M&M sales down 98%
Automobile manufacturer Mahindra & Mahindra ...
Automobile manufacturer Mahindra & Mahindra in May reported a massive decline of 98 per cent in its total vehicle sales in April 2020 to 733 units due to the national lockdown imposed to curb the Covid-19 outbreak. The company had sold a total of 43,721 units in April 2019.
Industry analysts have cited the Covid-19 outbreak as the main reason for such downfall in sales numbers. Subsequent to the outbreak, the national lockdown was imposed. This has dealt a heavy blow to the auto industry, leading to a temporary closure of dealerships and factories. Furthermore, the company reported nil domestic sales last month. It had sold 41,603 units in April 2019. Only exports’ segment showed some life. M&M exported 733 units in the month under review, which is a decline of 65 per cent on a YoY basis from 2,118 vehicles which were shipped out in April 2019.
Commenting on the situation, Veejay Nakra, Chief Executive Officer, Automotive Division, Mahindra & Mahindra said: “At Mahindra, we are working hand in hand with all stakeholders, especially our dealer and supplier partners, to get our ecosystem started, once the lockdown is lifted. The safety of all our employees will be of paramount importance to us while resuming our operations.” “We are hopeful that our dealerships will open soon and have stocks to cover the first few weeks of sale. In the export market we have sold 733 vehicles during April.”