March auto sales too disappoint; M&M blames fuel hike

Auto companies continue to struggle on the sales front according to the March figures. TVS Motor reported disappointing sales for March with the total sales dropped 8.2 percent to 1.67 lakh units.

While motorcycle sales dipped 6.3 percent, scooter sales dropped a whopping 25.7 percent with the only saving grace came from exports which rose 12 percent to 23,342 units. Mahindra & Mahindra sales were in-line with estimates. The total sales rose 10 percent to 51,904 units with its utility vehicle (UV) and Verito sales seeing a 12 percent uptick.
Addressing a press conference post the announcement of the numbers, the M&M management said that high fuel prices and increased competition impacted March sales.