Mahindra & Mahindra reports 17% growth in September 2023 auto sales

Mahindra & Mahindra Ltd. (M&M Ltd.), a leading player in the Indian automotive industry, has announced impressive results for its auto sales in September 2023. The company recorded a remarkable 17% growth in overall auto sales, including exports, with a total of 75,604 vehicles sold during the month.

In the Utility Vehicles segment, Mahindra achieved a significant milestone by securing the highest sales for the third consecutive month. During September, the company managed to sell a total of 41,267 vehicles in the domestic market, and when combined with exports, the number reached an impressive 42,260 vehicles. Additionally, the domestic sales for Commercial Vehicles amounted to 23,997 units.

Veejay Nakra, President of the Automotive Division at M&M Ltd., expressed his excitement, saying, “We are thrilled to have achieved our highest-ever SUV sales for the third consecutive month, with a remarkable 20% growth in September, totaling 41,267 vehicles. Our overall growth for the month stands at an impressive 17%. Moreover, we are proud to announce that we have crossed the 1 lakh unit mark for our Bolero Maxx Pik Up trucks, making it the fastest-selling pickup in the country to reach this milestone. While demand for our key SUV brands remains robust, we are closely monitoring the availability of semiconductors and essential components to meet the strong demand during the festive season.”

Passenger Vehicles Sales Surge in September 2023

In the Passenger Vehicles segment, Mahindra continued its stellar performance. In September 2023, the company reported a 20% growth in domestic sales, with 41,267 vehicles sold, compared to 34,508 in the same month the previous year. Year-to-date figures also showed a commendable 27% growth, with a total of 214,914 vehicles sold compared to 168,723 in the same period in FY 2023.

Commercial Vehicles and 3 Wheelers Show Strong Growth

For Commercial Vehicles and 3 Wheelers, Mahindra showcased impressive results in September 2023. The segment saw remarkable growth, with Light Commercial Vehicles (LCV) under 2 tons recording 11% growth, LCVs between 2 to 3.5 tons witnessing a 15% surge, and LCVs over 3.5 tons and Medium-Heavy Commercial Vehicles (MHCV) soaring with an outstanding 42% growth. The combined performance in the Commercial Vehicles and 3 Wheelers segment for the year-to-date period was equally impressive, with a 6% growth overall.

Exports Remain Strong

Despite facing challenges, Mahindra’s exports remained robust. In September 2023, the company reported a modest 5% decrease in total exports compared to the same month in the previous year. However, the year-to-date export figures showed resilience, with a 9% decrease compared to the previous fiscal year.

In conclusion, Mahindra & Mahindra Ltd. has achieved remarkable growth in its auto sales for September 2023, with strong performances in various segments, reaffirming its position as a key player in the Indian automotive market.