Thar, XUV400 and More Help Mahindra Clock 8% Sales Growth in February 2023

Mahindra Auto released its monthly sales figures for February 2023, revealing an 8 per cent cumulative increase. In the month, the company sold 58,801 units, up from 54,455 units in the same period last year. The company also reported a 10% increase in passenger vehicle sales year-on-year (YoY), with 30,358 units sold, up from 27,663 units. Speaking on the company's latest sales figures, Veejay Nakra, President, Automotive Division, Mahindra & Mahindra Ltd. said, "We continue our trend of selling more than 30,000 SUVs per month and February saw a growth of 10 per cent in the segment and an overall growth of 8%. Our recent launches (Thar RWD and XUV400) have received a very positive response and we see good demand across our portfolio as well.”

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Sales of utility vehicles increased by 10 per cent in the month to 30,221 units from 27,551 units in the same month last year. The Indian automaker additionally reported sales of 137 units in the sub-segment for cars and vans. Mahindra claimed that despite industry-wide supply chain disruptions, it still managed to achieve these sales numbers. The carmaker noted supply chain issues in the procurement of crash sensors and airbag ECUs, which were hampered by a shortage of semiconductors.

The financial year's year-to-date numbers, however, showed a positive growth trend, with total passenger vehicle sales rising 63 per cent from 1,98,256 to 3,23,256 units. Sales of utility vehicles increased by 64 per cent to 3,20,985 units in the financial year 2023. In the same period of FY2022, the automaker reported UV sales of 1,96,302 units.

Sales of light commercial vehicles under 2 tonnes in the commercial vehicle segments fell 38 per cent in February 2023. 2,515 units were sold in the segment, which is down from 4,048 units in February 2022. While sales of LCVs between 2 and 3.5 tonnes increased by 12 per cent to 17,241 units, sales of LCVs over 3.5 tonnes and MHCVs increased by 58 per cent over a low base of 687 units. In contrast, sales of three-wheelers increased by 40 per cent, reaching 5,350 units sold in the month.

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Year-to-date numbers for FY2023 showed significantly stronger cumulative growth across segments in the CV space, similar to what was seen in the passenger vehicle segment. The sub-2-tonne LCV segment increased by 30 per cent, from 28,533 units in March 2021 to February 2022 window to 37,034 units in the current fiscal year. Similar to the LCV 2-3.5 tonne segment, 1,80,693 units were sold, a growth of 47 per cent. The 3.5 tonne and up LCV and MHCV segment saw a growth of 53 per cent, while sales of three-wheelers increased by 103 per cent to 52,823 units in the current fiscal year. 2,250 units were exported in February, a 20 per cent decrease from the same period last year. In contrast, 29,350 units were sold in FY2023 through the end of February, a slight 2 per cent increase from the 29,992 units sold during the same period the previous year.