Indian car manufacturer Mahindra & Mahindra has posted a decline of 19 percent in its sales for the month of May 2014. The automaker sold a total of 18,085 units in the month in comparison to 22,244 units sold in the same month in 2013.
The carmaker attributes the sluggish economy, high fuel costs and high interest rates for the decrease in sales for the month of May 2014.
The exports of the carmaker however saw a jump of 75 percent shipping a total of 2,370 units in May 2014 compared with 1,356 units sold in 2013 in the same month.
According to Mr. Pravin Shah Chief Executive Automotive Division Mahindra & Mahindra, the auto sales in India have been subdued across the Indian automobile industry given the current tough market conditions. He added that the carmaker expects an improvement in buyer sentiments with the expected improvement in economic condition post the General Elections 2014.