Mahindra PVs Record Steady 9.74 percent YOY Growth in February 2023; MoM Sales Decline of 8.12 percent
Mahindra sold over 30k SUVs in February 2023. Growth of 9.74 percent across UV segments. February 2023 sales report for Mahindra reveals steady growth trend. In terms of sales difference, there was an increase of 2,695 units sold from February 2022, up from 27,663 unts. Overall PV sales of 30,358 units sold. Let’s take a closer look at the numbers.
Utility vehicles (UVs) continue to dominate with 30,221 units sold in February 2023. Compared to 27,551 units in February 2022, this marks an almost 10 percent increase. Meanwhile, sales of cars and vans also showed growth with 137 units sold compared to 112 units sold in February 2022.
Mahindra UV Sales See Impressive YTD Growth – February 2023
Comparing year-over-year (YoY) sales, we see a consistent upward trend, indicating a stable recovery for the passenger vehicle industry. This was not true for month-over-month (MoM) sales. MoM sales fell 8.12 percent, down from 33,040 units. Volume loss stood at 2,682 units.
Mahindra witnessed a notable upward trend for YTD sales. Total PVs sold in the fiscal stands at 3,23,256, which is at 63 percent increase compared to the same period (April – February). YTD FY23 (Year-to-date, Fiscal Year 2023) shows that utility vehicles have witnessed the growth of 64 percent, with 3,20,985 units sold. Meanwhile, the sales of cars and vans have also grown by 14 percent with 2271 units sold during this period.
Mahindra XUV400 – The auto manufacturers big electric progress
A novel product, there’s been positive response for Thar RWD has been a big hit. It wins on design, a powerful engine, and a host of features that make it an excellent choice for those who love to explore the great outdoors. XUV400, Mahindra’s foray into the mainstream electric UV segment has also received a lot of attention from the market. Positioned as eSUV, it sets a new growth path for the overall electric vehicle segment in India.
Despite positive market response, Mahindra is staying ahead, and focused on key issues. This includes monitoring the supply chain. With the availability of semi-conductors being an important aspect of smooth business progress, Mahindra continues to take appropriate steps to address matters related to the supply chain.
Auto sales growth supported by preference for personal mobility
The impressive growth rate in the passenger vehicle sales can be attributed to various factors such as the increase in disposable income and the rise in demand for personal vehicles. As per our market understanding, this trend is likely to continue in the near future, driven by the growing preference for personal mobility.
It is also a promising sign for the economy, as the automobile industry is a significant contributor. We can expect further growth in the coming months, provided there are no major disruptions to the supply chain.