Mahindra was the fastest growing automotive brand in South Africa in terms of sales growth in the passenger car and light commercial vehicle (LCV) segments in the first five months of this year.
The Indian carmaker grew 124% on combined sales of cars and LCVs jumping from 699 to 1,563 units, compared to 94% growth for second-placed Jaguar, according to automotive market intelligence company RGT Smart.
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Mahindra also showed the highest rate of increase in passenger vehicle sales at 245% – 180 units moving up to 628 – and was placed third among the fastest growing brands in the LCV segment, with growth of 84%, as sales swelled from 517 to 935 units over the five-month period.
MSA’s chief executive Ashok Thakur said: “We are now seeing the fruits of a comprehensive and successful turnaround strategy that put the company in a strong position for growth after the economic woes of 2008/09.
“The company had been making good progress since its founding in 2004 until it was hit by a number of negative factors in the downturn period.”
These included the imposition of the National Credit Act, increasing competition, exchange rate fluctuations and the beginning of the global economic meltdown which also impacted South Africa, he added.
