M&M sells 23,433 units in March, down 9 percent

Mahindra & Mahindra Ltd (M&M), has announced that it has sold 23,433 passenger vehicles (UVs and the Verito hatchback and sedan) as against 25,847 units in March 2013, a fall of 9.34 percent.

Speaking on March 2014 sales performance, Pravin Shah, chief executive, Automotive Division, M&M, said: “After the reduction in excise duty across all segments, the auto industry has seen the level of inquiry going up but has not witnessed any major surge in sales. We do hope that the sentiments improve and change after the national elections, leading to an increase in demand as well. Going forward, we continue to be optimistic for the future and expect to witness a growth momentum during FY 2014-15.”

For fiscal year 2013-14, M&M sold a total of 229,155 vehicles, down 17.94  percent on year-ago sales of 279,270 units