M&M, Hero Honda sales ride high on election fever
Automobile sales continued to display a mixed trend in March as two-wheeler makers Hero Honda and TVS registered a robust growth, while that of the country’s second largest car-maker Hyundai Motor India slid by 15.8 per cent.business Updated: Apr 01, 2009 22:50 IST
Automobile sales continued to display a mixed trend in March as two-wheeler makers Hero Honda and TVS registered a robust growth, while that of the country’s second largest car-maker Hyundai Motor India slid by 15.8 per cent.
The election campaign and the success of its new launch Xylo, catapulted utility vehicle major Mahindra and Mahindra to its highest ever monthly sales with 25,748 units, an 11 per cent growth over last year.
“We are happy that the growth is not due to one model but all our models,” said Pawan Goenka, president, automotive sector, M&M.
Bolstered by the strong rural demand, two-wheeler market leader Hero Honda posted a 10 per cent growth in sales at 3,53,342 units against 3,20,594 units in the same month last year. The company’s overall sales during the fiscal 2008-09 have grown by 12 per cent from 33.37 lakh units to 37.22 lakh units. TVS motors also posted a growth of 4 per cent in March.
“We now have an over 57 per cent share in the domestic motorcycle market particularly when the industry has been witnessing a massive slowdown on account of the impact of recessionary trends across the globe, the credit squeeze and the uncertainty over interest rates in the country,” said Pawan Munjal, managing director and CEO, Hero Honda Motors Ltd.