Mahindra & Mahindra achieves best-ever sales in FY2023: 359,253 units, up 59%

Mahindra & Mahindra (M&M) has wrapped up FY2023 on a very strong note. The company’s passenger vehicle division has reported total wholesales of 359,253 units, which constitutes handsome 59% year-on-year growth (FY2022: 225,895 units).

The FY2023 total marks the company’s highest-ever sales in a fiscal, accelerating ahead of FY2019’s 254,351 units (see 10-year sales data below). And M&M also achieved its monthly best sales yet in March 2023 – 35,997 units (up 30%) and best SUV sales too: 35,976 units. 

Given that all but one (eVerito) of the company products are utility vehicles, M&M has also clocked its best-ever SUV sales at 356,961 units, up 59% YoY. Given the surging demand for UVs in India which now sees every second car sold being a UV, the company, whose portfolio includes popular models like the Bolero/Bolero Neo, Scorpio/Scorpio Classic/ Thar, XUV300, XUV700, XUV400 and the Marazzo, has seen demand drive in spades. Most of these models currently have a sizeable waiting period.

M&M was clearly headed for a record year. In fact, cumulative sales of 231,413 units in the first eight months of FY2023 (April-November 2023) had already gone past FY2022’s 225,895 units. The next four months saw additional sales of 127,840 units.

Commenting on the FY2023 performance, Veejay Nakra, President, Automotive Division, M&M, said: “We are delighted to close the year with the highest ever numbers in almost all segments of the business. Our SUV business recorded all-time high numbers, with a growth of 31% in March 2023, while it recorded a 60% overall growth in FY2023, on the back of good demand across the portfolio.”