Mahindra registers best-ever SUV sales for fourth straight month in October: 43,708 units

At a time when the utility vehicle (UV) segment has captured all of 57% of India’s overall passenger vehicle market, Mahindra & Mahindra (M&M) with its SUV-laden portfolio is making maximum gains. The Sustained and surging demand for most of its SUVs means that M&M continues to scale new highs month on month. In October 2023, the company sold 43,708 units, all of them SUVs, to record 35% YoY growth.

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 among the OEMs riding the surging wave of demand for UVs in the country.

Not only are the October sales the best-ever monthly sales for the company, which is also the fourth straight month (see data table below) of highest sales, but they place M&M well on the path of record sales in FY2024.  

M&M has maintained a strong and sustained growth trajectory throughout this year and is headed for a record-breaking FY2024. 

Cumulative sales for the first seven months of FY2024 AT 258,622 units are up 29% on April-October 2022’s 201,021 units and already 72% of the company’s record sales of 359,253 units in FY2023. A glance at the sales data table above reveals the strong and sustained growth trajectory the SUV manufacturer has maintained throughout the first seven months of FY2024. Clearly, M&M is driving hard towards a record FY2024, somewhere in the region of 450,000 or more, 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. 

Commenting on the October sales, Veejay Nakra, President, Automotive Division, M&M, said: “While the strong festive demand should see us continue our growth momentum in November, we will keep a close watch of select supply related challenges.”

Nevertheless, expect M&M to further up the ante in the coming months as it ramps up production to meet surging demand for most of its models. The company has already expanded its SUV manufacturing capacity from 29,000 units per month to 39,000 units in 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.