Mahindra announced that SUV sales hit a record high in October 2024, with 54,504 units sold, a year-on-year increase of 24.70%
Mahindra performs strongly in October 2024. Total sales reached 96,648 units. The company’s passenger car sales were 54,504 units. This is related to the 43,708 units sold in October 2023, a year-on-year increase of 24.70%. Month-on-month (MoM) sales performance also showed growth. The month-on-month sales volume increased by 6.74% from 51,062 units in September 2024. Overall exports surged by 89%, while light commercial vehicle sales showed increased demand in the 2T – 3.5T segment.
SUV sales hit record high in October, reaching 54,504 units
Mahindra, India’s largest SUV maker, reported record SUV sales in October 2024. The company’s SUV portfolio saw positive momentum during the festive season. The new Roxx in particular has received positive demand, with 170,000 units booked within the first hour of order opening. The Bolero, Scorpio-N and XUV700 continue to be popular models, while the updated XUV 3XO also boosted sales. The new Mahindra XUV3XO EV is also close to mass production and will increase sales with its new design and feature updates.
SUV sales are also performing strongly, with year-to-date sales in FY2025 at 3,14,714 units, up 22% year-on-year from 2,58,612 units in FY24. On the other hand, sales of cars and trucks dropped from 10 units to 0 units in F24, a drop of 100%.
Mahindra CV YoY and YTD Sales – October 2024
In the commercial vehicle segment, Mahindra 2T segment light commercial vehicle sales fell 9% year-on-year to 3,935 units, down from 4,335 units sold in October 2023. Year-to-date sales of F24 are 24,964 units, down 7% year-on-year. The number of F25 units reached 23,127 units. Light commercial vehicles in the 2T – 3.5T segment grew 17% year-on-year, with 23,893 units sold last month, up from 20,349 units sold in October 2023. Year-to-date sales also increased by 2% to 1,25,536 units, up from 1,23,077 units in October 2023 in the period a year ago.
The new sub-3.5 tonne Veero LCV strengthens the company’s position in this segment and will further add momentum with its multiple best-in-class features and enhanced safety equipment. Ahead of the festival, Mahindra has just launched the ZEO electric 4W CV in India. This is Mahindra’s first product in the 4W electric pickup truck segment. The new ZEO will compete with the Tata Ace EV.
Sales of the sub-3.5 ton LCV and heavy-duty LCV segments also fell 5% year-on-year and 3% year-to-date to 984 units and 7,186 units respectively. Sales in the three-wheeler segment, which also includes electric vehicles, rose 5% year-on-year to 9,826 units, up from 9,402 units in October 2023. Year-to-date, F25 sales have also increased from 48,628 F24 units to 50,440 units, an increase of 4%.
On the export front, Mahindra is doing well in the global market. Exports increased by 89% last month, with 3,506 units shipped. Exports in October 2023 exceeded 1,854 units. On a year-to-date (YTD) basis, exports during the F25 period also surged 13% to 18,233 units from 16,170 units in the same period from April to October 2023.
Several factors contributed to the increase in sales, particularly in the agricultural equipment segment. A favorable monsoon season, improved Khairif harvest and rising reservoir levels played a major role in the improvement in sales. The government’s special sanction for raising MSP on Rabi crops is also beneficial to the sector.
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