Mahindra & Mahindra rides SUV boom to sell 43,068 units in January, 10-month sales surpass record FY23 total 

With a product portfolio packed with SUVs, Mahindra & Mahindra continues to make the most of the surging demand for this vehicle type. In January 2024, the Mumbai-based auto major sold a total of 43,068 SUVs, a strong 31% YoY increase (January 2023: 32,915 units).

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 clearly making the most of the surging wave of demand for UVs amidst an ultra-competitive market. And it is driving towards setting a new record for fiscal-year sales in FY2024. 

Cumulative sales for the first 10 months of the ongoing fiscal (see table below) reveal that M&M has registered total wholesales of 376,845 units, up 29% on year-ago sales of 292,773 units.

With two months left for FY2024, M&M’s sales of 376,845 units have already surpassed its previous record fiscal-year sales of 359,253 units in FY2023.

The sales data table above also reveals the strong and sustained growth trajectory the SUV manufacturer has maintained through all of the ongoing FY2024. While the company has averaged monthly sales of 37,684 units, its best monthly performance came in festive October – 43,708 units and 35% YoY growth. January 2024’s sales are the company’s second-best monthly performance in the fiscal to date.

With two months left for FY2024 to come to an end, M&M’s sales of 376,845 units have already surpassed 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.

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