M&M August sales up 19% overall, automaker reports 26% growth in SUVs

Farm equipment sales see 3% growth, while exports drop by 26% YoY; 3-wheeler sales up 47%

Mahindra & Mahindra Ltd (M&M Ltd) monthly sales for SUVs stood at 37,270 vehicles for August 2023, making it the month with the highest number of SUVs sold in the domestic market. Including exports, the car manufacturer sold a total of 38,164 vehicles. Together (domestic and export) sales marked a 26 per cent growth compared to the same period last year.

Earlier, the company had reported its highest number of SUV sales just a month prior, in July 2023 at 36,205 units, showing an increased consumer interest in the vehicle.

Overall, the auto sales for the month of August 2023 stood at 70,350 vehicles, a 19 per cent growth year-on-year (y-o-y), including exports.

 

Veejay Nakra, the president of the automotive division at M&M Ltd commented on the sales, “While demand for our key SUV brands continue to be strong, we are keeping a close watch on the availability of semiconductors and select parts, for sustained and smooth scaleup.”

Three-wheeler sales also saw a significant 47 per cent growth in sales y-o-y at 7,044 units sold in August 2023 compared to 4,793 units last year (including electric vehicles).

In the farm equipment sector (FES), the Mahindra Group clocked in 20,647 units in August 2023 a three per cent increase compared to 20,138 units sold in August 2022.

The total tractor sales, including exports, stood at 21,676 units against 21,520 units for the same period last year. Exports fell by 26 per cent compared to last year, with August 2023 clocking in 1,029 sales compared to 1,382 units sold last year.

Overall, the FES saw a one per cent increase year-on-year, pointing to low crop yields in India this monsoon season. The domestic sales increased by three per cent YoY at 20,647 units, compared to 20,138 units sold last year.

Commenting on the performance, Hemant Sikka, the president of FES, M&M Ltd said, “Despite a nine per cent monsoon deficit at the end of August, Kharif sowing is largely on track and has shown an improvement over last year for all key crops except pulses. Terms of trade continue to be favourable for the farmer, with inputs inflation cooling off and crop prices holding firm. With the upcoming festive season, we expect tractor demand to grow in the coming months. In the exports market, we have sold 1,029 tractors”.