Mahindra sales October 2024

Mahindra & Mahindra Reports Record Vehicle Sales in October 2024

Mahindra & Mahindra Ltd (M&M) achieved impressive sales figures in October 2024, selling a total of 96,648 vehicles, including exports. This marks a notable increase of 20% compared to 80,679 units sold during the same period last year.

Record SUV Sales Drive Growth

In October, M&M reported its highest-ever SUV sales, with a total of 54,504 vehicles sold, reflecting a robust 25% year-on-year (YoY) growth. When including exports, total SUV sales reached 55,571 units. The company also saw substantial growth in its Commercial Vehicles segment, with domestic sales hitting 28,812 units. Notably, total exports surged by 89%, totaling 3,506 units for the month.

Veejay Nakra, President of M&M’s Automotive Division, commented on the successful month, stating, “The month began on a fantastic note with the Thar ROXX garnering 1.7 lakh bookings in the first 60 minutes of opening for bookings. This positive momentum continued across the SUV portfolio throughout the festive season.”

Strong Performance in Tractor Sales

In addition to its vehicle sales, Mahindra & Mahindra’s Farm Equipment Sector (FES) reported a significant boost in tractor sales for October 2024. The total sales, including domestic and exports, reached 65,453 units, a substantial increase from 50,460 units during the same month last year, translating to a 30% growth. Domestic tractor sales alone were 64,326 units, compared to 49,336 units in October 2023, also reflecting a 30% increase. Exports for the month remained stable at 1,127 units.

Hemant Sikka, President of the Farm Equipment Sector at M&M, highlighted the factors contributing to this growth, saying, “The tractor industry has experienced robust growth, driven by many positive factors coming together, notably a very good monsoon, a successful Kharif crop, high reservoir levels for Rabi crops, and the government’s announcement of higher minimum support prices (MSP) for key Rabi crops.”

With the festive season providing additional momentum, Sikka expressed optimism for continued strong demand in the upcoming months.

Conclusion:

Mahindra & Mahindra’s remarkable performance in October 2024, characterized by record SUV sales and significant growth in tractor sales, reflects the company’s strategic positioning and responsiveness to market demand. The favorable monsoon conditions and positive government policies further bolster expectations for sustained growth, ensuring that M&M remains a key player in the automotive and farm equipment sectors.