M&M suffers 28% passenger car sales ‘degrowth’
3 Jan 2014 7:03 AM IST
Mahindra & Mahindra Ltd witnessed a ‘degrowth’ of 28 per cent in December 2013 in comparison to December 2012 in the passenger vehicles segment, besides five per cent in commercial four-wheelers and eight per cent in three-wheelers for the same period, said Pravin Shah, Chief Executive, Automotive Division, Mahindra and Mahindra Ltd while declaring auto sales figures for December 2013 and Q3, FY2013.
He said the first nine months of the current fiscal witnessed the auto industry having negative growth due to sustained deceleration in economic activity and consequent weakness in consumer and business sentiments. ‘But the global economy looking up now is a positive factor, and the post-national elections will determine the economy with investment plans - that were put on hold —taking off and helping the economy to revive,’ he said.
He said the first nine months of the current fiscal witnessed the auto industry having negative growth due to sustained deceleration in economic activity and consequent weakness in consumer and business sentiments. ‘But the global economy looking up now is a positive factor, and the post-national elections will determine the economy with investment plans - that were put on hold —taking off and helping the economy to revive,’ he said.
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