M&M car sales up 19% in July

Auto major Mahindra & Mahindra reported a 18.73 percent rise in sales at 47,059 units for July against 39,633 units in the same month last year.

The company's domestic sales stood at 42,799 units during the month against 37,323 units in July 2011, up 15 percent, it said in a statement. The passenger vehicles segment (which includes the UVs and Verito) registered a growth of 27.14 percent at 22,011 units against 17,312 units in the year-ago period.

The company's domestic sales stood at 42,799 units during the month against 37,323 units in July 2011. Reuters

Exports in the last month grew 84.41 percent to 4,260 units from 2,310 units in the same month last year, it said. Commenting on the numbers, Mahindra & Mahindra Chief Executive (Automotive Division) Pravin Shah said: "We are happy to have achieved a growth of 19 percent during July 2012 in spite of difficult and uncertain market conditions continuing."

He said the auto industry needed to be concerned about slower economic expansion and consumer sentiments which are not so positive. "A cut in interest rates would have helped lower the cost of manufacturing and product, thereby improving industry confidence," Shah added.

PTI