Mahindra SUV sales soar to 37,270 units in August, rise 25% YoY
Sustained and surging demand for most of its SUVs means that Mahindra & Mahindra continue to scale new highs month on month. August is sixth month in a row that sales have gone past 32,000 units.
Mahindra & Mahindra is hitting new highs each month in the domestic market. After scaled a new monthly high of 36,205 units in July 2023, sales in August have gone past that with 37,270 units, a 25% year-on-year increase (August 2022: 29,852 units). Last month was also the sixth straight month that M&M sales have surpassed the 32,000-unit mark.
A glance at the sales data table below reveals the strong and sustained growth trajectory the SUV manufacturer has maintained throughout the first eight months of CY2023.
The cumulative eight- month sales of 273,042 units constitute a robust 30% YoY increase (January-August 2022: 209,445 units). This also means that cumulative January-August 2023 sales are already 81% of total CY2022 sales of 335,088 units. On the current fiscal year front, M&M’s April-August 2023 sales of 173,647 units are 48% of the record FY2023’s 359,253 units, with seven months left for FY2024 to close.
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 30% YoY growth in the first eight months of 2023 and 29% YoY in the first five months of FY2024 (see sales data table below).
M&M’s April-August 2023 sales of 173,647 units are 48% of the record FY2023’s 359,253 units, with seven months left for FY2024 to close.
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.
Commenting on August 2023’s sales, Veejay Nakra, President, Automotive Division, M&M, said: “We are excited to witness another record month, as we clocked our highest-ever SUV domestic sales of 37,270 units in a month with a growth of 26 percent. While demand for our key SUV brands continue to be strong, we are keeping a close watch on the availability of semi-conductors and select parts, for sustained and smooth 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.
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