Mahindra & Mahindra reports record 19% growth in August auto sales

Mahindra & Mahindra Ltd. (M&M Ltd.), a leading name in India‘s automotive industry, has announced a significant uptick in its overall auto sales for August 2023. The company reported selling a total of 70,350 vehicles, marking a stellar 19% growth, inclusive of exports.

In a record-breaking performance, Mahindra sold an unprecedented 37,270 SUVs in the domestic market in August 2023, registering a 26% growth rate. The overall Utility Vehicles (UV) segment, including exports, saw an impressive sale of 38,164 vehicles. Meanwhile, the domestic sales for Commercial Vehicles tallied at 23,613 units.

According to Veejay Nakra, President of the Automotive Division at M&M Ltd., the company is thrilled to log its highest-ever domestic SUV sales in a single month. While the demand for key SUV brands remains robust, Nakra noted that the company is monitoring the availability of semi-conductors and select parts to ensure a smooth scale-up of operations.

In terms of year-to-date (YTD) figures, Mahindra’s UV segment witnessed a 31% growth, with a total of 173,637 units sold. On the other hand, Commercial Vehicles and 3 Wheelers also posted positive growth, with light commercial vehicles between 2 and 3.5 tons showing an 11% growth YTD.

However, not all news was positive for Mahindra; their total exports for August 2023 showed a 17% decrease compared to the same period last year. But despite this downturn in exports, the company’s domestic sales growth is noteworthy and sets a promising tone for the future.

In summary, Mahindra & Mahindra Ltd.’s robust growth in August 2023—especially in its SUV and Utility Vehicles segments—cements its status as a significant player in India’s booming automotive market. As the company watches supply chain elements like semiconductors, the focus is clearly on maintaining this upward trajectory in sales and market share.