Automaker Mahindra & Mahindra saw modest year-on-year growth in its SUV sales in March. While they were up 13% compared to the year-ago number, they were lower compared to February.
The reason for the sequential decline, despite there being more number of days in March compared to February, was not clear.
The company sold 40,631 SUVs in the domestic market, registering a growth of 13% compared to March 2023.
The overall UV sales, including exports, stood at 41,161 vehicles in March 2024. There was a decline compared to February 2024, when the company sold 42,401 SUVs.
Mahindra's domestic sales in the commercial vehicles (CVs) segment, excluding autorickshaws, reached 20,930 units in March 2024.
While this was lower than the 22,825 units sold in February 2024, Veejay Nakra, President of the Automotive Division at M&M Ltd., highlighted that the company ended the financial year F24 on a high note, with Mahindra PikUps crossing a milestone of 2 lakh units during the year, the highest ever achieved by any commercial vehicle in the load segment in India.
Mahindra's three-wheeler sales, including electric 3Ws, stood at 5,279 units in the domestic market during March 2024. This represented a decline of 7% compared to March 2023, when the company sold 5,697 units, and from February 2024, which saw sales of 6,158 units.
In the tractor segment, things were looking up on a sequential basis, but continued to be lower on a year-on-year basis.
Mahindra's Farm Equipment Sector (FES) sold 24,276 units in the domestic market during March 2024, an improvement from the 20,121 units sold in February 2024. Compared to March 2023, tractor sales experienced a decline of 28%.
Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd said he is pinning hopes of improved horticulture production and Rabi wheat output and a normal South -West monsoon this year to boost tractor demand in the coming months.