Auto major Mahindra & Mahindra on Tuesday reported a 16 per cent decline in automotive sale for the month of August, compared to the same month last year. In a release, the company said in the passenger vehicles segment, Mahindra recorded sale of 13,651 vehicles in August 2020, compared to 13,507 vehicles in August 2019,registering a growth of about a per cent. Meanwhile, in the commercial vehicles segment, the company recorded a 4 per cent growth, selling 15,299 vehicles in August 2020, as against 14,684 vehicles same month last year.
"We continue to see good recovery in demand both for SUVs and Pick-ups in the Small Commercial Vehicles segment. For August, we have registered growth in both SUVs and Pick-ups. We have been able to meet the uplift in demand by managing the supply chain challenges," Veejay Nakra, Chief Executive Officer, Automotive Division, M&M Ltd said.
The company however reported impressive growth in tractor sales. Combining domestic sales and export, 24,458 tractors in August, compared to same month last year, a jump of 65 per cent.
Mahindra & Mahindra's stock finished slightly higher on Tuesday, closing 0.42 per cent above previous closing.