Mahindra’s extensive variety of SUVs allowed the company to achieve a record sale with a number of 37,270 SUVs sold in the Indian market in August 2024.
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Mahindra & Mahindra: The King Of Utility Vehicle Manufacturers
In the initial four months of FY2024, the Scorpio, comprising the Scorpio Classic and Scorpio Neo models, has become Mahindra & Mahindra’s best-selling SUV. The Bolero, XUV700, XUV300, and Thar are next in line. Mahindra & Mahindra continues to ride on the trend of rising utility vehicle (UV) demand in India with eight SUVs (Bolero, Bolero Neo, Scorpio, Scorpio N, Scorpio Classic, Thar, XUV300, XUV400) and one sedan (eVerito).
SUV sales reached 37,270 units, the greatest monthly total ever, and 38,164 units as a whole, including exports. 70,350 copies were sold overall, representing a 19 per cent YoY increase. Due to extended delay times, the business continues to experience substantial demand for its SUV series, which presently has a backlog of 266,000 vehicles.
Stellar Sales Figures
PV sales for Mahindra increased by 24.85% YoY to 37,270 units, up 7,418 units from the 29,852 units delivered in August 2022. This was true even though the firm was still having trouble finding semiconductors and other components. A MoM rise of 2.94 per cent from the 36,205 units sold in July 2024 was also recorded.
When YTD sales are taken into consideration, utility vehicle sales increased from April to August 2024 by 31% to 1,73,637 units from 1,32,790 units sold in the same five-month period of 2022. Purchases of cars and vans fell to 0 units in the previous month from 336 units sold in August 2024; year-to-date sales were a mere 10 units, down 99 per cent from the 1,425 units sold in the FY 2022–23 timeframe. This increased total PV YTD sales in FY 2024–24 to 1,73,647 units, up 29% over the 1,34,215 units delivered during the exact time in the previous year.
On the contrary side, sales of 3.5T LCVs and MHCVs were unchanged. In this section, YoY sales climbed by 47% to 949 units in August 2024 compared to 646 units sold in August 2022, while YTD sales jumped by 55% to 5,264 units in FY 2024–24 compared to 3,407 units sold during the same time last year.
It is not surprising that Mahindra has experienced a rise in sales of its electric 3-wheelers given the nation’s overall growing desire for electric cars. Sales increased from 4,793 units sold in August 2022 to 7,044 units sold in August 2024, a 47 percent increase. Additionally, YTD sales increased by 58 per cent to 31,305 units from 19,806 units sold in the April-August 2024 period.
Export Sales And FY2024 Revenues
While industrial vehicle sales in August 2024 were 23,613 units, Mahindra’s exports fell by 17 per cent year over year to 2,423 units in the same month. In contrast, 2,912 units were supplied in August 2024. Exports also had a 10% decline in revenue year so far. 11,897 units were shipped overseas between April and August 2024, compared to 13,218 units delivered during the precise same time the previous year.
Alongside the Bolero and Bolero Neo, the Thar, XUV300, and XUV400 also hold onto their places with respectable booking numbers. The unprecedented sales figures in July 2024, with an aggregate of 36,205 units sold, a strong 29% year-over-year gain, are evidence of Mahindra’s outstanding success. For five months running, the firm has continuously sold more than 32,000 units, exceeding its previous all-time high month, which was in March 2024 when 35,997 units were sold.
Mahindra sold 356,961 UVs in total in FY2023, a startling 60% increase over the 223,682 units it sold in FY2022. The excellent gain in UV market share from 15% to 17.81% during FY2024 moved Mahindra ahead of Hyundai Motor India, despite the fact that it just missed achieving the No. 2 UV OEM ranking. Mahindra’s SUV sales during the first four months of FY2024 have already surpassed 38% of the record-breaking sales recorded in FY2023.
