Mahindra Announces 11% Growth In June 2024 Auto Sales, Achieves Milestones

Updated: Monday, July 1, 2024, 13:35 [IST]

Mahindra & Mahindra Ltd. (M&M Ltd.), a prominent Indian automotive firm, has announced an 11% increase in overall auto sales for June 2024, with 69,397 vehicles sold, including exports.

The company experienced a 23% growth in domestic utility vehicle (UV) sales, selling 40,022 units. Including exports, Mahindra's total UV sales reached 40,644 units. Furthermore, the company's domestic commercial vehicle sales amounted to 20,594 units.

Notable achievements and market dominance

Veejay Nakra, President of M&M Ltd.'s Automotive Division, revealed that the company sold 40,022 SUVs in June, marking a 23% growth and a total of 69,397 vehicles sold—an 11% increase compared to last year.

Nakra also emphasized significant milestones achieved in June: the production of the 200,000th XUV700 and Bolero Pik-Ups' 25th anniversary celebration. The latter holds a leading position in the light commercial vehicle (LCV) segment.

Domestic passenger vehicle sales overview

In June 2024, Mahindra's domestic UV sales rose by 23%, reaching 40,022 units. Year-to-date (YTD) sales for this category also increased by 24%. However, there was a decline in car and van sales.

Sales performance of commercial vehicles and three-wheelers

June's domestic sales figures showed mixed results across various categories of commercial vehicles and three-wheelers. Light commercial vehicles (LCVs) under two tonnes experienced modest growth of 5%, while LCVs between two and 3.5 tonnes saw a decline of 12%. Sales for LCVs over 3.5 tonnes and medium and heavy commercial vehicles (MHCVs) surged impressively by 77%. Three-wheelers (including electric models) witnessed a slight decrease in sales.

Export data for June

Regarding exports during June 2024, Mahindra recorded a growth of 4%, with a total of 2,597 units exported. YTD export figures also demonstrated an increase of 3%.

Mahindra & Mahindra Ltd. reported significant growth in overall auto sales for June 2024. The company achieved notable milestones such as the production of the XUV700's milestone unit and Bolero Pik-Ups' anniversary celebration while maintaining its market leadership position in the LCV segment.