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Mahindra & Mahindra, maker of popular utility vehicles Scorpio and Bolero, said that its auto sales crossed over half a million mark for the first time in 2012-13. The company sold 5,63,373 vehicles in the period registering a 17% annual growth. For the month of March M&M’s sales grew by 11% to 51,904 units.
“The 3% additional excise duty on SUVs is clearly a deterrent and by not having a level playing field for all SUVs, it certainly destabilises the market dynamics,” said Pravin Shah chief executive automotive division, Mahindra & Mahindra. The company still hopes to create excitement for its products in the market this year especially with launch of its sedan Verito in a sub 4 meter model.
However company's performance for the farm and equipment segment that includes tractors has not been impressive. Domestic sales for the 2012-13 fell by a 5% to 211,596 units.
