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Business Economy

M&M July 2020 domestic vehicle sales dip 35 pc, tractors grow 28 pc

Mumbai, Aug 1 (UNI) Mahindra & Mahindra (M&M) on Saturday reported a 33 pc year-on-year decline in its domestic vehicle sales to 24,211 units in July. Sequentially, however, volumes grew, with sales at 18,505 units in June.
Passenger vehicle sales were at 11,025 units, down 34 pc YoY. It sold 13,103 units of commercial vehicles, which comprise lion’s share of light commercial vehicles (LCVs) with gross vehicle weight or GVW of less than 3.5 tons, down 18 pc YoY.
Sales of LCVs, of the 3.5-ton category where M&M also sells its flagship Bolero pickup, totalled 12,978 units in July, down 13 pc YoY. This category has seen strong demand revival across rural and semi-urban markets where these are used to transport goods and for last-mile delivery applications.
Exports stood at 1,467 units, down 45 pc YoY.
Veejay Nakra, chief executive officer, automotive division, M&M attributed the month-on-month growth in wholesales to the continuous demand revival in rural and semi urban India.
"It is encouraging to see that the enquiry and booking levels in July are significantly higher compared to June, both for utility vehicles and the small commercial vehicles," Nakra said.
However, he warned that supply constraints remain the biggest challenge for the company in ramping up production.
"As we ramp up production, the biggest challenge is on the supply side and working around these challenges is our top priority," Nakra added.
On the farm equipment front, the company recorded its best ever July sales at 24,463 tractors, growing a robust 28 pc YoY. Tractor exports also rose, growing 15 pc year-on-year to 939 units in July.
Hemant Sikka, president, farm equipment sector, M&M said, “The strong demand momentum continued, aided by positive sentiment due to good cash flows to farmers, higher kharif sowing, a timely and normal monsoon cumulatively across June and July and continued higher rural spending by the government."
Sikka also added that localised lockdowns in certain states because of rising covid-19 cases and the impact on suppliers led to supply-side challenges during the month.
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