Mahindra Auto records highest ever SUV sales in Oct, overall auto growth up 20 pc

Mumbai, Nov 1 (SocialNews.XYZ) Leading domestic automobile manufacturer Mahindra & Mahindra Ltd on Friday said that its overall auto sales for the month of September stood at 96,648 vehicles, including exports, which is a 20 per cent year-on-year growth.

In the utility vehicles (SUV) segment, the automaker sold 54,504 vehicles in the domestic market, a growth of 25 per cent and overall, 55,571 vehicles, including exports.

The domestic sales for commercial vehicles stood at 28,812, said the company.

“We are excited to have clocked the highest-ever SUV sales of 54,504 vehicles in October, a growth of 25 per cent and highest ever total volume of 96,648, a growth of 20 per cent,” said Veejay Nakra, President, Automotive Division, M&M Ltd.

In the commercial-vehicle space, including three-wheelers, sales rose 5 per cent year-on-year to 9,826 units as against 9,402 units last year, said the company.

“The month began on a fantastic note with Thar ROXX garnering 1.7 lakh bookings in the first 60 mins and the positive momentum continued across the SUV portfolio through the festive season,” he added.

In September, the automaker said its overall auto sales stood at 87,839 vehicles, including exports, which is a 16 per cent growth (year-on-year). In the month of September, the automaker exported 3,027 vehicles, a 25 per cent YoY growth from 2,419 vehicles last year.

As private consumption rises across the country, there has been a surge in auto loans for car ownership as people from tier 2, 3 cities and beyond opt for longer-tenure financing options to afford latest vehicles. About 80 per cent of car purchases in the country are financed through bank loans or non-banking financial companies (NBFCs).

Source: IANS