Home-grown automobile manufacturer, Mahindra & Mahindra on Tuesday reported a 71% growth in domestic sales in May 2021. The company sold a total of 15,512 units last month, including passenger and commercial vehicles. This is a 71% growth over its sales in May 2020, when it sold only 9,076 units as production was disrupted due to a nationwide lockdown.
The Passenger Vehicles segment overall (UVs, Cars and Vans) accounted for 8,004 vehicles in May 2021, including 7,748 units of UVs. The company also sold 7,508 units of CVs, including electric three-wheelers, in May.
Veejay Nakra, Chief Executive Officer, Automotive Division, M&M said the company is witnessing a strong growth momentum for its entire product portfolio. The Thar is clocking robust bookings, despite extended waiting periods, while the XUV300 continues to see strong demand.
The company expects a strong rebound as the cases come down and gradual opening up of markets. “We are working closely with our supplier partners to manage supply chain issues and meet the market demand,” added Nakra.
To further catch up with market demand, the company has lined up an investment of INR 6,000 crore to launch nine products in the SUV segment and 14 new light commercial vehicles. The LCVs will also include six electric vehicles – four last-mile mobility products, an electric Jeeto cargo van and goods & passenger-carrying pick-up.
M&M and Mahindra Vehicle Manufacturers (MVML) recorded a PAT of INR 163 crore in the last quarter of FY21, against the net loss of INR 3,255 crore it incurred in the quarter a year ago.