Auto major Mahindra & Mahindra expects to retain the double digit growth in the third quarter of this financial year as well, according to Pravin Shah, chief executive (automotive division), Mahindra & Mahindra.
The company reported a 29 per cent year-on-year growth in its total automobile sales at 53,438 units in October, led by growth in the passenger vehicles segment and light commercial vehicles (LCVs).
Lunching the premium sports utility vehicle (SUV) ‘Rexton’, the first product from the South Korean automobile major Ssangyong stable, Shah said, “We were seeing good growth in sales and volume. We expect the double digit growth to continue in the third quarter.”
Rexton is the seventh vehicle launch from the M&M's portfolio in the current financial year. It is being assembled at the Chakan plant, which has an installed capacity of 5,000 units per annum in a single shift. “We have ample capacity to expand further and will take the step as per the future requirement,” he said. Rexton is priced at Rs 18 lakh ex-showroom (Hyderabad).
It was launched in the Indian market last month in Delhi and Mumbai and is set to be launched across seven cities in the second phase.