Even as Toyota India reported a better than expected number for car sales, Mahindra & Mahindra reported a 19% decline in sales for passenger vehicle sales in May.
Total May auto sales for Mahindra & Mahindra was down 13% at 37,869.
The company, which makes the XUV 5oo — one of the most advanced passenger vehicles ever created by an Indian company, said passenger vehicle sales dipped to 18,085 units in May compared to 22,244 units in the same month a year ago.
Similarly, commercial vehicle sales too dipped 14% to 12,836 units, and 3-wheeler sales fell 7% to 3,732.
The company said it continued to encounter a subdued auto market in India. Indeed, India sales were down 16% to 35,499 in May. However, exports climbed 75% to 2,370 units.
“Post the electoral mandate, we expect to see improved sentiments resulting in a better economic situation which we hope will lead to a gradual increase in demand,” the company said.
Tractor sales rose 1% to 23,940 units, with most of the growth coming from domestic sales, which rose 3% to 23,132 units.