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Auto sales numbers – December 2010
Mahindra & Mahindra (M&M)
M&M reported robust 38% yoy growth in total sales to 50,396 units (36,440) in December
2010, which came in marginally ahead of our estimates. Growth was aided by 42% and
31% yoy growth in the automotive and farm equipment segments, respectively. The farm
equipment segment’s growth was supported by healthy performance on the domestic as
well as exports front. Domestic tractor sales grew by 31% yoy to 15,135 units (11,517),
while exports grew by 30% yoy to 1,199 units (922). Within the automotive segment, the
four-wheeler pick-up segment grew by strong 47% yoy on the back of robust performance
from GIO and Maxximo. Passenger UV sales grew by healthy 24% yoy, while Logan sales
continued to post strong performance, registering growth of 191% yoy.
Tata Motors (TML)
TML reported healthy 31% yoy growth in total volumes in December 2010, led by 28% yoy
growth in domestic vehicle sales and 68% yoy growth in export sales. The PV segment,
which was impacted by the decline in Nano and Indica sales in November 2010, posted
28% yoy growth in December 2010 to 19,977 units (15,661). Nano volumes rose by 60%
yoy to 5,784 units, as the company more than doubled the warranty period and offered
easier financing terms to boost sales. Indica and Indigo range of vehicles reported 40%
and 3% yoy growth during the month, respectively. The commercial vehicles (CV) segment
posted 25% yoy growth in December 2010 on account of 35% yoy growth in LCV sales to
24,558 units. Ace family of vehicles recorded the highest-ever sales during the month.
M&HCV sales stood at 17,368 units, registering growth of 14% yoy.
TVS Motor (TVS)
TVS reported strong 42% yoy growth, selling 171,859 units (120,913) in December 2010,
led by significant demand across all product segments. While motorcycle sales grew by
24% yoy to 61,404 units (49,560), the scooter segment registered robust 94% yoy growth
to 41,804 units (21,566). Three-wheeler sales continued to report healthy performance,
posting 189% yoy growth to 3,500 units (1,212). Exports volume registered 10% yoy
growth to 19,002 units (17,222).
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