Auto major Mahindra & Mahindra reported sales of 9,076 vehicles in the domestic market in the month of May, compared to zero sales in April. In April, Mahindra & Mahindra had reported zero domestic sales in April, marking the first time the company posted nil domestic sales in a month. These sales numbers come as the country entered the fifth phase of a lockdown to battle the spread of the coronavirus pandemic, which has crushed demand in an auto industry already struggling with falling sales that forced many auto manufacturers to trim production.
The company’s total automotive sales, including domestic and exports, stood at 9,560 vehicles in May 2020.
“Our performance during May has been muted, due to the challenges the industry is facing. We are seeing initial traction for our small commercial vehicles and SUV brands such as the Bolero and Scorpio,” said Veejay Nakra, chief executive officer, automotive division, M&M.
“As new lockdown norms are being announced, we are hopeful of demand gaining traction in the coming months,” he added.
Mahindra & Mahindra shares ended higher by 5.7 per cent at Rs 461 on the BSE, after touching an intra-day high of Rs 470.
The Sensex ended 879 points or 2.71 per cent higher at 33,303.52 and the Nifty 50 index surged 246 points or 2.57 per cent to close at 9,826.15.