With its SUV-laden portfolio, M&M continues to fire on all cylinders. While first-quarter FY2025 wholesales are up 24% YoY at 124,248 units, the company has gone past the 250,000 mark for the first time for the first six months of a calendar year and has already achieved 58% of CY2023’s record 433,172 units.
01 Jul 2024 | 3505 Views | By Ajit Dalvi
Mahindra & Mahindra, with its SUV-laden portfolio, continues to fire on all cylinders in the booming Indian automobile market. The company has reported domestic market wholesales of 40,022 units in June 2024, which is a 23% YoY increase (June 2023: 32,585 units) and marks the sixth month in a row ...
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Mahindra & Mahindra, with its SUV-laden portfolio, continues to fire on all cylinders in the booming Indian automobile market. The company has reported domestic market wholesales of 40,022 units in June 2024, which is a 23% YoY increase (June 2023: 32,585 units) and marks the sixth month in a row that M&M has surpassed the 40,000-unit dispatches mark (see data table below).
Sales in the first quarter (April-June 2024) of the ongoing fiscal year at 124,248 units are up 24% YoY (April-June 2023: 100,162 units) and 27% of M&M’s record FY2024 sales of 459,877 units. Meanwhile, cumulative wholesales for the first six months of CY2024 have crossed the 250,000-unit mark for the first time. At 250,348 units in January-June 2024, the YoY increase is 25% (H1 2023: 199,557 units). What’s more, this total is already 58% of the company’s record dispatches of 433,172 units in CY2023.
In the highly competitive market for utility vehicles, M&M, which has eight SUVs (Bolero, Bolero Neo, Scorpio, Scorpio N, Scorpio Classic, Thar, XUV3XO, XUV400 and XUV700), is extremely well placed to capitalise on the surging demand for this vehicle type.
Demand continues to be strong and as of May 1, 2024 (and May 15 for the recently launched XUV 3XO), M&M had total open bookings of 220,000 units. These comprise the flagship XUV700, Scorpio N and Scorpio Classic, Bolero, Thar and the XUV 3XO. The youngest Mahindra in town has been priced aggressively from Rs 749,000 – the XUV 3XO is targeted to be new disrupter in the compact SUV market, which saw sales of over a million units in FY2024 and accounted for 25% of the record 2.52 million UV dispatches in India.
June 27 saw M&M roll out the 200,000th XUV700 from its Chakan plant, 33 months since production began for the flagship model. Total domestic market sales of the XUV700 till end-May 2024 are estimated to be over 180,000 units. June 27 was also the second anniversary for the Scorpio N which, along with its sibling Scorpio Classic, was M&M’s best-selling SUV in FY2024 and also in April-May 2024. The Scorpio N, along with the Classic, has helped accelerate sales of the 22-year-old brand Scorpio which has now registered sales of over a million units.
M&M is also benefiting from its substantially ramped-up production at its factories. Given the strong demand for its SUVs, it has outlined plans to further increase output. On June 14, M&M confirmed that it plans to further increase production capacity to 64,000 units per annum or 768,000 units per annum by end-FY2025 and 72,000 units a month / 864,000 units per annum by end-2026.