LUCKNOW: Mahindra and Mahindra Ltd, India's leading SUV manufacturer said that the automobile industry which has been reeling under slowdown for last one year is expected to revive fortunes in the current financial year in the backdrop of more stable economy and political scenario.
The company said it has already started witnessing growth from March onwards as the quarter posted around 25% growth over last year's corresponding quarter. The company said that small towns are next growth drivers of automobile industry and that Uttar Pradesh is alone contributing 12% of its total volume sales in the country.
Last year, Mahindra sold 4.70 lakh vehicles, out of which around 53000 sales were posted from UP region.
The healthy growth comes on the back of a strong and sustained demand for popular SUVs- Bolero and Scorpio and pick-ups like Bolero Pick-Up and Bolero Maxi Truck Plus in the state. The passenger vehicles segment registered a growth of 18%, whereas commercial vehicles grew by 38%.
Arun Malhotra Chief Sales and Customer Care Officer Automotive Division, Mahindra & Mahindra Ltd said, "Over the year, Mahindra's country market share dropped from 52 to 45% but in UP the dip was only about 2%. We still enjoy 72% share in the state in SUV segment which is remarkable."
The company invested around 25% on expanding quality and quantity of sales and service touch points in the state. It has about 197 service outlets across 72 districts of UP and about 160 sales outlets. "We are focusing on expanding full fledged service outlets in the state to provide quality customer service", said Malhotra.
Recently, the FM also announced cut in the excise duty of SUVs which has brought about Rs 25000-30000 cut in most models of cars. The cut in prices and upcoming elections have together catapulted teh demand like never before.
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