Auto Sales July 2023: Mahindra Registers Highest-Ever Monthly Sales

Mahindra & Mahindra has reported its sales performance for July 2023. This month, the company achieved a remarkable milestone by selling a total of 66,124 vehicles, including exports. This marks an impressive 18 per cent growth in overall sales compared to the corresponding period last year.

For July 2023, the passenger vehicle segment experienced significant growth in the domestic market, with 36,205 units sold. This marks a 30 per cent increase compared to July 2022. In total, Mahindra sold 37,519 SUVs, including exports. In terms of year-to-date figures, the company sold a total of 136,377 passenger vehicles in the domestic market, showing a remarkable 31 per cent growth compared to the same period last year.

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According to Veejay Nakra, President, Automotive Division, M&M Ltd., "It has been a record-breaking month for us. We are excited to clock the highest-ever SUV domestic sales of 36,205 in a month. The XUV700 tribe grew to 1 lakh strong in a record time of 20 months. Also in July, the Scorpio brand achieved the highest sales in a month since its launch. We continue to receive robust demand for our key brands. We will keep a close watch on the availability of semi-conductors and select parts to ensure sustained scaleup."

In the commercial vehicles and 3-wheelers segment, Mahindra performed reasonably well. While Light Commercial Vehicles (LCVs) under 2 tons experienced a slight decrease of 8 per cent in sales, LCVs between 2 and 3.5 tons remained steady with no change. On the other hand, LCVs above 3.5 tons and Medium and Heavy Commercial Vehicles (MHCVs) saw significant growth, with a notable 23 per cent increase in sales during July 2023.

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The company's total exports in July 2023 reached 2,540 vehicles, showing a marginal decrease of 9 per cent compared to the corresponding period last year. However, considering the year-to-date figures, the overall export sales performance remained relatively stable, with just an 8 per cent decline compared to the previous year.