Mahindra & Mahindra Ltd. (M&M Ltd.), one of India’s leading automotive companies, today announced that its overall auto sales for the month of November 2023 stood at 70,576 vehicles, a growth of 21 percent, including exports, the company announced through an exchnage filing.
In the Utility Vehicles segment, Mahindra sold 39,981 vehicles in the domestic market, a growth of 32 percent and overall, 40,764 vehicles, including exports. The domestic sales for Commercial Vehicles stood at 22,211.
According to Veejay Nakra, President, Automotive Division, M&M Ltd., “We continue our growth trend, backed by strong demand for our SUV portfolio. In November, we sold a total of 39,981 units, a growth of 32%. While we saw a healthy festive season, we faced supply challenges on select parts during the month. We are keeping a close watch and taking appropriate steps to mitigate the challenges”.
Passenger Vehicles Sales Summary (Domestic) – November 2023
November 2023 showcased a remarkable 32 percent increase in utility vehicle sales, with 39,981 units sold domestically. However, sales of cars and vans experienced a drastic decline, dropping by 100 percent from 154 units in the previous year to none reported in November 2023.
Overall passenger vehicle sales saw a 32 percent rise in November, reaching a total of 39,981 units, contributing to a year-to-date increase of 29 percent compared to the same period last year, totaling 298,603 units sold.
Commercial Vehicles and 3 Wheelers Sales Summary (Domestic) –November 2023
November 2023 marked a robust performance in commercial vehicles sales, with LCVs below 2 tons leading with a significant 54 percent increase to 4,083 units sold.
LCVs in the 2 to 3.5 tons category saw a 7 percent rise to 17,284 units, while LCVs above 3.5 tons and MHCVs experienced a 12 percent increase, selling 844 units.
Three-wheelers, including electric variants, saw a 26 percent increase, selling 6,568 units.
Exports – November 202
In November 2023, total exports experienced a significant decline of 42 percent, amounting to 1,816 units compared to 3,122 units in November 2022. The year-to-date (YTD) figures for November indicated a continuing downturn, showing a 17 percent decrease in total exports, with 17,986 units exported in 2023 compared to 21,633 units during the same period in the previous year.
Mahindra & Mahindra Ltd shares
The shares of Mahindra & Mahindra Limited on Friday at 10:14 am IST am IST were trading at Rs 1,645.40, dow by 0.14 percent.
