Mahindra & Mahindra annual sales cross 500,000 for the first time in CY2024

Mahindra & Mahindra has sold over half-a-million SUVs for the first time in a calendar year. With the company announcing its December 2024 wholesales numbers today, annual sales for CY2024 add up to 528,460 units, which constitutes a robust year-on-year increase of 22% (CY2023: 433,172 units).

Taking a seamless ride on unabating demand for SUVs in India, Mahindra & Mahindra continues to fire on all cylinders and how! The company has consistently maintained strong double-digit sales growth right through CY2024. The wholesales data table below reveals the month-wise split for the entire year.

Compared to CY2023, M&M dispatched an additional 95,288 SUVs in CY2024 and surpassed the half-a-million wholesales milestone for the first time in a calendar year (528,460 units).

Having crossed 50,000-unit sales in a month for the first time in September 2024, M&M followed it up with a best-ever 54,504 units in the festival-laden October (up 25%) and has clocked dispatches of 46,222 units in November (up 16%). December 2024 numbers were a more sedate 41,424 units, up 18% YoY, despite it being the last month of the year when typically new vehicle buyers prefer to defer their purchase decisions to the new year.

In India’s highly competitive UV market, M&M, which has 10 SUVs (Bolero, Bolero Neo, Bolero Neo+, Scorpio, Scorpio N, Scorpio Classic, Thar, Thar Roxx XUV3XO, XUV400 and XUV700), is extremely well placed to capitalise on the surging demand for this vehicle type. Compared to CY2023, M&M dispatched an additional 95,288 SUVs in CY2024 and surpassed the half-a-million wholesales milestone for the first time in a calendar year (528,460 units).

SCORPIO TWINS LEAD THE SALES CHARGE IN FIRST 11 MONTHS OF CY2024
While the model-wise sales split for the Mahindra SUV portfolio for December 2024 is not yet available, the wholesales numbers for the first 11 months of the year give a good indication of the key growth drivers. The Mahindra Scorpio, available as the Scorpio N and Scorpio Classic, is currently the best-selling model for the company. At 154,169 units sold between January and November, the Scorpio twins accounted for 32% of M&M’s total dispatches in the first 11 months of 2024.

In No. 2 position is the indefatigable and sturdy workhorse Bolero with 93,850 units. The Bolero is followed by the flagship XUV700 (83,390 units) and the XUV300 / 3XO (78,826 units). Launched in April this year at an aggressive Rs 749,000, the XUV 3XO – the facelifted version of the XUV300 – has given a fresh charge to sales and surpassed 10,000 units in both May and July. The fifth bestseller for M&M is the Thar-Thar Roxx combine (69,354 units). The new five-door Thar Roxx, which is more of a mainstream model than the three-door Thar, has helped accelerate sales since its launch on August 14 with aggressive pricing ranging from Rs 12.99 lakh through to Rs 20.49 lakh.

Meanwhile, the all-electric XUV400 has clocked total dispatches of 7,188 units in the first 11 months of FY2024. End-November 2024 saw Mahindra launch two brand-new e-SUVs in the form of the BE 6 and XEV 9E. The company’s EV sales will take off from January when the two zero-emission models, which have drawn a strong customer response, enter select showrooms across the country.

What is also helping the company’s sales drive is the sharper focus on safety. In mid-November, the Thar Roxx, XUV 3XO and XUV400 each scored a top five-star rating from the Bharat New Car Assessment Programme (Bharat-NCAP). These models have now joined Mahindra’s growing portfolio of five-star-rated vehicles, which includes the XUV700 and Scorpio-N.

M&M WELL SET TO ALSO HIT 500,000 SALES IN FY2025
Even on the fiscal year front, the company is well set to record its best-ever sales and achieve the 500,000 milestone for the first time in a fiscal. With three months left to go for FY2025 to come to a close, M&M’s sales of 402,360 units in the first nine months of the current fiscal (FY2025) to date are already 87% of the SUV maker’s record sales of 459,877 units in FY2024. At present, it is just 57,517 units away from that figure and 97,640 units from the half-a-million milestone. 

M&M is benefiting from its substantially ramped-up production at its factories to feed its dealers across India and ensure stock is available for customers. Given the strong demand for most of its SUVs, the company has outlined plans to further increase output. In June 2024, M&M had confirmed that it plans to further increase production capacity to 64,000 units per annum or 768,000 units per annum by end-FY2025 and 72,000 units a month / 864,000 units per annum by end-2026.