Mahindra Reports Strong Growth of 20% in Car Sales for September 2023

Mahindra and Mahindra Ltd., known for its SUVs, recorded a 20% increase in car sales in September 2023 compared to the same month in 2022. They sold a total of 75,604 units, including exports, up from 64,800 units the previous year.

Key SUV Brands Driving Growth

The company credited this growth to the high demand for its top SUV models like Scorpio, XUV700, Bolero Neo, and Thar. In the utility vehicle category, Mahindra achieved its highest sales for the third consecutive month, selling 41,267 units in the domestic market and 42,260 units overall. This marked a significant rise from the 34,262 units sold in September 2022.

Mahindra's President on the Achievement

Veejay Nakra, President of the Automotive Division at Mahindra and Mahindra Ltd., expressed excitement about the company's success, stating, "This month we saw a growth of 20% with 41,267 vehicles. We also registered an overall growth of 17%. In September, we also crossed the 1 lakh unit mark for our Bolero Maxx trucks, making it the fastest-selling pickup in the country to reach that mark."

Exports and Commercial Vehicles

Mahindra's exports increased by 5%, with 2,419 units exported in September 2023 compared to 2,538 units in September 2022. Additionally, the company's commercial vehicle sales grew by 14%, with 23,997 units sold in September 2023, up from 21,000 units in September 2022.

Product Range and Future Plans

Mahindra offers nine models in the Indian market, including the recently launched flagship product, the XUV700. They plan to introduce new models like the new-generation Scorpio and XUV500 and are investing in electric vehicles, with the aim of becoming a leader in the segment. Mahindra has already launched its electric three-wheeler Treo and is working on electric versions of existing models.

Confident in Future Growth

The company is confident about maintaining its growth in the festive season and beyond. They believe that customer enthusiasm, economic recovery, and government support will drive demand for their products.