M&M posts 40% growth in SUV sales in Feb, overall production grows by 26%

Sports utility vehicle (SUV) major Mahindra and Mahindra (M&M) posted a strong 40 per cent year-on-year (Y-o-Y) jump in domestic utility vehicle (UV) sales at 42,401 units in February. Production of UVs grew by 43 per cent Y-o-Y during the month to 44,076 units.

The company has been increasing its production steadily and as of February 1, it had opened bookings for around 226,000 SUVs. These comprise the XUV700, Scorpio N, Scorpio Classic, Thar, Bolero, Bolero Neo, XUV300 and the electric XUV400. M&M is getting average monthly bookings of around 50,000 units.

SUVs now comprise around 55 per cent of the passenger vehicle market in India. M&M said after the third quarter earnings that it has a revenue market share of 21 per cent, up 40 basis points (bps). It secured the pole position in the SUV space.

According to data released on Monday, M&M’s overall production (comprising three-wheelers, vans etc) grew by 26.1 per cent, touching 73,380 units in February 2024 compared to 58,203 units in February 2023.

Overall domestic sales, too, grew by 26.2 per cent to 71,384 units in February.

Exports, however, declined from 2,250 units in February 2023 to 1,539 units in February 2024, a fall of 31.6 per cent.