Auto Sales February 2024: Mahindra Reports Sales Growth Of 24 Per Cent

Mahindra announced a 24 per cent growth in its overall auto sales for February 2024, reaching 72,923 vehicles including exports. The Utility Vehicles segment performed particularly well, selling 42,401 vehicles domestically, reflecting a substantial 40 per cent growth compared to 30,358 in the same period last year. Year-to-date (YTD) figures for FY2024 for the passenger vehicles segment revealed a positive trend, with sales reaching 4,19,246 units, reflecting a substantial 30 per cent increase compared to the previous year.

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This segment also saw a slight increase in exports, bringing the total to 42,941 vehicles. In contrast, Cars and Vans sales experienced a significant decline, dropping 100 per cent that is zero units were sold in the domestic market in February 2024.

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Meanwhile, Commercial Vehicles recorded domestic sales of 22,825. Commercial Vehicles sales also witnessed positive growth, with domestic sales for Light Commercial Vehicles (LCVs) below 2 tonnes increasing by 65 per cent to 4,146 units against 2515 that were sold in the same period last year.

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However, LCVs between 2 and 3.5 tonnes saw a slight decline of 8 per cent compared to the previous year, reaching 15,779 units. Sales of LCVs exceeding 3.5 tonnes and Medium and Heavy Commercial Vehicles (MHCVs) together witnessed a significant jump of 167 per cent, reaching 2,900 units. Three-Wheeler sales, including electric models, also grew by 15 per cent, reaching 6,158 units domestically.

Exports, however, faced a setback. The company exported 1,539 vehicles in February 2024, a 32 per cent decrease compared to the same month last year. This decline is reflected in the year-to-date figures as well, with exports reaching 23,090 units in FY2024, a 23 per cent decrease compared to the same period in FY2023.

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Veejay Nakra, President, Automotive Division, said, “We sold a total of 42,401 SUVs in February, with a growth of 40 per cent and 72,923 total vehicles, a 24 per cent growth over last year. In our endeavor to make some of our SUVs available faster to consumers, we launched the Scorpio N Z8S variant and the Thar Earth edition this month.”

Written by:- RONIT AGARWAL