M&M's July sales down 15% on subdued consumer sentiment

Mumbai (IANS) Automobile major Mahindra and Mahindra (M&M) on Thursday reported a 15 per cent decline in its total vehicle sales for July, owing to tight liquidity and low buying sentiment in the domestic market.

The total sales of the company fell to 40,142 units last month, against 47,199 units sold during the corresponding period of 2018.

Similarly, the company's domestic sales plunged by 16 per cent to 37,474 units from an off-take of 44,605 units in the like period of last year.

However, M&M's exports inched higher by 3 per cent to 2,668 vehicles in July.

"The headwinds faced by the automotive industry continue as a result of subdued consumer sentiment, triggered by various factors," said Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, M&M.

"The industry needs stimuli to help revive consumer demand and conversions. We hope that the overall buying sentiment will improve in the run-up to the festive season and with the monsoon turning out to be better than initially anticipated," he added.