Mahindra & Mahindra Achieves Record-Breaking Month: Sells 36,205 SUVs in July 2023, Registers 30% YoY Growth

Mahindra & Mahindra Achieves Record-Breaking Month: Sells 36,205 SUVs in July 2023, Registers 30% YoY Growth

Mahindra & Mahindra (M&M), the automaker, witnessed a significant increase in SUV sales in July this year. They sold a total of 36,205 SUVs during the month, reflecting a remarkable 30% growth compared to the same month last year when they sold 27,584 SUVs. This surge in sales indicates a strong demand for their SUV offerings in the market.

Moreover, in the current fiscal year 2023-24, M&M has experienced continued success in the SUV segment, having sold a total of 1,36,367 units so far. This represents a remarkable 32% growth compared to the same period in the previous fiscal year 2022-23 when they sold 1,03,274 units.

Apart from domestic sales, M&M has also exported a significant number of utility vehicles, contributing to their overall success in the utility vehicle category. In total, they have recorded 37,519 units of sales, including both domestic and export markets.

These positive sales figures indicate that Mahindra & Mahindra’s SUV lineup is resonating well with consumers, and the company is making strong strides in the highly competitive automotive market. The robust demand for their SUVs signals a positive outlook for the company in the coming months.

Mahindra & Mahindra (M&M) has achieved remarkable sales performance in various segments during the month of July. In the domestic market, their commercial vehicles recorded robust sales of 20,898 units, indicating a strong demand in this segment. Additionally, the company sold 6,481 units of three-wheelers, including electric three-wheelers, further contributing to their overall sales.

Furthermore, M&M demonstrated its global presence by exporting 2,540 units of vehicles to international markets in July, showcasing the company’s efforts to expand its reach beyond domestic borders.

Overall, M&M achieved a total of 66,124 vehicle sales in July, encompassing various segments of their automotive offerings. This strong performance has been described as a record-breaking month for the automaker.

Veejay Nakra, President of the Automotive Division at M&M, expressed his satisfaction with the outstanding sales figures. He highlighted the remarkable success of the XUV700 model, with approximately 1 lakh units sold in a record time of 20 months. The Scorpio model also achieved its highest-ever monthly sales in July since its launch, reflecting the popularity and demand for these vehicles in the market.

The impressive sales figures and positive response to their models indicate a promising outlook for Mahindra & Mahindra in the automotive industry. As the company continues to expand its product portfolio and cater to diverse customer needs, it is likely to maintain its growth trajectory in the coming months.

Veejay Nakra, President of the Automotive Division at Mahindra & Mahindra, expressed his enthusiasm over the company’s remarkable performance in July, describing it as a record-breaking month for them. He highlighted the achievement of selling 36,205 SUVs in the domestic market, which is the highest number ever recorded in a single month.

Nakra also proudly mentioned that the XUV700 model has garnered an impressive following, with its tribe reaching 1 lakh units sold in just 20 months. This rapid success is a testament to the popularity and appeal of the XUV700 among consumers.

Additionally, Nakra shared that the Scorpio brand also experienced outstanding sales performance in July, achieving the highest monthly sales figure since its initial launch. This reaffirms the continued demand and positive reception of Mahindra’s key brands in the market.

As the company moves forward, Nakra acknowledged the importance of closely monitoring the availability of semi-conductors and select parts, which have been impacting the automotive industry’s supply chain. Ensuring a steady supply of these critical components will be essential to sustaining the scale-up of production and meeting the growing demand for Mahindra’s vehicles.

In addition to the positive growth in passenger cars, commercial vehicles, and SUVs, Mahindra & Mahindra’s tractor division also experienced a notable increase in sales. The company sold 24,168 units of tractors in July 2023, marking an 11% rise compared to the same month last year, where 21,684 units were sold.

Total tractor sales, including exports, reached 25,175 units in July 2023, compared to 23,307 units in July 2022. This demonstrates a significant growth trend in the tractor segment for the company.

Hemant Sikka, President of M&M’s Farm Equipment Sector, attributed the surge in tractor sales to two primary factors. Firstly, the rise in aggregate sowing of kharif crops contributed to an increased demand for tractors in the agricultural sector. Secondly, decreased input costs for farmers likely encouraged them to invest in new tractors.

The agricultural sector has been witnessing positive developments, leading to a rise in demand for farm equipment, including tractors. The growth in tractor sales is an encouraging sign for Mahindra & Mahindra, reflecting their strong position in the agricultural machinery market in India and their ability to capitalize on favorable market conditions.

Hemant Sikka, President of M&M’s Farm Equipment Sector, highlighted the positive developments in the agriculture sector, particularly with regard to Kharif crop sowing. He stated that the aggregate sowing of Kharif crops is currently ahead of last year’s figures, indicating a favorable outlook for the agricultural industry. Notably, key crops like paddy and oil seeds have shown a recovery in sowing, although pulses are still lagging in terms of sowing progress.

Sikka also pointed out that terms of trade have become more favorable for farmers, as input costs have continued to decrease. This reduction in input costs can contribute to improved profitability and financial stability for farmers, thereby encouraging them to make investments in agricultural machinery such as tractors.

Furthermore, the positive sentiments prevailing in the rural economy are likely to support the demand for tractors and other farm equipment in the coming months. As the rural economy gains momentum and agricultural activities progress favorably, there is a higher potential for increased demand from farmers for modern and efficient farming tools.

Overall, the optimistic outlook in the agricultural sector, coupled with favorable market conditions and decreased input costs, indicates a positive trajectory for Mahindra & Mahindra’s tractor business, positioning the company well to capitalize on the growing demand for tractors in India.