Mahindra & Mahindra sells 32,588 units in June, over 100,000 in Q1 FY2024
Despite production continuing to be disrupted by inadequate chip supplies, M&M registers 21% YoY growth in June 2023 and a 31% increase in April-June wholesales of 100,172 units.
Mahindra & Mahindra has today announced its domestic market passenger vehicle sales numbers for June 2023. At 32,588 units – 32,585 SUVs and 3 e-Veritos – last month’s wholesales are up 21% year on year (June 2022: 26,880 units).
June was the fourth month in a row this year that sales have surpassed the 32,000-unit mark, with the best monthly performance in first-half CY2023 coming in March: 35,997 units. The year had opened with 33,040 units in January and 30,358 units in February.
In the first quarter of FY2024, cumulative sales have crossed the 100,000-unit mark – the 100,172 units constitute a 31% YoY increase (April-June 2022: 76,310 units).
As per the company, the sales volume for SUVs was restricted by a short-term disruption in engine-related parts at the supplier end. The semiconductor supply constraints on specific parts like airbag ECU continued this month as well.
According to Veejay Nakra, President, Automotive Division, M&M Ltd., “With strong demand for the SUV portfolio, we have continued our growth trend. The XUV700 reached an important milestone as it was launched in Australia amidst great enthusiasm from customers as well as our partners.”
In the overall utility vehicle market, at end-May 2023, M&M was ranked second, behind Maruti Suzuki and ahead of Tata Motors. Given its sustained sales in June, it should continue to maintain that position.
Expect M&M to up the ante in the coming months as it ramps up production to meet surging demand for most of its models. On May 26, the company had revealed that it has open bookings of 292,000 units with customer enquiries holding steady with low cancellations. Of this, the Scorpio N with 117,000 bookings is the one with the biggest backlog and accounts for 40% of overall bookings. Flagship XUV700, with 78,000 bookings, has 27% and is followed by the Thar (58,000 bookings), the XUV300 / XUV400 (29,000 bookings) and the Bolero (8,200 bookings).
The company has already expanded its SUV manufacturing capacity from 29,000 units per month to 39,000 units by December 2022 and plans to further increase it to up to 49,000 units in the current financial year or 600,000 units per annum.
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