Mahindra open bookings for all its UVs totalled 2.66L units as of February 1, 2023 – 119k bookings for Scorpion-N (incl Classic)
Currently, Mahindra has over 266k open bookings. A high number of open bookings does indicate strong demand for Mahindra’s UV lineup. Mahindra repeatedly attracts high bookings in a short period owing to its system of offering introductory prices for a limited number of bookings. On April 1, 2023, the auto industry will have transitioned to BS6 Phase II. And being RDE compliant means cars will get costlier. So, it’s not surprising some current bookings would be trying to beat the inevitable price hike in a few weeks.
Production of diesel Scorpio in Jan-23 increased significantly. Up to 9,285 units from 5824 units in Jan-22. Production of petrol Scorpio is reported at only 694 units in Jan-23. For diesel Scorpio, domestic sales increased from 3026 units in Jan-22 to 8061 units in Jan-23, which is a significant increase. Exports increased from 203 units in Jan-22 to 587 units in Jan-23. For the petrol Scorpio, domestic sales stood at 654 units in Jan-23.
Mahindra Scorpio January 2023 Bookings, production and sales
At 8,715 units in the past month, Scorpio-N sales were at a significant increase of 188% YoY compared to 3,026 units sold in Jan 2022. MoM sales improved by 24 percent from 7,003 units sold in Dec 2022. In Jan-23, diesel Scorpio contributed to 92.49 percent of total sales (8061 out of 8715 units). Petrol Scorpio contributed to 7.5 percent of total sales (654 out of 8715 units).
As mentioned earlier, Scorpio N has a high waiting period – Z2 trim between 52 and 54 weeks for both petrol and diesel variants. Z4 trim has the highest waiting period among all other variants, ranging between 60 and 65 weeks. On the other hand, Scorpio Classic has a waiting period of just 24 to 26 weeks. For now, when buying a Mahindra, be prepared to wait.
Insights suggest that demand for diesel Scorpio has increased significantly in the past year. Expectedly, diesel variants have a higher contribution to total sales than petrol Scorpio. Additionally, the waiting period for some Scorpio N variants is noticeably higher than Scorpio Classic, which suggests great demand for Scorpio N. This is again another area where focus would be on increasing production to meet the high demand. Z4 trim wait time is unfathomable. Total backlog of orders for Scorpio N and Scorpio Classic exceeds 1.19 lakh, which indicates the high demand.This despite increased production. Average monthly booking in Q3 FY23 was 16.5k per month.
Mahindra XUV700 – January 2023 Bookings, production and sales
In January 2023, XUV700 sales stood at 5,787 units sold, representing a YoY growth of 40.50 percent compared to the 4,119 units sold in January 2022. Additionally, MoM sales improved by 3 percent from 5,623 units sold in December 2022. Breaking down the sales data by fuel type, there were 4,412 diesel XUV700 units sold domestically in January 2023. A significant increase from 2,163 units sold in January 2022. Meanwhile, domestic sales for petrol XUV700s dropped from 1,956 units in January 2022 to 1,375 units in January 2023. In addition, 273 petrol XUV700 units were exported in January 2023.
Production of diesel XUV700 units increased from 2,475 units in January 2022 to 4,605 units in January 2023. On the other hand, production of petrol XUV700 units decreased from 2,083 units in January 2022 to 1,737 units in January 2023. It’s worth noting that the waiting period for both petrol and diesel XUV700 models is quite uniform, ranging from 24 to 48 weeks depending on trim level.
Currently, XUV700 model has over 77,000 open bookings. Average monthly booking in Q3 FY23 was 9.9k per month, indicating strong demand. Waiting time and booking numbers indicate that demand is outstripping the current supply. Yet another potential opportunity for Mahindra to increase production.
Mahindra XUV300 and electric XUV400 – January 2023 Bookings, production and sales
Production of diesel XUV300 increased from 2382 units in Jan 2022 to 3224 units in Jan 2023. Production of petrol XUV300 increased from 2520 units in Jan 2022 to 2861 units in Jan 2023. Export data shows that 211 diesel XUV300 units were exported in Jan 2022 and 264 units of petrol units were exported in Jan 2023. Diesel XUV300 sales were 2135 units in Jan 2022 and 2549 units in Jan 2023. Petrol XUV300 sales were 2415 units in Jan 2022 and 2533 units in Jan 2023. Interestingly, XUV300 is the only Mahindra model which saw diesel and petrol sales play out evenly. Both fuel types found just over 2.5k buyers each. In fact, production of petrol XUV300 too was increased. Electric XUV400 had a production run of 140 units in January 2023. Sales were reported at 183 units last month.
In the sub 4m compact UV segment, XUV300 reported an 18.46 percent YoY increase to 5,390 units in Jan 2023. This was up from 4,550 units sold in Jan 2022. XUV300 and electric XUV400 average monthly booking was reported at 9.3k per month in Q3 FY23. Waiting period ranges from 5 to 28 weeks for different XUV300 variants. The company reported 23k open bookings for XUV3OO & XUV4OO. Average monthly booking in Q3 FY23 – 9.3k per month. Electric XUV400 bookings were confirmed at 15,000 units in the first fortnight.
Mahindra Thar – January 2023 Bookings, production and sales
In January 2022, production of diesel Thar was 3,866 units, which increased to 4,975 units in January 2023. On the other hand, the production of petrol Thar decreased from 1,194 units in January 2022 to 346 units in January 2023. In terms of domestic sales, diesel Thar sold 3,471 units in January 2022, and this number increased to 4,076 units in January 2023. However, sales of petrol Thar decreased from 1,175 units in January 2022 to 334 units in January 2023.
Sales data reveals diesel Thar accounts for a significant portion of total sales. 92% in January 2023. Petrol Thar, on the other hand, only accounted for less than 10 percent of total Thar sales last month. Open bookings for the Thar model exceed 37,000, with an average booking of 4.6k per month through Q3 FY23. However, the waiting period for the RWD variant of the Thar is up to 1.5 years, while the 4×4 variant has a waiting period of just 3-4 weeks. Despite a YoY de-growth, the Mahindra Thar is an important model in the company lineup. In January 2023, the sales stood at 4,410 units, which is a 5% decrease compared to January 2022. However, the MoM sales improved by 31% over the previous month.
Sales of petrol Thar have significantly decreased from January 2022 to January 2023, while the sales of diesel Thar have increased. Additionally, the waiting period for the RWD variant of the Thar is significantly longer than that of the 4×4 variant.
Mahindra Bolero (incl Neo) – January 2023 Bookings, production and sales
Production of the diesel Bolero was 9421 units in Jan 2022, and domestic sales of diesel Bolero were 3506 units. In comparison, in January 2023, production of diesel Bolero increased to 11965 units, and domestic sales of diesel Bolero increased to 8574 units. Additionally, there were 8 units of exports in January 2022, while exports increased to 30 units in January 2023. Mahindra Bolero units sold in January 2023 was 8574, and this represents a 145 percent YoY growth and 17 percent MoM growth. This is a remarkable achievement for the company and indicates strong demand for the Bolero model.
The open bookings for Bolero (including NEO) stand at 9k units, and the average monthly booking in Q3 FY23 was 10.4k units. This suggests that the demand for Bolero is likely to remain high in the coming months. Waiting period for the base N4 trim of the Bolero is 6-8 weeks, while the waiting period for N8 trim is 4-5 weeks. Waiting period for N10 and N10 (O) trims is 2-3 weeks. This could suggest that the higher-end trims of Bolero are more in demand than base trims. As sales grow, so do bookings.