Mahindra & Mahindra Ltd. (M&M Ltd.), one of India’s leading automotive companies, on Monday announced that its overall auto sales for the month of December 2023 stood at 60,188 vehicles, a growth of 6 per cent, including exports, the company announced through an exchange filing.
In the Utility Vehicles segment, Mahindra sold 35,171 vehicles in the domestic market, a growth of 24 per cent, and overall, 36,349 vehicles, including exports. The domestic sales for Commercial Vehicles stood at 17,888.
According to Veejay Nakra, President, Automotive Division, M&M Ltd., “In December, we sold a total of 35,171 SUVs, a healthy growth of 24% over last year. We continued to face some supply challenges on select parts. We are working closely with our suppliers to mitigate these challenges going forward”.
Passenger Vehicles Sales Summary (Domestic) – December 2023
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December 2023 showcased a remarkable 24 percent increase in utility vehicle sales, with 35,171 units sold domestically. However, sales of cars and vans experienced a drastic decline, dropping by 97 percent with 3 units sold in December 2023.
Overall passenger vehicle sales saw a 24 percent rise in December, reaching a total of 35,174 units, contributing to a year-to-date increase of 28 percent compared to the same period last year, totaling 2,59,858 units sold.
Commercial Vehicles and 3 Wheelers Sales Summary (Domestic) –December 2023
In December 2023, the commercial vehicles sales marked with LCVs below 2 tons dropped 6 percent to 2,849 units sold.
LCVs in the 2 to 3.5 tons category saw a 22 percent decrease to 12,668 units, while LCVs above 3.5 tons and MHCVs experienced a 170 percent increase, selling 2,371 units.
Three-wheelers, including electric variants, saw a 5 percent increase, selling 5,307 units.
Exports – December 2023
In December 2023, total exports experienced a significant decline of 41 percent, amounting to 1,819 units compared to 3,100 units in the same period previous year.
The year-to-date (YTD) figures for December indicated a continuing downturn, showing a 20 percent decrease in total exports, with 19,805 units exported in 2023 compared to 24,733 units during the same period in the previous year.
Mahindra & Mahindra Ltd shares
The shares of Mahindra & Mahindra Ltd on Monday at 11:05 am IST were trading at Rs 1,702.30, down by 1.57 per cent.
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