Auto-maker Mahindra and Mahindra on Sunday reported a 18% decline in sales at 39,255 units in November and said it does not see any immediate turnaround unless some concrete measures are taken to revive the industry.
The company, India's leading sports utility vehicle (SUV) maker, had sold 48,143 units in the same month last year.
“Post the festive season month of October, auto industry has turned to further de-growth and continues to remain subdued. Unless some concrete measures are provided for its revival, we do not foresee any immediate turnaround,” Praveen Shah, chief executive (automotive division), M&M, said in a statement.
A whopping 116% rise in exports in November to 2,994 units from 1,388 units a year ago could not save the day for M&M as domestic sales, which contributes lion's share of its business. The domestic segment saw sales slumping by 22% to 36,261 units against 46,755 vehicles in the same month last year. “Factors such as increase in input costs and the depreciating rupee have not helped in any way,” Shah said.
Sales of the company's four-wheel commercial vehicles were also down by 8%.