Auto Sales May 2023: Mahindra passenger vehicles sales jumps 22%, exports rise 29%

Mahindra & Mahindra Limited, one of India’s leading automotive companies, today announced that its overall auto sales for the month of May 2023 stood at 61,415 vehicles.

In the Utility Vehicles segment, Mahindra sold 32,883 vehicles in the domestic market and overall, 33,931 vehicles, including exports. The domestic sales for Small Commercial Vehicles (LCV < 3.5T) stood at 19,053 vehicles. The sales volume for both SUVs and PickUps were restricted by a short-term disruption in engine-related parts at the supplier end.

The cards and vans sales fell down 99 per cent with only 3 units sold in May against 272 units sold in the same month last year. LCV < 2T sales fell 10 per cent to 2,913 and the LCV 2T- 3.5 T sales fell to 17,289 units.

Exports

The total export for the month of May increased by 29 per cent to 2,616 units against 2,028 units exported in May 2022.

The semiconductor supply constraints on specific parts like Air Bag ECU also continued in this month.

According to Veejay Nakra, President, Automotive Division, M&M Ltd., “We continue our growth trend, backed by strong demand in SUVs. We sold a total of 33,931 units, translating into a domestic growth of 23% in May. We have delivered a healthy YoY growth in 3-Wheelers and export segments as well. The sales volume for both SUVs and Pik-Ups were restricted by a short-term disruption in engine-related parts at the supplier end. The semiconductor supply constraints on specific parts like Air Bag ECU, continued during the month too.”

Mahindra and Mahindra shares

The shares of Mahindra and Mahindra Limited on Thursday at 1:11 pm ISt were at Rs 1,328.60, up by 0.73 per cent.