Mahindra & Mahindra (M&M), India's leading
sports utility vehicle (SUV) manufacturer, has reported a healthy 11 per cent sales growth in February.
Segment-wise, four-wheeler commercial vehicle sales in February grew 12 per cent at 15,167 units from 13,522 units sold during the same period of last year.
The company's passenger vehicles segment reported a healthy sales growth of about 14 per cent at 23,421 units from 20,573 sold in the corresponding month of 2011.
According to M&M, domestic sales increased by 10 per cent and stood at 44,399 units during February this year, from 40,461 units sold during the corresponding month last year.
Exports rose by 30 per cent at 3,425 units from 2,626 units shipped out in the corresponding month last year.
The sale of SUVs stood at 47,824 units against 43,087 in the corresponding period last year.
The company said it was disappointed with
Finance Minister P.Chidambaram's budget proposal to raise
excise duty on SUVs from 27 to 30 per cent. However, SUVs registered as taxis are exempted from the duty.
"Levying a three per cent higher duty on SUVs on the basis of higher ground clearance is disappointing as it slows down further growth and does not provide equal competitive space to all players," said Pravin Shah, chief executive, automotive division, Mahindra & Mahindra.
With inputs from IANS
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