also down 6.45% at 13,740 units as against 14,688 units in July, 2012, it said.

Its three-wheelers sales declined by 12.79% to 4,490 units during July, 2013 from 5,149 units in the same month last year.

M&M's exports declined by 38.82% to 2,606 units during the month from 4,260 units in July, 2012.

"Over the last few months, the auto industry has been going through one of its worst phases of the last decade with planned shutdowns being taken by companies to correct demand supply mismatch. The industry is in desperate need for an immediate stimulus from the government" M&M Chief Executive (Automotive Division) Pravin Shah said.

He added that with interest rates remaining unchanged and the rupee plunging to new lows, lowering of excise duty is the need of hour which would rev up demand for auto products, leading up to festive season.