Mahindra’s SUV segment saw a 24% YoY and 21% YTD growth while LCV >3.5T and Exports also saw positive sales in September 2024
Mahindra has reported highly positive sales across its passenger vehicle segment in September 2024. Sales were primarily driven by its utility vehicle lineup that included the likes of the Scorpio N, Scorpio Classic, Thar, XUV700, XUV300, XUV400, Bolero and Bolero Neo besides the relatively new XUV3XO. This segment has posted a 24% YoY growth while YTD sales were up 21%.
Mahindra will open bookings for the highly anticipated Thar Roxx from 3rd October 2024 which could significantly add good numbers to sales. No sales were reported for the company’s car/van lineup in the past month. It was also a 100% YTD decline as no cars/vans were sold during the period April-September 2024.
Mahindra PV YoY and YTD Sales September 2024
Mahindra sales of utility vehicles in September 2024 stood at 51,062 units. This was a 24% growth over 41,267 units sold in September 2023. Month-on-month (MoM) sales also ended positively with a 17.99% growth from 43,277 units sold in August 2024.
Year-to-date (YTD) sales also saw a marked improvement by 21% to 2,60,210 units in the period April-September 2024 over 2,14,904 units sold in the same period of last year. Prices of the new Thar Roxx 5 door 4X4, launched in India on 15th August 2024, have been announced and bookings will open from 3rd October 2024. With this new offering, the company expects outstanding sales thanks to several best in segment and premium features being offered.
Mahindra CV YoY and YTD Sales September 2024
The company’s commercial vehicle segment, which has an array of models across sub-2T to above 3.5T LCVs and three wheelers that also include electric vehicles, have had mixed sales. LCVs in the <2T segment have posted a 13% YoY decline in sales to 3,444 units in September 2024, down from 3,941 units sold in September 2023. YTD sales also declined by 7% from 20,629 units sold during the April-Sept 2023 period to 19,192 units in the same period of 2024.
Lower sales were also reported for Mahindra LCV 2T-3.5T with a 3% YoY and 9% YTD decline. Sales stood at 16,988 units in Sept 2024, down from 17,438 units sold in Sept 2023. YTD sales were down to 88,760 units during the April-Sept 2024 period from 97,706 units sold during the same period last year. The new VEERO in the LCV 3.5T and MHCV segment that has been well received.
Sales escalated by 25% YoY to 3,274 units in Sept 2024 from 2,618 units sold in Sept 2023 while YTD sales were higher by 67% to 19,085 units. Mahindra 3 wheelers, that also includes electric vehicles, has seen 27% YoY growth in sales to 10,044 units in Sept 2024, up from 7,921 units sold in Sept 2023 while YTD sales were higher by 4% to 40,614 units as compared to 39,226 units sold in the corresponding period of April-Sept 2023.
Mahindra exports also ended positively in Sept 2024. Exports grew by 25% on a YoY basis to 3,027 units in Sept 2024. This was over 2,419 units shipped in Sept 2023. On a YTD basis, it was a 3% improvement in exports to 14,727 units, up from 14,316 units shipped in the period April-Sept 2023.