Mahindra & Mahindra reports sale of 72,923 vehicles for February 2024
In an impressive display of growth and resilience in the automotive sector, Mahindra & Mahindra Ltd. (M&M Ltd.), a leading force in India’s automobile industry, has announced its auto sales figures for February 2024. The company witnessed a substantial 24% increase in its overall auto sales, including exports, with a total of 72,923 vehicles sold during the month. This significant growth emphasizes Mahindra’s strong position in the market and its ability to meet consumer demands efficiently.
A key driver of this growth was the utility vehicles segment, where Mahindra & Mahindra Ltd. sold 42,401 vehicles in the domestic market, marking a 40% increase from the previous year. Including exports, the utility vehicles sales figures stand at 42,941, showcasing the brand’s dominance in this category. The introduction of new models such as the Scorpio N Z8S variant and the Thar Earth edition played a crucial role in attracting more customers and meeting the growing demand for SUVs in India.
The commercial vehicles segment also showed a robust performance, with domestic sales reaching 22,825 vehicles. The detailed breakdown of sales in this category reveals a diverse demand for light commercial vehicles (LCVs) and medium & heavy commercial vehicles (MHCVs), indicating a healthy transportation and logistics sector that relies on Mahindra’s reliable and efficient range of vehicles.
Despite a challenging global market, Mahindra & Mahindra Ltd. managed to export 1,539 vehicles in February 2024. Although this represents a 32% decrease in exports compared to the previous year, it reflects the broader complexities of international trade and demand fluctuations. On a year-to-date basis, the company has shown commendable growth across various segments, further solidifying its market leadership.
According to Veejay Nakra, President of the Automotive Division at M&M Ltd., the sales figures for February reflect the company’s ongoing efforts to meet consumer demand promptly and efficiently. “We sold a total of 42,401 SUVs in February, with a growth of 40% and 72,923 total vehicles, a 24% growth over last year,” stated Nakra. This performance is indicative of Mahindra’s strategic focus on expanding its product lineup and enhancing customer satisfaction through innovative solutions and timely launches.
As Mahindra & Mahindra Ltd. continues to navigate the dynamic automotive landscape, its ability to adapt to market trends and consumer preferences will be crucial for sustained growth. The company’s commitment to innovation, coupled with its robust portfolio of vehicles, positions it well to capitalize on the growing demand for SUVs and commercial vehicles in India and beyond.
In conclusion, Mahindra & Mahindra Ltd.’s impressive sales performance in February 2024 underscores the company’s resilience and strategic foresight in the competitive automotive sector. With a focus on expanding its SUV and commercial vehicle offerings, Mahindra is well-poised for continued success in meeting the evolving needs of its customers.