Mahindra’s total sales volumes stood at 79,083 in November 2024 with the company’s SUV lineup making up a major share of 46,222 units
Mahindra has released its sales data for November 2024. Sales of the company’s passenger vehicles have improved to 46,222 units which was a 15.16% YoY growth from 39,981 units sold in Nov 2023. This related to a 6,241 unit volume growth. MoM sales however fell by 15.20% when compared to 54,504 units sold in Oct 2024 relating to a decline by 8,282 units.
The company has just released two Electric Origin SUVs called the BE6e and XEV9e. Both these models are built on the electric origin architecture INGLO and powered by MAIA. Features of both models have been detailed with several first in segment features and prices have also been released. Deliveries are set to commence from early 2025.
Mahindra Passenger Vehicle Sales Nov 2024
Mahindra PV sales were only made up by the company’s utility vehicle lineup with no car or van sales in recent months. UV sales stood at 46,222 units in Nov 2024, up 16% over 39,981 units sold in Nov 2023. During the period April to Nov 2024, there had been 3,60,936 units sold, a 21% YTD increase from 2,98,593 units sold in the same period of the previous year. It was the Thar Roxx, Scorpio/N and XUV 700 that efficiently contributed to these increased sales.
Across the commercial vehicle (CV) segment, Mahindra has also seen improved overall demand even as LCV<2T sales declined by 24% YoY. Sales of LCVs in this segment dipped to 3,098 units from 4,083 units sold in Nov 2023. Its YTD sales performance also lacked any positivity with a 10% YTD decline to 26,225 units in FY25 from 29,047 units sold in FY24.
LCVs in the 2T-3.5T segment grew by 5% YoY to 18,063 units over 17,284 units sold in Nov 2023 while YTD sales were up 2% to 1,43,599 units in the FY25 period from 1,40,361 units sold in the same period of the previous year. Sales of the larger 3.5T LCVs along with MHCVs also improved by 4% YoY to 881 units over 844 units sold in Nov 2023. YTD sales however, suffered a 3% decline to 8,067 units in the FY25 period from 8,278 units sold in the same period of last year.
Rising demand for electric vehicles in the country caused Mahindra to report a 22% growth in 3W sales that also included electric models. Sales in this segment stood at 8,043 units last month from 6,568 units sold in Nov 2023 while YTD sales were up by 6% to 58,483 units in the FY25 period from 55,196 units sold in FY24.
Mahindra Reports Rising Exports in Nov 2024
Mahindra has witnessed a surge in exports last month. Exports went up to 2,776 units in Nov 2024, a 53% YoY growth over 1,816 units shipped in Nov 2023. On a YTD basis as well, exports showed positive results with a 17% growth to 21,009 units in the FY25 period from 17,986 units sold in FY24.
Good demand for tractors was also witnessed with the company’s Farm Equipment Sector reporting YoY and YTD sales growth. Favourable monsoon season has led to filled reservoirs while a good Rabi crop has seen farmers make a bee line to company showrooms for tractor purchases. In Nov 2024 there were 31,746 units sold in domestic markets, a 2% YoY growth from 31,069 units sold in Nov 2023. Exports saw even higher sales growth by 62% to 1,632 unit exports last month from 1,005 units shipped in Nov 2023.
On a YTD basis, tractor sales were by 8% to 3,02,308 units in the FY25 period from 2,79,129 units sold in FY24 while exports grew by 34% to 11,372 units in FY25 from 8,475 units sold in FY24. This took total sales across the tractor segment to 33,378 units in Nov 2024, a 4% growth from 32,074 units sold in Nov 2023. YTD sales also surged 9% to 3,13,680 units in the FY25 period from 2,87,604 units sold in the same 8 month period of the previous year.
