Auto Sales February 2023: Mahindra Auto Reports 8 Per Cent Sales Growth

Mahindra Auto reported its monthly sales numbers for February 2023 posting a 8 per cent cumulative growth. The company retailed 58,801 units in the month, up from 54,455 units in the same period last year. The company also posted a 10 per cent growth year-on-year in passenger vehicle sales with 30,358 units sold – up from 27,663 units.

Speaking on the company’s performance, Veejay Nakra, President, Automotive Division, M&M Ltd. said, “We continue our trend of selling more than 30,000 SUVs per month and February saw a growth of 10% 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.”

Utility vehicle sales in the month stood at 30,221 units – up 10 per cent from 27,551 units in the same month a year ago. Mahindra also reported sales of 137 units in the cars and vans sub-segment.

Mahindra said that it achieved these sales figures despite supply chain disruptions in the industry. The carmaker identified supply chain issues in the procurement of crash sensors and airbag ECUs manufacturing which was affected by a lack of semiconductors.

Year-to-date figures for the financial year meanwhile posted a stronger growth picture with cumulative passenger vehicle sales up 63 per cent from 1,98,256 to 3,23,256 units. Utility vehicles saw sales climb 64 per cent in FY2023 to 3,20,985 units. The carmaker had reported UV sales of 1,96,302 units in the same period in FY2022.

In the commercial vehicle segments, light commercial vehicles below 2 tonnes saw sales decline 38 per cent in February 2023. Sales in the segment amounted to 2,515 units – down from 4,048 units in February 2022. Sales of LCVs in the 2 – 3.5 tonne segment meanwhile saw a 12 per cent uptick at 17,241 units while LCV greater than 3.5 tonne and MHCV sales were up 58 per cent over a low base of 687 units. Three-wheeler sales meanwhile witnessed a 40 per cent growth at 5,350 units retailed in the month.

As in the passenger vehicle segment, year-to-date figures for FY2023 showed much stronger cumulative growth across segments in the CV space. The sub-2-tonne LCV segment posted a 30 per cent growth rising from 28,533 units in the March 2021 to Feb 2022 window to 37,034 units in the same period in the current financial year. Similarly, the LCV 2-3.5 tonne segment saw sales grow 47 per cent to 1,80,693 units. The 3.5 tonne and up LCV and MHCV segment posted a 53 per cent growth, while three-wheeler sales were up 103 per cent in the current financial year at 52,823 units.

Exports for the month of February stood at 2,250 units – down 20 per cent year-on-year. Year-to-date figures meanwhile showed a marginal 2 per cent growth with 29,992 units sold in FY2023 till end-February as against 29,350 units in the same period last year.