Mamp;M sales increase by 5

MUMBAI, AUG 21: Despite a recession in the automobile industry, utility vehicle major Mahindra amp; Mahindra Mamp;M has managed to increase its sales by 5 per cent to 25,523 vehicles in the first four months of the current fiscal as compared to 20,333 units sold in the same period of last year.

Production was up 7.2 per cent to 28,005 vehicles as compared to 25,614 produced in the same period of previous fiscal.Addressing shareholders at the 51st annual general meeting here today, Chairman Keshub Mahindra said the company has retained its market leadership in tractor production by manufacturing 27,115 tractors during the year as against 20,467 in the previous year. The company also sold 25,523 tractors as against 20,333 units during the corresponding period last year. With this increase in sales, the company8217;s market share of tractors stands at 29 per cent as of July 31 as against 27 per cent for the same period last year.

Mahindra said that the company had received very positive feedback on their new product, a 9-seater diesel vehicle voyager to be launched by the middle of October, 1997.