Mahindra & Mahindra, a big car company, said that in October, it had its best month ever for selling two types of vehicles: sports utility vehicles and commercial vehicles. They sent 80,679 vehicles to dealers, which is the highest number they’ve ever sent in one month. In October 2022, they sent 61,114 vehicles to dealers.
They also said that they sold the most sports utility vehicles and commercial vehicles in a single month in October. The number of sports utility vehicles they sent went up by 36 percent compared to the same time last year, reaching 43,708 vehicles, up from 32,226 vehicles in the previous year.
However, the number of vehicles they sent to other countries (exports) went down by 33 percent, from 2,755 vehicles in October 2022 to 1,854 vehicles in October this year.
The company’s president for the automotive division, Veejay Nakra, said that both sports utility vehicles and commercial vehicles had the highest sales for the third month in a row. They expect more sales in November because of strong demand during the festive season, but they are also keeping an eye on some challenges related to the supply of vehicles.
When it comes to tractors, the company sold 3 percent fewer in October compared to last year, with 51,994 units sold. In October 2022, they sold 50,460 units.
In the domestic market (within the country), they sold 2 percent fewer vehicles in October compared to last year, with 49,336 units sold. For exports (sending vehicles to other countries), they sold 23 percent fewer, with 1,124 units sold, down from 1,455 units a year ago.
The president of the Farm Equipment Sector, Hemant Sikka, noted that more farmers are buying tractors because there has been a good harvest of certain crops, better prices for certain other crops, and government support for farming, especially during the second half of the year.
In conclusion, Mahindra & Mahindra reported its best-ever monthly sales performance for both sports utility vehicles and commercial vehicles in October, with a significant year-on-year increase in wholesales. The company achieved record-breaking sales for these vehicle categories for the third consecutive month. While exports declined, the positive sentiment among farmers led to continued tractor demand in the domestic market. Despite supply-related challenges, the company remains optimistic about maintaining its growth momentum, buoyed by strong festive demand.