Mahindra and Mahindra’s Car Sales Soar in June 2024

Significant Growth in Passenger Vehicle Sales

In June 2024, Mahindra and Mahindra saw a remarkable increase in their passenger vehicle sales, with a 23% rise compared to June 2023. The company sold 40,022 passenger vehicles, up from 32,588 units the previous year.

Quarterly Sales Performance

During the first quarter of the financial year (April-June 2024), Mahindra and Mahindra sold a total of 1,24,246 passenger vehicles, marking a 24% increase compared to the same period last year.

Commercial Vehicle Sales

However, the sales of Mahindra’s commercial vehicles saw a slight decline. In June 2024, the company sold 20,594 commercial vehicles, down from 20,959 units in June 2023.

Total Auto Sales

Overall, Mahindra and Mahindra’s total auto sales for June 2024, including exports, reached 69,397 vehicles, an 11% growth compared to the same month last year.

Milestones and Achievements

Veejay Nakra, President of the Automotive Division at Mahindra and Mahindra, highlighted the company’s achievements, including the sale of 40,022 SUVs in June and the production of the 200,000th XUV700. The company also celebrated 25 years of Bolero Pik-Ups, a leader in the LCV segment.

Tractor Sales

In addition to auto sales, Mahindra and Mahindra reported total tractor sales (domestic and exports) of 47,319 units in June 2024, up from 44,478 units in June 2023. Tractor exports for June 2024 stood at 1,431 units.

Industry Outlook

A report by Care Edge ratings indicated that the passenger vehicle industry in India is expected to experience moderate growth of around 3-5% in the financial year 2025. Despite challenges, the industry is expected to maintain its sales momentum due to strong demand for new models, interest in Electric Vehicles (EVs) and SUVs, and anticipated interest rate cuts in the second half of FY25. The report also noted robust growth in electric car sales, which are expected to reach 1.3-1.5 lakh units in FY25.