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Mahindra Exits Brazilian Pickup Truck, SUV Market
Mahindra & Mahindra Ltd. tells Reuters it has pulled out of Brazil's pickup truck and SUV market because of a slumping economy, depreciating local currency and new tax rules that penalize imports.
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Mahindra & Mahindra Ltd. tells Reuters it has pulled out of Brazil's pickup truck and SUV market because of a slumping economy, depreciating local currency and new tax rules that penalize imports.
"Where we don't see mid- to long-term prospects, there is no point," says Pravin Shah, who heads Mahindra's automotive and international operations. The company will continue to market farm tractors in the country.
Mahindra has been selling its four-door Pik-up Cabine trucks and Scorpio and XUV500 SUVs through a local partner for seven years. But Shah tells Reuters the pace as slowed to about 250 units per month.
Another sales deterrent is the popularity of ethanol-fueled vehicles in Brazil. All Mahindra models sold there are diesel powered.
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