Mahindra & Mahindra Ltd. (M&M Ltd.), one of India’s leading automotive companies, on Friday announced that its overall auto sales for the month of August 2023 stood at 70,350 vehicles, a growth of 19 percent, including exports, the company announced through an exchange filing.
In the Utility Vehicles segment, Mahindra sold its highest-ever SUVs of 37,270 vehicles in the month, in the domestic market, and overall, 38,164 vehicles, including exports. The domestic sales for Commercial Vehicles stood at 23,613 units.
“We are excited to witness another record month, as we clocked our highest-ever SUV domestic sales of 37,270 in a month with a growth of 26 percent. We also registered an overall growth of 19 percent for the month of August. While demand for our key SUV brands continue to be strong, we are keeping a close watch on the availability of semi-conductors and select parts, for sustained and smooth scaleup,” said Veejay Nakra, President, Automotive Division, M&M Ltd.
Utility vehicle sales
According to the latest sales data, utility vehicle sales skyrocketed to 37,270 units in August, up from 29,516 units in August of the previous year. Year-to-date (YTD) figures show utility vehicle sales reaching 173,637 units, reflecting a remarkable 31 percent surge from the 132,790 units sold during the same YTD period last year.
Meanwhile, the car and van segment faced an unexpected setback, with sales dropping to zero units in F24 from 336 units in August F23. Similarly, YTD figures indicate a significant slump in this category, as only 10 units were sold this year compared to 1,425 units during the same YTD period last year, marking a staggering 99 percent decrease.
Commercial vehicle and three wheelers sales
In the commercial vehicle and three wheelers sales (Domestic) category, LCV<2T sales were 3896 in F24, same to F23. The LCV 2 T – 3.5 T sales reached 18768 units in F24 com0pared to 16940 in F23 with a 11 percent change. The LCV > 3.5T + MHCV category sales reached 949 unites in F24 against 646 units in F23 with a 47 percent change.
The three wheelers (including electric 3Ws) sales were 7044 units in F24 against 4793 units with a change of 47 percent in F23.
The total exports in FY 24 August were at 2423 units against 2912 units in F23, with a decrease in change of 17 percent.
Mahindra & Mahindra Ltd. shares
The shares of Mahindra & Mahindra Ltd. on Friday at 11:28 am IST were at Rs 1,594, up by 1.18 percent.
