Mumbai, Oct 1 (IANS): Automaker Mahindra & Mahindra on Tuesday said its overall auto sales for September stood at 87,839 vehicles, including exports, which is a 16 per cent growth (year-on-year).

In the utility vehicles segment, Mahindra sold 51,062 vehicles in the domestic market, a growth of 24 per cent. The domestic sales for commercial vehicles stood at 23,706, according to a company statement.

In the month of September, the automaker exported 3,027 vehicles, a 25 per cent YoY growth from 2,419 vehicles last year . For year-to-date, the company exported 14,727 vehicles, a 3 per cent growth for the same period last year.

Veejay Nakra, President, Automotive Division, M&M Ltd said they sold 51,062 SUVs in September, a growth of 24 per cent and 87,839 total vehicles, a growth of 16 per cent.

“This month, we launched the all-new VEERO in the LCV<3.5 tonne segment, based on India’s first multi-energy modular CV platform,” he said.

With best-in-class mileage, exceptional performance, industry leading safety features, enhanced occupant protection and a premium cabin experience, Veero aims to disrupt the LCV<3.5 tonne space.

“As we enter into the festivities of Navratri, we open bookings for the much-awaited Thar RoXX on October 3,” said Nakra.

In the passenger vehicles segment, the company sold 260,210 vehicles year-to-date, a 21 per cent growth.

As private consumption rises across the country, there has been a surge in auto loans for car ownership as people from tier 2, 3 cities and beyond opt for longer-tenure financing options to afford latest vehicles. About 80 per cent of car purchases in the country are financed through bank loans or non-banking financial companies (NBFCs).

The total production of passenger vehicles, three-wheelers, two-wheelers and quadricycle reached 24,37,138 units in July. Passenger vehicles sales were 3,41,510, three-wheeler sales were 59,073 units and two-wheeler sales reached 14,41,694 units.