Mahindra sees 19% jump in October sales

Utility vehicle major Mahindra & Mahindra on Sunday posted 19 per cent increase in sales in October at 24060 units as against 20,255 units posted in the same month last year.

Sales increase was on the back of new model launch of TUV3OO and due to the onset of the festive demand.

Pravin Shah, president & chief executive (Automotive), M&M said, “The advent of the festive season has provided the much needed fillip to the auto industry especially on the back of the new launches of most manufacturers which has received an encouraging response. With the drop in interest rates and the fuel prices remaining benign, we expect the industry to maintain a good growth momentum going forward.”

It had sold 42,780 vehicles in the same month last year, the company said in a statement.

In the domestic market, sales were up by 21 per cent to 48,815 units last month as against 40,278 units in October 2014.

Exports were up three per cent at 2,568 vehicles as against 2,502 units in the same period a year ago.

Sales of passenger vehicles, including Scorpio, XUV 500, Xylo, Bolero and Verito, stood at 24,060 units as compared to 20,255 units in October 2014, up 19 per cent.

Commercial vehicle sales increased 31 per cent to 18,756 units last month against 14,345 units in the year-ago period, M&M said.

“With the drop in interest rates and the fuel prices remaining benign, we expect the industry to maintain a good growth momentum going forward,” he added.