M&M November sales: Total sales up 21% to 70,576 units, SUV sales shine

Exports for November 2023 were down 42% year-on-year. Year-to-date exports until November 2023 also dropped 17%, reaching 17,986, compared to 21,633 units exported during the same period in FY23

Automobile major Mahindra & Mahindra (M&M) reported a 21 per cent year-on-year (Y-o-Y) rise in total sales (including exports), which reached 70,576 units in November 2023. Mahindra's SUV sales also registered an impressive growth of 32 per cent. The company sold 39,981 units of its SUVs, M&M said in a regulatory filing with the BSE.

While the company sold 39,981 units of utility vehicles in the domestic market, the total sales of utility vehicles stood at 40,764 vehicles, which includes exports. The company sold 22,211 units of commercial vehicles in the domestic market, the company said.

Year-to-date (YTD) passenger vehicle (PV) sales until November for the financial year 2023-24 (FY24) were also up 29 per cent at 298,603 compared to 231,413 units sold during the same period last year. YTD utility vehicle sales were also up 30 per cent, reaching 298,593 units in FY24, compared to 229,516 units sold in FY23.

 

M&M 3W sales for November 2023

The company also did well in three-wheeler sales and reported a 26 per cent year-on-year jump, reaching 6,568 units in November FY24, compared to 5,198 units sold in November FY23. Three-wheeler sales also included electric-powered vehicles.

M&M exports for November 2023

Exports for November 2023 were down 42 per cent year-on-year. YTD exports until November 2023 also dropped 17 per cent, reaching 17,986, compared to 21,633 units exported during the same period in FY23.

Mahindra's farm equipment sales

Mahindra's Farm Equipment Sector reported sales of 31,069 units in India during November 2023, which was up 6 per cent year-on-year (Y-oY) compared with 29,180 units sold in November 2022. The export of farm equipment struggled and dropped 25 per cent year-on-year to reach 1,005 in November 2023 from 1,348 units sold during the same period last year. Total exports reported a 5 per cent downfall.

President of the Automotive Division at M&M Ltd, Veejay Nakra said, "We continue our growth trend, backed by strong demand for our SUV portfolio. In November, we sold a total of 39,981 units, a growth of 32 per cent. While we saw a healthy festive season, we faced supply challenges on select parts during the month. We are keeping a close watch and taking appropriate steps to mitigate the challenges".