Mahindra November 2024 Sales Report: A Bag of Growth and Declines

Discover Mahindra’s November 2024 sales performance with 46,222 passenger vehicles sold (+15% YoY), strong tractor demand, growing exports, and a detailed segment-wise analysis. Explore the impact of new EV launches and market trends.

By prayag

70.58k

Dec 02, 2024 01:12 pm IST

Mahindra has released its November 2024 sales data, highlighting robust growth in some segments while others have faced challenges. Despite the dynamic market conditions, the company has showcased resilience, particularly in its passenger vehicles (PV) and tractor divisions.

Passenger Vehicles (PV)

Mahindra’s PV sales in November 2024 stood at 46,222 units, marking a 15.16% YoY growth from 39,981 units sold in November 2023. This represents a volume growth of 6,241 units. The company’s lineup remains entirely utility vehicles (UVs), with cars and vans absent from recent sales reports. The Thar Roxx, Scorpio/N, and XUV 700 were key contributors to this growth.

However, MoM sales dropped by 15.20%, declining from 54,504 units in October 2024, a volume loss of 8,282 units.

Month	Sales (Units)	Growth (%)	Volume Change
Nov 2023	39,981	-	-
Nov 2024	46,222	+15.16%	+6,241
Oct 2024	54,504	-15.20% (MoM)	-8,282

From April to November 2024, cumulative PV sales reached 3,60,936 units, reflecting a 21% YoY increase compared to 2,98,593 units sold in the same period last year.

Electric Vehicles

The recently unveiled BE6e and XEV9e SUVs, built on Mahindra’s INGLO architecture and powered by the MAIA platform, are set to strengthen the company’s electric vehicle (EV) portfolio. With cutting-edge features and competitive pricing, these models are poised to cater to India’s growing EV market. Deliveries are expected to begin in early 2025.

Commercial Vehicles (CV): Mixed Performance

Mahindra’s CV division experienced varied outcomes across sub-segments:

Segment	Nov 2023 Sales	Nov 2024 Sales	YoY Growth (%)	YTD FY24	YTD FY25	YTD Growth (%)
LCV <2T	4,083	3,098	-24%	29,047	26,225	-10%
LCV 2T-3.5T	17,284	18,063	+5%	1,40,361	1,43,599	+2%
LCV >3.5T & MHCVs	844	881	+4%	8,278	8,067	-3%

Three-Wheelers and Exports

LCV <2T: Sales dropped 24% YoY, with 3,098 units sold in November 2024 compared to 4,083 units in November 2023. YTD sales were down 10% to 26,225 units in FY25.
LCV 2T-3.5T: Grew 5% YoY to 18,063 units, up from 17,284 units. YTD sales also increased by 2% to 1,43,599 units.
LCV >3.5T & MHCVs: Improved by 4% YoY, with 881 units sold in November 2024 versus 844 units in November 2023. YTD sales saw a 3% decline to 8,067 units.

Mahindra’s three-wheeler sales, buoyed by growing EV demand, rose 22% YoY to 8,043 units in November 2024 from 6,568 units a year earlier. YTD sales increased 6% to 58,483 units in FY25.

Exports surged 53% YoY, with 2,776 units shipped in November 2024 versus 1,816 units in November 2023. On a YTD basis, exports grew 17% to 21,009 units.

Farm Equipment Sector

Mahindra’s tractor sales reflected positive growth, aided by favorable monsoon conditions and a robust Rabi crop:

Domestic Sales: Increased 2% YoY to 31,746 units in November 2024.
Exports: Soared 62% YoY, reaching 1,632 units from 1,005 units.

Category	Nov 2023	Nov 2024	YoY Growth (%)	YTD FY24	YTD FY25	YTD Growth (%)
Domestic Tractors	31,069	31,746	+2%	2,79,129	3,02,308	+8%
Tractor Exports	1,005	1,632	+62%	8,475	11,372	+34%

Total tractor sales in November 2024 rose 4% YoY to 33,378 units, while YTD sales increased 9% to 3,13,680 units.

Conclusion

Mahindra’s November 2024 sales report reflects its strong position in the utility vehicle and tractor segments, supported by increasing demand for EVs and exports. However, challenges remain in the CV division and smaller LCV segments, requiring focused strategies to address declining sales trends. With new EV launches and robust agricultural demand, the company appears poised for continued growth in the coming months.

Also read: JSW MG Motor India Sales Report of November 2024