While Mahindra is ahead of Tata Motors in September and Q3, 2024, it remains to be seen if this rally can be sustained
With massive demand for its SUVs, Mahindra has raced ahead to the second spot in the list of best selling car brands. Future prospects look bright, as evident with the 1.76 lakh bookings received for Thar ROXX in just one hour. In the coming years, the next phase of growth will be powered by Mahindra’s born-electric SUV range.
Mahindra beats Tata Motors in Q3, 2024 sales
In Q3, 2024, Mahindra recorded sales of 1,35,962 units. That’s 6,028 units more than 1,29,934 sales registered by Tata Motors during the same period. In September, Mahindra registered sales of 51,062 units. In comparison, Tata Motors had sales of 41,065 units in September. Mahindra has made most gains in September, a good 9,997 units over Tata Motors’ September sales numbers.
A significant percentage of Mahindra’s sales growth in September is being attributed to high demand for its utility vehicles. The list includes Scorpio N / Classic, XUV700, Thar, XUV3XO, Bolero and Bolero Neo. Scorpio N / Classic and XUV700 dominate the mid-size SUV segment, with combined market share of more than 75%.
Another product registering strong growth is XUV3XO. Sales in recent months have nearly doubled in comparison to sales in the corresponding months in 2023. These numbers explain the significant sales boost Mahindra has registered in September 2024. Mahindra share price on the NSE at the end of trading day on 4th Oct was at Rs 3,019 and that of Tata Motors was at Rs 933.55.
It is to be noted that Tata Motors was ahead of Mahindra in July and August, 2024. In July, Tata Motors sales were at 44,727 units in comparison to Mahindra’s 41,623 units. The sales gap reduced to 865 units in August, with Tata Motors sales at 44,142 units and Mahindra’s 43,277 units. In September 2024, Mahindra has the highest growth among all other carmakers at close to 24%. In the month, only 3 out of 14 carmakers have positive YoY growth. The other two with positive growth are Kia (17.49%) and Toyota (7.37%).
Mahindra vs. Tata sales growth in Q3
For all three months in Q3, 2024, Mahindra has registered higher YoY growth. In July, Mahindra recorded YoY growth of 14.96%. This increased to 16.12% in August and 23.74% in September. In Q3, Mahindra’s overall YoY gain is 18.49%. Tata Motors has registered negative YoY growth in all three months of Q3, 2024.
In July, negative growth was -6.09%, followed by -3.02% in August and -8.44% in September. Overall negative growth is -5.84% in Q3 for Tata Motors. This reveals that while Mahindra has gained, the sales gap has increased also due to sluggish performance by Tata Motors in Q3.
— RushLane (@rushlane) October 5, 2024
If Mahindra can maintain the current sales momentum, it can be on its way to grab the second bestseller car brand title. In September, Mahindra missed that target by just 39 units. At number two is Hyundai, with sales of 51,101 units in September. With massive bookings for Thar ROXX and upcoming born-electric SUVs, Mahindra can be on its way to achieve new sales records in the near future.
