Mahindra & Mahinda (M7M) on Wednesday reported the highest-ever monthly sales in the sports utility vehicle (SUV) and commercial vehicle (CV) segment. According to a regulatory filing, the company sold 80,679 vehicles in October, up 32 per cent as compared to the same month last year.
In the utility vehicle segment, Mahindra recorded the highest sales for the fourth consecutive month. In October, the company sold 43,708 vehicles in the domestic market, a growth of 36 per cent. With exports, the total sales in this segment was 44,264 vehicles. The domestic sales for commercial vehicles stood at 25,715 units, also the highest ever.
“While the strong festive demand should see us continue our growth momentum in November, we will keep a close watch on select supply-related challenges,” said Veejay Nakra, president (Automotive Division) at M&M Ltd. For year-to-date (YTD), the passenger vehicle sales grew 30 per cent to 258,612 units till October 2023. In the same period last year, the company had sold 199,278 vehicles.
In the commercial vehicle and three-wheelers category, M&M reported a jump of 85 per cent in October. In the month, it sold 9,402 three-wheelers compared to 5,081 units last year. It was followed by a 49 per cent jump in the category of light commercial vehicle (LCV) with a battery of 3.5 T and medium and heavy commercial vehicles. This category saw sales of 1,031 units in October against 690 units in the same month in 2022.
The automaker’s farm equipment sector (FES) also reported its tractor sales numbers for October 2023. Domestic sales in October 2023 were 49,336 units, lower than 50,539 units during October 2022.
The total tractor sales (domestic + exports) during October were 50,460 units, as against 51,994 units for the same period last year. The exports for the month stood at 1,124 units.
“Higher aggregate kharif production, higher minimum support price (MSP) for key Rabi crops and government’s continued support to the agri economy in the second half of this year, are leading to positive sentiments among farmers during the ongoing festive season, supporting tractor demand,” said Hemant Sikka, president (Farm Equipment Sector) at M&M Ltd.
The shares of the automaker were trading 1.4 per cent in the green as of 10:30 am on Wednesday at Rs 1,479.25 apiece on BSE.