M&M to cut production by 25 pc on semiconductor shortage
The company, however, said there will be no impact on the production ramp-up and launch plans of its new SUV XUV7OO.
The company, however, said there will be no impact on the production ramp-up and launch plans of its new SUV XUV7OO.
This has been necessitated due to the increase in commodity prices and various other input costs, the company added.
The passenger vehicle segment of the company which includes utility vehicles, cars and vans recorded a 1 per cent growth in sales at 18,622 vehicles last month, M&M said in a statement.
In the passenger vehicles segment, which includes UVs, cars and vans, M&M sold 3,867 vehicles in May.
As per this new initiative, customers can finance, insure, exchange, accessorise and own a company vehicle.
Its domestic sales last month stood at 30,637 units, 42 per cent lower than 52,915 vehicles sold in February 2019, the company said in a regulatory filing.
Mahindra First Choice Wheels Ltd (MFCWL), a subsidiary of the company, has signed a share purchase agreement to acquire fully Fifth Gear Ventures Limited (FGVL).
R. Velusamy will be appointed Chief of Global Product Development (Automotive). Vinod Sahay will be appointed as Chief Purchase Officer of AFS.
Meanwhile, Pawan Goenka will be re-designated as Managing Director and Chief Executive from April 1.
The new vehicle also comes with reverse parking camera, 17.8 cm infotainment system with GPS, static bending headlamps and micro-hybrid technology, the company said.
