Mahindra Auto Sales increase by 19% in August, selling 70,350 vehicles

Mahindra & Mahindra Ltd. (M&M Ltd.), one of India's largest automotive companies, stated on Friday that its entire auto sales for the month of August 2023 amounted to 70,350 vehicles, a 19% increase including exports, according to an exchange filing.

Mahindra sold 37,270 SUVs in the domestic market in the month, and 38,164 vehicles in total, including exports, in the Utility Vehicles sector. Domestic sales of Commercial Vehicles totaled 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.

According to the most recent sales figures, utility vehicle sales increased to 37,270 units in August, up from 29,516 units the previous year. Year-to-date (YTD) figures show utility vehicle sales have reached 173,637 units, a stunning 31% increase over the 132,790 units sold during the same YTD period the previous year.

Meanwhile, the car and van market suffered an unexpected setback, with sales falling to zero units in F24 from 336 units in August F23. Similarly, YTD numbers show a sharp decline in this category, with only 10 units sold this year compared to 1,425 units sold during the same YTD time last year, a 99% fall.

In the commercial vehicle and three wheeler sales (Domestic) category, LCV<2T sales were 3,896 in F24, the same to F23. The LCV 2 T – 3.5 T sales reached 18,768 units in F24 compared to 16,940 in F23 with an 11% change. The LCV > 3.5T + MHCV category sales reached 949 units in F24 against 646 units in F23 with a 47% change.

Three-wheeler sales (including electric 3Ws) were 7,044 units in F24, compared to 4,793 units in F23, a 47% increase.

Total exports in FY24 August were 2,423 units compared to 2,912 units in F23, a 17% reduction.

Source: Media Reports