Mahindra achieves another record year: 433,172 units in CY2023, up 29%

Riding on the surging wave of demand for utility vehicles in the Indian market, Mahindra & Mahindra (M&M), armed with its SUV-laden portfolio, has delivered strong numbers in the year gone by. Cumulative 12-month data (see table below) reveals that M&M has registered total wholesales of 433,172 units, which is 98,084 units more than it sold in CY2022 (335,088 units), to record robust 29% year-on-year growth.

A glance at the sales data table above reveals the strong and sustained growth trajectory the SUV manufacturer has maintained through all of CY2023. While the company has averaged monthly sales of 36,097 units, its best monthly performance came in festive October – 43,708 units and 35% YoY growth. Mahindra & Mahindra, which has eight SUVs (Bolero, Bolero Neo, Scorpio, Scorpio N, Scorpio Classic, Thar, XUV300, XUV400 and XUV700) and a sole sedan (eVerito), is making the most of the surging wave of demand for UVs amidst an ultra-competitive market.

Even on the fiscal year front, the company is well set to record its best-ever sales. With three months left to go for FY2024, M&M’s sales of 333,777 units in the first nine months of the fiscal to date are already 93% of the SUV maker’s record sales of 359,253 units in FY2023. Given the massive number of bookings the company has for many of its high-selling SUVs like the XUV700, Thar, Scorpio N and Classic and the XUV300, expect M&M to clock sales in the region of 450,000 units or more in FY2024.

Meanwhile, in an effort to cater to the surging consumer demand for its SUV portfolio, M&M, which had expanded its SUV manufacturing capacity from 29,000 units per month to 39,000 units in December 2022, is implementing plans to further increase output to up to 49,000 units in the current financial year or 600,000 units per annum.