Mahindra sees 4 percent growth in subdued PV market in June

Powered by a set of new models, utility vehicle major Mahindra & Mahndra has reported a 4 percent year-on-year growth in passenger vehicles, and a 8 percent growth in the utility vehicle segment. The performance is largely powered by the XUV 300, the first monocoque sub-4-metre SUV from the OEM.

Mahindra sold 18,826 vehicles last month as compared to 18137 units in June 2018.

In the commercial vehicles segment, the company sold 16,394 vehicles in June 2019, a 15 percent drop from 19,229 vehicles in June 2018.

In the medium and heavy commercial vehicles category, M&M sold 705 vehicles for the month. Exports for June 2019 stood at 3,076 vehicles.

The company’s Auto Sector overall sales (Domestic + Exports) fell 6 percent to 42,547 vehicles, from 45,155 vehicles during June 2018.

Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, M&M. says the OEM continued to correct its channel inventory level in both the personal and commercial vehicle segments last month. “The market sentiment continued to remain subdued, especially in the Passenger Vehicles segment."

With overall economic sentiment being a little damp, it looks like July may also be a challenging month for M&M and the industry.

Read more Mahindra unveils World of SUVs dealership model

Mahindra & Mahindra’s Q4 FY2019 profit down 20% at Rs 849 crore