Mahindra has reported their highest ever SUV sales in October 2024 with 54,504 units sold, a 24.70% YoY growth
Mahindra witnessed strong performance through the month of October 2024. Total sales volumes reached 96,648 units. Sales of the company passenger vehicle stood at 54,504 units. This related to a 24.70% YoY growth over 43,708 units sold in October 2023. Month-on-month (MoM) sales performance also showed off an increase. MoM sales numbers grew by 6.74% from 51,062 units sold in Sept 2024. Overall exports surged by 89% while LCV sales showed off increased demand in the 2 T – 3.5 T segment.
Highest-Ever SUV Sales of 54,504 Units In October
Mahindra, India’s largest SUV maker, reported highest-ever SUV sales in October 2024. The company witnessed positive momentum across its SUV portfolio through the festive season. The new Roxxin particular, received positive demand with 1.7 lakh unit bookings in the first 1 hour of opening of order books. The Bolero, Scorpio-N and XUV700 continue to be popular models while the updated XUV 3XO has also boosted sales volumes. The new Mahindra XUV3XO EV has also been spied in near-production format and set to increase sales with its new design and features updates.
SUV sales also showed off strong YTD sales at 3,14,714 units in FY25, a 22% YoY growth from 2,58,612 units sold in the FY24 period. Car and van sales on the other hand dipped to 0 units from 10 units sold in F24 relating to a 100% decline.
Mahindra CV YoY and YTD Sales – October 2024
In the commercial vehicle segment, Mahindra sales in the LCV under 2T segment saw a 9% YoY decline to 3,935 units, down from 4,335 units sold in October 2023. It was also a YTD de-growth by 7% from 24,964 units sold in F24 to 23,127 units in the F25 period. LCVs in the 2 T – 3.5 T segment have seen a 17% YoY improvement with 23,893 units sold last month over 20,349 units sold in October 2023. YTD sales were also up by 2% to 1,25,536 units over 1,23,077 units in the year ago period.
The new Veero LCV under 3.5 ton, strengthens the company’s presence in this segment is set to add further impetus with its several best in class features and enhanced safety equipment. Ahead of the festive season, Mahindra also just launched the ZEO electric 4W CV in India. This is Mahindra’s first offering in the 4W electric pickup truck space. The new ZEO will rival the Tata Ace EV.
LCVs in the under 3.5T and MHCV segment have also suffered lower sales by 5% YoY and 3% YTD to 984 units and 7,186 units respectively. The three wheeler segment that also includes electric vehicles has seen a 5% YoY growth in sales to 9,826 units, up from 9,402 units sold in October 2023. YTD sales also improved by 4% to 50,440 units in F25 from 48,628 units sold in F24.
On the export front, Mahindra has reported excellent performance in global markets. Exports grew by an outstanding 89% with 3,506 units shipped last month. This was over 1,854 units exported in October 2023. On a year-to-date (YTD) basis too, exports surged by 13% to 18,233 units in F25 period from 16,170 exported in the same period of April-Oct 2023.
Several factors contributed to these increased sales especially in the Farm Equipment Sector. A favourable monsoon season, improved Kharif crop and high reservoir levels played a major role in improved sales. Special government sanctions in terms of higher MSP for Rabi crops also stood the segment in good stead.
