 "Mahindra & Mahindra")
The Indian auto manufacturer Mahindra has been named the fastest-growing brand in South Africa for the year 2022 as the company's local subsidiary set several records in the last year, according to a report by the National Association of Automobile Manufacturers of South Africa (NAAMSA).
The report said that 'Mahindra SA' increased its sales volume by a massive 78 per cent compared to 2021, the highest of all the vehicle brands that report their sales to NAAMSA and more than five times the market average.
The sales report further shows that Mahindra grew its total sales in the passenger vehicle market by 80 per cent to 4 027 vehicles in 2022 and its light commercial sales (that of its popular Pik Up and Bolero ranges) by 77 per cent to 8,885 vehicles.
The company hit an average monthly sales figure in excess of 1,000 units per month, breaking through the magical 10,000 unit per annum mark for the first time and reaching close to 14,000 total sales for the year, it said.
This is also the second year since 2019 that Mahindra has been crowned South Africa's fastest-growing brand and the fourth year in the past five that the brand has been among the country's fastest-growing brands.
Mahindra recorded a compound annual growth rate of 23.6 per cent over that period.
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The XUV300 the safest car in Africa as tested by the Global New Car Assessment Programme (GNCAP) - was the fastest-growing compact SUV in its addressable segment, with 2,079 units purchased in 2022.
GNCAP serves as a platform for cooperation among new car assessment programmes worldwide and promotes the universal adoption of the UN's most important motor vehicle safety standards globally.
Mahindra SA CEO Rajesh Gupta ascribed the success to concerted efforts to build a solid foundation for growth since it first entered the highly competitive South African market in 2004
"We are proud to be a part of the South African landscape and of contributing to the local economy, he said.
Our sales success in 2022 and our title as South Africa's fastest-growing
vehicle brand can be attributed to our entire network, including our assembly plant in Durban that had to make do with component shortages during the Covid-19 pandemic and our dealers who supported customers on our waiting list, Gupta added.
In the new year, we hope to repeat our performance with the recently launched XUV700, which achieved a record number of pre-order bookings for the brand, the much-anticipated Scorpio-N SUV, and other new models that we will reveal in due course, Gupta said.
Mahindra South Africa is a fully owned subsidiary of Mahindra & Mahindra India. The company has dealers in all nine provinces of South Africa, which are comprehensive facilities that handle sales, service, and spare parts.
The company has also expanded into other sub-Saharan countries, currently exporting vehicles to Botswana, Zimbabwe, Zambia, Swaziland, and Namibia, besides having a presence in Swaziland and Lesotho.
Mahindra South Africa has sold over 75,000 vehicles since its opening in 2004.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
