Mahindra witnessed a 44 percent growth in Utility Vehicles in February, 2021
Mahindra has released their sales report for February 2021 and their year to date sales of both passenger and commercial vehicles. It may be seen from the attached table that total sales of utility vehicles surged 44 percent to 15,380 units in the past month, up from 10,675 units sold in February 2020. Year to date sales in this segment took a beating with 21 percent de-growth 1,38,887 units as against 1,76,294 units sold in the same period of the previous year.
Where cars and vans were concerned, February 2021 sales stood at just 11 units, down 96 percent as against 263 units sold in Feb 20. YTD sales suffered a de-growth of 78 percent. This took total sales in this PV segment to 15,391 units, up 41 percent as against 10,938 units sold in Feb 20. YTD sales dipped 23 percent to 1,40,516 units, down 23 percent as against 1,83,594 sold in the same period a year ago.
The shortage of semi-conductors continues to curb growth with this issue to go on for the next 3-4 months at the least. Mahindra is working closely with its suppliers to minimize the impact of this shortage.
Commercial Vehicles Sales February 2021
Sales of Light Commercial Vehicles in the sub 2 ton, 2 ton and 3.5 ton capacities saw de-growth both in terms of February sales and where YTD sales were concerned. In the sub 2 ton capacity, sales dipped 4 percent MoM to 1,175 units, down from 1,220 units sold in Feb 20.
YTD sales fell 39 percent to 22,148 units, down from 36,42 units sold in the same period of the previous year. LCVs in the 2 ton capacity noted de-growth of 46 percent MoM and 24 percent YoY while in the 3.5 ton and above segment, sales dipped 33 percent and 69 percent respectively.
Three wheeler sales, which also included that of electric three wheelers, dipped 39 percent MoM to 2,357 units in Feb 21 as against 3,843 units sold in Feb 20. YTD sales fell 74 percent to 16,064 units, down from 61,766 units sold in the same period of 2020.
Mahindra Exports for February 2021 remained more or less flat. Total exports stood at 1,827 units down from 1,839 units while YTD exports dipped 39 percent to 16,255 units, down from 26,472 units exported in the April 2020 to Feb 2021 period.
Mahindra Farm Equipment Sector
Mahindra, a leader in the Farm Equipment segment, with sales topping the charts month after month, saw its Tractor demand surge following a healthy rabi sowing season, sufficient water levels in reservoirs and better liquidity with farmers due to robust kharif crops. Hence sales in this segment noted double digit growth in Feb 21 both where domestic sales and exports were concerned.
Domestic sales stood at 27,170 units in the past month, up from 21,877 units some in Feb 20, relating to a healthy 24 percent growth. Exports stood at 97 units in the past month, growth of 43 percent over 684 units sold in Feb 20. This took total sales in this segment up 25 percent to 28,146 units, an increase from 22,561 units sold in Feb 20 while YTD sales surged 12.2 percent to 3,23,528 units, up from 2,88,302 units sold in the same period of the previous year.