Mahindra SUV sales hit record levels in July as demand surges for popular models

Mahindra & Mahindra has reported total SUV wholesales of 36,205 units in July 2023, which makes for strong 29% year-on-year growth (July 2022: 28,053 units). This, according to the company, constitutes its highest-ever monthly sales of SUVs. The month-on-month growth in July 2023 is 11% (June 2023: 32,588 units). 

This also makes July the fifth month in a row this year that sales have surpassed the 32,000-unit mark and also beats the previous best monthly performance in the calendar year to date (March 2023: 35,997 units). M&M opened this year with sales of 33,040 units in January and followed it up with 30,358 units in February.

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 utility vehicles in the country. ­­The company’s robust and sustained market performance can be gleaned from the fact that it has logged 31% growth both in the first seven months of 2023 as well as the first four months of FY2024 (see sales data table below).

What's more, with cumulative sales of 235,772 units in the first seven months of CY2023, M&M has already clocked 70% of its CY2022 sales of 335,088 units.

The continued strong performance is bound to reflect in increased market share in July. In the first quarter of FY2024, M&M has driven ahead of Tata Motors to take second position in the UV rankings with a UV market share of 18.32%, up from 16.23 in April-June 2022. With Tata Motors witnessing flat sales in July 2023, expect Mahindra to maintain its momentum on the market share front.

Commenting on last month’s sales, Veejay Nakra, President, Automotive Division, M&M said, “It has been a record-breaking month for us. We are excited to clock the highest-ever SUV domestic sales of 36,205 in a month. The XUV700 tribe grew to 100,000-strong, in a record time of 20 months. Also in July, the Scorpio brand achieved the highest sales in a month since its launch. We continue to receive robust demand for our key brands. We will keep a close watch on the availability of semi-conductors and select parts to ensure sustained scaleup.”

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 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.