M&M total sales down 14% in January

Auto-maker Mahindra & Mahindra today reported 13.77% decline in its total sales at 42,685 units in January.

The company had sold 49,503 units in the same month previous year, the company said in a statement.

In January, M&M's domestic sales stood at 40,324 units as against 47,841 in the same month previous year, down 15.71%.

Total sales of passenger vehicles, including Scorpio, XUV500, Xylo, Bolero and Verito, stood at 19,792 units during the month as against 26,555 in January 2013, down 25%.

Sales of the company's four-wheel commercial vehicles were up 4% at 15,100 units as against 14,451 units in January 2013, it said.

M&M's exports were up by 42% to 2,361 units during the month from 1,662 units in January 2013.

Commenting on the sales performance, M&M Chief Executive (Automotive Division) Pravin Shah said: "The first month of 2014 did not witness any improvement in the overall industry performance and the situation remains subdued."

The recent repo rate hike will in coming months will escalate the rate of interest on car loan impacting customer sentiment, he added.

"We hope the upcoming Auto Expo which will showcase new products and technology will provide a trigger in giving a much needed boost to the auto industry and the overall sentiment," Shah said.