Mahindra & Mahindra, which is among the OEMs riding the surging wave of demand for utility vehicles, has announced domestic market wholesales of 41,008 SUVs in April 2024, up 18% year on year (FY2023: 34,694 units). This is the fourth month in a row that M&M has dispatched over 40,000 units: January 2024 (43,068 units, up 30%), February 2024 (42,401 units, up 40%), March 2024 (40,631, up 13%). The company also exported 534 SUVs last month.
In an extremely competitive market for utility vehicles, M&M, which has eight SUVs (Bolero, Bolero Neo, Scorpio, Scorpio N, Scorpio Classic, Thar, XUV300/XUV3XO, XUV400 and XUV700), is extremely well placed to capitalise on the surging demand for this vehicle type.
On April 29, M&M launched the new XUV3XO (pictured below) at an aggressive starting price of Rs 749,000 with a strategic goal to be the new disrupter in the compact SUV market, which saw sales of over a million units in FY2024 and accounted for 25% of the record 2.52 million UV dispatches.
In FY2024, the company achieved its best-ever fiscal sales of 459,877 units. This was a strong 28% year-on-year increase (FY2023: 359,253 units) with an additional 100,624 units. What’s more, the rapid rate of demand for most of its SUVs meant that M&M doubled its FY2022 sales of 225,895 units in just two years. Demand continues to be strong for most of its models and in FY2024, the five Mahindra models — Scorpio (N and Classic), Bolero, XUV700, Thar and XUV300 – were part of the Top 20 best-selling UVs chart.
To cater to the sustained demand for most of its SUVs, M&M has ramped up production substantially at its factories to 49,000 units per month or around 600,000 units per annum.