M&M Reports 40% YoY Surge in Domestic SUV Sales

12 Mar 2024 , 03:59 PM

Mahindra and Mahindra (M&M) reported a robust 40% YoY increase in domestic utility vehicle (UV) sales, reaching 42,401 units in February.

UV production also witnessed a 43% YoY growth, totaling 44,076 units during the same month.

The company has consistently increased production and opened bookings for approximately 226,000 SUVs as of February 1, covering models like XUV700, Scorpio N, Scorpio Classic, Thar, Bolero, Bolero Neo, XUV300, and the electric XUV400.

M&M is experiencing an average monthly booking of around 50,000 units, with SUVs now constituting about 55% of the Indian passenger vehicle market.

After the third-quarter earnings, M&M reported a revenue market share of 21%, marking a 40 basis points (bps) increase and securing the top position in the SUV segment.

In terms of overall production, including three-wheelers and vans, M&M witnessed a 26.1% YoY growth, reaching 73,380 units in February 2024 compared to 58,203 units in February 2023.

Overall domestic sales also grew by 26.2%, totaling 71,384 units in February. However, exports saw a decline from 2,250 units in February 2023 to 1,539 units in February 2024, marking a 31.6% fall.

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