Hyundai Motor India, M&M Report Healthy Sales Growth In May

(MENAFN- IANS) Mumbai, June 1 (IANS) Leading automobile companies continued to report healthy sales momentum in May, with Hyundai Motor India Ltd (HMIL) and Mahindra & Mahindra (M&M) posting growth in domestic sales amid sustained demand, according to data released on Monday.

HMIL reported domestic sales of 47,837 units in May, a 9.1 per cent year-on-year growth. Including exports of 13,300 units, the company's total sales stood at 61,137 units, a 4.1 per cent growth compared to the same period last year.

Meanwhile, Mahindra & Mahindra reported overall auto sales of 99,636 vehicles in May, a 20 per cent year-on-year growth, including exports.

In the utility vehicle segment, M&M sold 58,021 vehicles in the domestic market, up 11 per cent from a year ago.

In addition, its total utility vehicle sales, including exports, stood at 59,573 units. The company's domestic commercial vehicle sales stood at 24,079 units during the month, registering a 19 per cent growth.

According to M&M, exports rose 37 per cent year-on-year to 5,000 units in May.

Nalinikanth Gollagunta, CEO, Automotive Division, M&M Ltd, said sustained demand across the company's portfolio continued, although supply chain challenges due to manpower shortages at select suppliers remained a constraint.

The latest sales figures indicate that domestic demand, particularly for SUVs and utility vehicles, continues to support growth momentum for automakers despite supply-side challenges.

Following this, shares of Hyundai Motor India traded lower, declining as much as 1.48 per cent to hit an intraday low of Rs 1,900 in early trade on the BSE. The stock touched a 52-week high of Rs 2,889.65 and a 52-week low of Rs 1,658.45 on the exchange.

Similarly, Mahindra & Mahindra stock declined 1.47 per cent to Rs 2,990, hitting an intraday low on the BSE. The stock recorded a 52-week high of Rs 3,840 and a 52-week low of Rs 2,896.30.

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