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    M&M February auto sales fall 11% but tractor sales up 25%

    M&M February auto sales fall 11% but tractor sales up 25%

    M&M February auto sales fall 11% but tractor sales up 25%
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    By Ankit Gohel   IST (Updated)

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    Auto major Mahindra & Mahindra’s (M&M) total auto sales for the month of February 2021 fell 11.3 percent to 28,777 vehicles as compared to 32,476 vehicles in February 2020.

    Auto major Mahindra & Mahindra’s (M&M) total auto sales for the month of February 2021 fell 11.3 percent to 28,777 vehicles as compared to 32,476 vehicles in February 2020.
    In the Utility Vehicles segment, Mahindra sold 15,380 vehicles during the month, compared to 10,675 vehicles in February 2020, registering a growth of 44 percent. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 15,391 vehicles, a growth of 41 percent over the same period last year.
    “Demand continues to remain buoyant for our range of SUVs and Pick-ups and we have a robust order pipeline,” said Veejay Nakra, Chief Executive Officer, Automotive Division, M&M.
    However, the problems oversupply of semiconductors is likely to continue for another 3 to 4 months, Nakra added.
    “Going forward, we will continue to monitor the situation and closely work with our suppliers to minimise this supply risk,” he said.
    Exports for the month of February 2021 were at 1,827 vehicles.
    Mahindra & Mahindra’s total tractor sales during the month registered a growth of 25 percent to 28,146 units, as against 22,561 units, YoY.
    Domestic tractor sales rose 24 percent to 27,170 units from 21,877 units, while exports grew 43 percent to 976 units from 684 units, YoY.
    “Tractor demand continues to be robust with Rabi sowing at an all-time high, supported by healthy reservoir levels and higher liquidity with farmers, on account of timely and robust procurement of Kharif crops,” Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra said.
    The outlook for the industry continues to be positive given the all-time high estimates of Rabi production and strong rural cash flows, he added.
    At 1:20 pm, the shares of Mahindra & Mahindra were trading 2.50 percent higher at Rs 825.00 apiece on the BSE.
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