Mahindra’s long lineup of SUVs allowed the company to achieve record sales in August 2023 with 37,270 SUVs sold in domestic markets
Mahindra has the highest number of SUVs in its company portfolio. It is this diverse range of SUVs that has stood it in good stead, catering to the demands of a wide range of buyers in the country. In August 2023, the company achieved a major milestone where SUV sales were concerned.
Mahindra Records Highest Ever SUV Sales – Aug 2023
SUV sales stood at 37,270 units marking their highest ever sales in a month and overall 38,164 units which also included exports. Overall sales stood at 70,350 units, relating to a 19 percent YoY growth. The company continues to see strong demand for its SUV lineup relating to longer waiting periods and currently sits on a backlog of 266,000 units.
Mahindra’s PV sales surged by 24.85 percent YoY to 37,270 units, up 7,418 units when compared to 29,852 units sold in August 2022. This was despite the fact that the company continues to contend with shortage in semiconductors and other supplies. It was also a MoM growth of 2.94 percent from 36,205 units sold in July 2023.
Taking into account YTD sales, utility vehicle sales improved by 31 percent during the period April-August 2023, to 1,73,637 units from 1,32,790 units sold in the same 5 month period of 2022. Car and van sales dipped to 0 units in the past month from 336 units sold in August 2023 while YTD sales were down 99 percent to just 10 units when compared to 1,425 units sold in the FY 2022-23 period. This took total PV YTD sales to 1,73,647 units in FY 2023-24, an increase of 29 percent when compared to 1,34,215 units sold in the same period last year.
Commercial vehicle sales on the other hand remained flat where LCV 3.5T and MHCVs. Here YoY sales increased by 47 percent to 949 units in August 2023 from 646 units sold in August 2022 while YTD sales improved by 55 percent to 5,264 units in FY 2023-24 from 3,407 units sold in the same period last year.
With the country as a whole noting increased demand for electric vehicles, it is no wonder that Mahindra has seen a surge in its electric 3 wheeler sales. Sales in August 2023 grew by 47 percent to 7,044 units, up from 4,793 units sold in August 2022. YTD sales were also higher by 58 percent to 31,305 units in the April-August 2023 period from 19,806 units sold in the same period last year.
Mahindra’s Export Performance in August 2023
While commercial vehicle sales stood at 23,613 units in August 2023, Mahindra’s exports dropped YoY by 17 percent to 2,423 units in the same month. This was as against 2,912 units shipped in August 2023. YTD exports also suffered a de-growth by 10 percent. There had been 11,897 units exported in the April-August 2023 period as against 13,218 units shipped in the same period last year.
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