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Mahindra Sales Report November 2023: Domestic Sales Rise Sharply As Exports Drop
SUV specialists Mahindra reported a significant surge in its domestic sales for November 2023 compared to the same month in 2022. However, Mahindra's exports dropped sharply over the same period.
Mahindra shipped out a total of 40,764 units in November. This includes 39,981 units sold in India and 1,816 units exported to other nations. This is a 22.19 per cent (7,404 units) growth over November when the company shipped out 33,360 units.
The Mumbai-based carmaker registered an impressive Year-over-Year growth of 32.2 per cent, selling a total of 39,981 units in the domestic market in November 2023. This was an increase of 9,743 units over November 2022, when it sold 30,238 passenger vehicles.
However, the carmaker's robust domestic sales performance was contrasted by a significant dip in exports. Mahindra only exported 1,846 units last month, a 41.8 per cent (1,306 units) dip compared to the 3,122 units shipped out in November 2022.
Speaking about the company's November sales, Veejay Nakra, President, Automotive Division, M&M Ltd., "We continue our growth trend, backed by strong demand for our SUV portfolio. In November, we sold a total of 39,981 units, a growth of 32%. While we saw a healthy festive season, we faced supply challenges on select parts during the month. We are keeping a close watch and taking appropriate steps to mitigate the challenges".
Mahindra's Commercial vehicle division also saw good growth in November 2023. Sales of three-wheelers, including EVs rose by 26 per cent to 6,568 units compared to the 5,198 units sold over the same period in 2022.
Sales of LCVs and MHCVs rose by 13.31 per cent (2,620 units) Y-o-Y to 22,211 units in November 2023. Mahindra sold 19,591 LCVs and MHCVs in November 2022.
Thoughts About Mahindra's November 2023 Sales
Mahindra's passenger and commercial vehicles saw significant increases in November 2023 compared to the same period in 2022. Mahindra's significant 32% rise in domestic sales in November 2023 demonstrates the growing demand for its SUV lineup which will continue in the future with the firm's upcoming array of electric SUVs.
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