August saw M&M auto sales rise 19% YoY, with SUV sales reaching all-time highs

1 Sep 2023 , 01:34 PM

Mahindra & Mahindra Ltd., a major manufacturer of automobiles, reported on Friday that its total auto sales, including exports, increased by 19% to 70,350 vehicles in the month of August.

Mahindra sold the most utility vehicles (SUVs) it has ever sold in a single month (37,270 in the domestic market and 38,164 altogether, including exports) in the utility vehicle class. 23,613 commercial vehicles were sold domestically.

Veejay Nakra, President, Automotive Division, M&M, said, ‘We are thrilled to witness another record month, as we clocked our highest-ever SUV domestic sales of 37,270 in a month with a growth of 26%.’

While the demand for the company’s major SUV brands remained high, Nakra noted that in order to sustain and smoothly scale up production, they were closely monitoring the supply of certain parts and semiconductors.

According to the company’s farm equipment division, tractor sales in the domestic market for August 2023 increased by 3% to 20,647 units from 20,138 units in August 2022.

The overall number of tractors sold, including exports, was 21,676 units, up from 21,520 units during the same time period last year. For the month, 1,029 units were exported.

‘Despite a 9% monsoon shortfall at the end of August, seeding for the upcoming Kharif harvest is substantially on schedule and has outperformed last year for all important crops except pulses. The terms of trade remain advantageous for farmers, with input inflation slowing and crop prices remaining stable, according to Hemant Sikka, President of M&M’s Farm Equipment Sector.

As stated by Sikka, the business anticipates a rise in tractor demand in the months ahead due to the impending holiday season.

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