Mahindra & Mahindra Ltd. (M&M Ltd.), one of India’s leading automotive companies, on Wednesday announced that its overall auto sales for the month of October 2023 stood at 80,679 vehicles, a growth of 32 percent, including exports, the company announced through an exchange filing.
In the Utility Vehicles segment, Mahindra recorded the highest sales for the fourth consecutive month. In October, the company sold 43,708 vehicles in the domestic market, a growth of 36 percent and overall, 44,264 vehicles, including exports. The domestic sales for Commercial Vehicles stood at 25,715 units, also the highest-ever.
Passenger Vehicles Sales Summary (Domestic) – October 2023
For the category of Utility Vehicles, Mahindra recorded sales of 43,708 units in October 2023, reflecting a substantial 36 percent increase compared to the same month in the previous year. This growth is significant and contributes to the year-to-date (YTD) performance, where they have achieved a 30 percent increase, with sales reaching 2,58,612 units in 2023 compared to 1,99,278 units in 2022.
In contrast, the category of Cars + Vans experienced a considerable decline, with no units sold in October 2023, marking a 100 percent decrease when compared to October 2022, when they had sold 72 units. This decline carries over to the YTD figures, where they've witnessed a 99 percent decrease, with only 10 units sold in 2023 compared to 1,743 units in the previous year.
Overall, when combining the sales figures for Utility Vehicles and Cars + Vans, Mahindra's total domestic passenger vehicle sales for October 2023 amounted to 43,708 units, indicating a 35 percent increase when compared to October 2022, when they had sold 32,298 units. This growth is also evident in the YTD data, where they achieved a 29 percent increase, with total sales reaching 258,622 units in 2023 compared to 201,021 units in 2022.
Commercial Vehicles and 3 Wheelers Sales Summary (Domestic) – October 2023
In the Light Commercial Vehicles (LCV) category with a weight capacity of less than 2 tons, Mahindra reported 4,335 units sold in October 2023. This indicates a 5 percent decline compared to the same month in the previous year. This decline is also mirrored in the year-to-date (YTD) figures, with a 5 percent decrease, as total sales reached 24,964 units in 2023 compared to 26,170 units in 2022.
Conversely, the LCV category with a weight capacity ranging from 2 to 3.5 tons experienced a substantial growth, with 20,349 units sold in October 2023, marking a significant 29 percent increase compared to October 2022. This upward trend extends to the YTD performance, with a 9 percent increase, as sales reached 123,077 units in 2023 compared to 112,988 units in the previous year.
In the category of LCV with a weight capacity exceeding 3.5 tons and Medium and Heavy Commercial Vehicles (MHCV), Mahindra reported 1,031 units sold in October 2023, reflecting an impressive 49 percent increase compared to October 2022. This growth trend is even more pronounced in the YTD data, with a 52 percent increase, as total sales reached 7,434 units in 2023 compared to 4,898 units in the previous year.
Furthermore, in the 3 Wheelers category, which also includes electric 3-wheelers, Mahindra's sales have shown a remarkable surge. In October 2023, they sold 9,402 units, signifying an impressive 85 percent increase compared to the same month in 2022. This growth extends to the YTD figures, with a 59 percent increase, as total sales reached 48,628 units in 2023 compared to 30,661 units in the previous year.
Exports – October 2023
In the month of October 2023, Mahindra's total exports amounted to 1,854 units. This figure reflects a 33 percent decrease when compared to October 2022, when they had exported 2,755 units.
In the year-to-date (YTD) context for October 2023, their total exports reached 16,170 units, showing a 13 percent decrease from the previous year when they had exported 18,511 units.
