Mahindra was the 4th best-selling automaker in February 2024 with 60 percent of its sales coming from the Scorpio and Bolero
Mahindra stood 4th among the top OEMs in the automotive space after Maruti, Tata and Hyundai in February 2024. Mahindra reported a YoY growth but MoM declined as it sold a total of 42,401 units in February 2024. This was a 40 percent YoY growth from 30,221 units sold in February 2023 while sales dipped 2 percent from 43,068 units sold in January 2024. It was the Scorpio that stood at the top spot followed by the Bolero, each of which were the only 2 models in the company portfolio to post sales above the 10,000 unit mark.
Mahindra Sales Breakup February 2024
Mahindra Scorpio (Scorpio N and Scorpio Classic) saw the highest sales last month with 15,051 units sold. This was a 117 percent YoY growth from 6,950 units sold in February 2023. MoM sales improved by 5 percent over 14,293 units sold in January 2024. Scorpio N was first launched in July 2022. Total sales have now crossed 1 lakh sales.
Designed for passenger conveniences with versatile seating arrangements, Mahindra Bolero/Neo sales also improved both YoY and MoM to 10,113 units in February 2024. It was a 3 percent YoY growth from 9,782 units sold in February 2023 while MoM sales were up just marginally by 1 percent over 9,964 units sold in January 2024.
The XUV700 continues to gain traction and garnered considerable attention from consumers. With sales touching 6,546 units in February 2024, the XUV700 recorded an impressive growth rate of 45.31% compared to the same period last year, reaffirming its status as a formidable competitor in the competitive mid-size SUV segment. The updated XUV700 was introduced in January 2024 and brought with it several feature updates among which were captain seats and a new Napoli Black colour scheme.
Thar, renowned for its rugged appeal and off-road capabilities, experienced a notable uptick in sales, with 5,812 units sold during the month. This translates to a commendable growth rate of 16.15% year-on-year, reflecting the sustained demand for adventure-oriented vehicles in the Indian market. 2024 Mahindra Thar Earth Edition was also added to the lineup last month. Subsequently, in February 2024, the company announced new waiting periods for the XUV700 and Thar, both of which have declined to just a few weeks depending on variants.
2024 Mahindra XUV300 Facelift Launch Nears
Mahindra XUV300 also posted an 11 percent YoY growth to 4,218 units last month from 3,809 units sold in February 2023 while its MoM sales declined by 12 percent over 4,817 units sold in January 2024. This could be as buyers await the new XUV300 facelift which is poised to launch in coming months. It has been spied on test and shows off several feature updates along with an ADAS suite.
Mahindra’s first electric SUV, XUV400 saw sales of 610 units in February 2024, a 12 percent MoM de-growth over 697 units sold in February 2023. This underscores the growing acceptance of electric mobility solutions among Indian consumers and Mahindra’s commitment to sustainable transportation.
However, amidst the overall positive performance, the Marazzo MPV experienced a decline in sales, with only 51 units sold in February 2024 compared to 171 units during the same period last year. The model witnessed a sharp decrease of 70.18% year-on-year, signaling a need for strategic interventions to rejuvenate its market presence.
