May 04, 2018 Mahindra, South Africa, Aftermarket, trucks, LCV, Naamsa, Car Sales
Mahindra South Africa has ended its financial year in March 2018 with a healthy growth of 12.7% over financial year 2017 - a compound annual growth rate of 19% over the past two years.
Avinash Bapat, Chief Financial Officer says: "Measured in terms of our sales over the past five years and removing smaller brands with annual sales of less than 1 000 units, Mahindra is one of the five fastest growing brands in South Africa." According to Bapat, Mahindra has shown a compound annual growth rate of 4.6% over the past five years, driven in part by its rapid introduction of new models such as the Mahindra KUV mini-SUV, the TUV 300 and the upgraded Pik-Up range.
The growth is highlighted as particularly significant in that the general automotive market in SA contracted by 2.9% over the same period. April Naamsa sales saw an increase of 3.6% in overall vehicle sales to 36 346 units for the month, while the LCV market declined by 1.2% compared to the same month last year. Mahindra SA however, showed a growth of 26% in retail sales - compared to April 2017.
"Since entering the market in 2004, Mahindra has slowly and organically grown its market share and reach in South Africa and neighbouring countries," says Rajesh Gupta, the newly appointed CEO of MSA, who joins the company after a successful career for Mahindra in India.
"In the past two years, however, we have more aggressively introduced new models and extended our reach in Southern Africa in step with our long-term strategy of becoming a significant African automotive player." Gupta adds that Mahindra South Africa will soon announce details of a local assembly facility for certain of its vehicles, for the local and export markets.
"For the next step in our strategy of becoming a truly South African automotive player, we will start with the assembly of the Mahindra Pik-Up on local soil. This will offer us a sound footing on which to further entrench our South African sales success."
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