Thanks to XUV700, Scorpio and Bolero, Mahindra’s utility vehicle segment has shown a high growth
Mahindra sales grew both across utility vehicle and commercial vehicle segments in November 2023 with double digit growth. Total sales (PV+CV) grew by 21 percent YoY to 70,576 units. It was however, lower MoM sales, total volumes of which had stood at 80,679 units in October 2023.
Mahindra PV and CV Sales November 2023
During the month of November 2023, Mahindra PV sales stood at 39,981 units, up 32 percent YoY over 30,392 units sold in November 2022. YTD sales also grew by 29 percent to 2,98,603 units during the period Apr-Nov 2023 from 2,31,413 units sold in the same period of 2022. The company has seen more response to its utility vehicle lineup as compared to its cars and vans which fell by 99 percent to just 10 units YTD in the F24 period from 1,897 units sold in the same period of F23.
Commercial vehicle total sales, which included all segments and also that of 3W, saw a 26 percent YoY growth to 6,568 units from 5,198 units sold in November 2022. YTD sales were higher by 54 percent to 55,196 units in the Apr-Nov 2023 period from 35,859 units sold in Apr-Nov 2022.
LCV sales in the sub-2T segment improved by 54 percent YoY to 4,083 units while YTD sales were higher by 1 percent to 29,047 units. LCVs in the 2T-3.5T range also saw a 7 percent YoY growth to 17,284 units while YTD sales were higher by 9 percent to 1,40,361 units.
Mahindra also experienced a 12 percent YoY and 54 percent YTD growth in its LCV above 3.5T and MHCV segment with 844 units and 8,278 units sold YoY and YTD respectively. Its three wheeler sales (which also included electric 3W) have posted double digit growth to 6,568 units, up 26 percent YoY and 55,196 units, up 54 percent YTD.
Mahindra Exports YoY and YTD de-growth in November 2023
Mahindra total exports stood at 1,816 units in November 2023, down 42 percent YoY from 3,122 units shipped in November 2022. It was also lower exports on a YTD basis, down by 17 percent to 17,986 units during the Apr-Nov 2023 period from 21,633 units shipped in the same period of 2022.
Speaking about new launches, Mahindra has no plans to launch new cars this year. In 2024, they will launch many new cars. One of them, Mahindra Scorpio N Pik-up was recently spied in India. They also have the XUV300 facelift and Thar 5 door in the pipeline for next year along with a slew of EVs.
In the utility vehicle segment, the company sits on a host of pending orders with its hottest selling models being XUV700, Thar and Scorpio N, waiting periods of which extend from 3 months to 16 months depending on model and variant. Strong demand across the festive season boosted company sales in this segment even as the company continues to contend with supply chain issues.
