Mahindra, a market leader in utility vehicles, has recorded its highest-ever SUV sales in October 2023. The PV and CV segments had the most growth, with total volumes reaching an all-time high of 80,679 units and the company also anticipates stronger performance in the next months as new product launches are planned.
Mahindra PV and CV Sales October 2023
Sales of Mahindra PV increased to 43,708 units in October 2023 from 32,226 units sold in October 2022, a YoY increase of 35.63 percent. There was an increase in volume of 11,482 units. Compared to 41,267 units sold in September 2023, representing a volume growth of 2,441 units, this represented a MoM growth of 5.92 percent.
On a year-to-date basis, Mahindra has increased UV sales by 30% to 2,58,612 units in FY23-24, up from 1,99,278 units sold in the same period the previous year. Car and van sales fell by 100 percent year on year and 99 percent year on year, with only 10 units sold in the fiscal year 2023-24.
Mahindra achieved record-breaking sales of 25,715 Commercial Vehicles in its home market. With the exception of LCV under 2T sales, which decreased by 5% YoY to 4,335 units from 4,562 units in October 2023 and October 2022, respectively, growth was observed in every segment. Additionally, YTD sales decreased by 5% to 24,964 units in FY2023–24 from 26,170 units sold during the same time the previous year.
Between October 2022 and October 2023, sales of LCV 2T-3.5T increased by 29% YoY, from 15,728 to 20,349 units. YTD sales increased from 1,12,988 units sold in FY2022–23 to 1,23,077 units in FY2023–24, a 9 percent increase.
From 690 units sold in October 2022 to 1,031 units in October 2023, LCV sales in the higher than 3.5T and MHCV segments likewise experienced a 49 percent YoY increase. Compared to the same period last year, when 4,898 units were sold, the YTD performance increased by 52% to 7,434 units in the current period from April to October 2023. With only 16 months after its launch, the Mahindra Bolero Pick-up became the first LCV to sell one million units and it has drawn a lot of attention in this segment.
Mahindra also had a notable increase in sales of its three-wheelers which now include electrified models. Sales increased by 85% year over year to 9,402 units in October 2023 from 5,081 units sold in October 2022, while sales increased by 59% year over year to 48,628 units in the April–October 2023 period from 30,661 units sold in the same period the previous year.
Mahindra Exports October 2023
When compared to the 2,755 units Mahindra delivered in October 2022, the company's total exports in October 2023 were 1,854 units, an increase of 33 percent. Mahindra exported 16,170 units between April and October 2023, a 13 percent decrease year-over-year. During the same period in 2022, 18,511 units were supplied, in contrast to this.