Mahindra & Mahindra, a prominent Indian car manufacturer, achieved its highest-ever sales in July 2023. Known for their robust luxury SUVs like the XUV 700, Scorpio-N, Scorpio Classic, Thar, and compact SUVs like the XUV 300 and XUV 400 EV, Mahindra & Mahindra achieved a significant milestone in the Indian automotive market.
In July 2023, the company recorded its highest-ever SUV sales in India, reaching a total of 36,205 units, marking a 30% increase compared to the same month last year when SUV sales stood at 27,854 units. Moreover, considering the month-on-month growth, Mahindra sold approximately 32,385 units in June 2023, showing an 11% increase in July 2023.
However, in terms of international exports, the company reported a 9% decline. The international exports, including both commercial vehicles (CVs) and passenger vehicles (PVs), dropped to 2,540 units in July 2023 from 2,798 units in July 2022. Year-to-date exports also experienced an 8% decrease, with Mahindra exporting a total of 9,474 units in FY 2023, compared to 10,306 units in the corresponding period of FY 2022.
In the realm of commercial vehicles and three-wheelers, the Light Commercial Vehicle (LCV) segment (3.5 tons and above) displayed strong growth. Sales in this category reached 995 units in July 2023, indicating a substantial 23% increase compared to the 808 units sold in July 2022. In the three-wheeler category, which includes both traditional and electric three-wheelers, sales saw an impressive year-on-year surge of 49%, totaling 6,481 units in July 2023, a significant leap from the 4,351 units sold in July 2022.
Mahindra is also active in the market for electric commercial vehicles, particularly in the three-wheeler sector, catering to last-mile mobility needs in Indian cities and towns.
The driving force behind Mahindra’s impressive sales can be attributed to the success of their new launches, including the Thar, XUV 700, and Scorpio-N. The XUV 700, in particular, has achieved a remarkable feat, crossing 1 lakh units sold in just 20 months. These Mahindra vehicles have garnered immense popularity in the Indian market, leading to substantial waiting periods:
- Thar: Approximately 1 year
- XUV 700: 8-9 months
- Scorpio N: 11-12 months
- XUV 300: Up to 10 months
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