"Farmer sentiment is likely to remain positive in the near-term due to several developments including robust Rabi crop production, higher procurement, good price realizations and the forecast of a normal monsoon that bodes well for a good Kharif crop," the management added.
Meanwhile, in the passenger vehicles segment (which includes UVs, Cars and Vans), Mahindra sold 3,867 vehicles in May 2020, compared to 20,608 vehicles in May 2019. In the commercial vehicles segment, the company sold 5,170 vehicles in May 2020, as against 17,879 vehicles in May 2019, the company said.
The company’s performance in the passenger vehicle segment has been muted due to the challenges the industry is facing. The company has opened 70 per cent of its dealerships and retail sales have begun. As new lockdown norms are being announced the management is hopeful of demand gaining traction in the coming months.
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