New Delhi [India], July 1 : The passenger vehicle sales of Mahindra and Mahindra in June 2024 saw a significant surge with an increase of 23 per cent compared to the same month last year.
The company sold 40,022 passenger vehicles in June 2024, up from 32,588 units in June 2023.
During the first quarter of the current financial year (April-June 2024), Mahindra and Mahindra sold a total of 1,24,246 passenger vehicles. This represents a 24 per cent increase in sales compared to the first quarter of the previous financial year.
However, the sales of Mahindra's commercial vehicles, which include all segments, showed a slight decline. In June 2024, the company sold 20,594 commercial vehicles, slightly down from 20,959 units sold in June 2023.
Overall, Mahindra and Mahindra's total auto sales for June 2024, including exports, reached 69,397 vehicles. This marks an 11 per cent growth compared to the same month last year.
"We sold a total of 40,022 SUVs in June, a growth of 23% and 69,397 total vehicles, an 11% growth over last year. June has been a momentous month, as we rolled out the 200,000th XUV700 from our facility. We also celebrated 25 years of Bolero Pik-Ups, a category creator and a market leader in the LCV segment" said Veejay Nakra, President of the Automotive Division at Mahindra and Mahindra.
In addition to auto sales, the company also reported total tractor sales (domestic and exports) of 47,319 units in June 2024. This is an increase from 44,478 units sold in the same month last year. The company's tractor exports for June 2024 stood at 1,431 units.
A report by Care Edge ratings indicated that the passenger vehicle (PV) industry in India is expected to experience moderate volume growth of around 3-5% in the financial year 2025. This expected growth is attributed to the high base effect of the financial year 2024, a shrinking order book, and subdued demand for entry-level variants in FY25.
Despite these challenges, the report suggests that the industry is poised to maintain its sales momentum. This is due to strong demand for new model launches, continued interest in Electric Vehicles (EVs) and SUVs, and the anticipated interest rate cuts in the second half of FY25.
The report also highlighted the robust growth in electric car sales within the PV segment. After recording a 90 per cent growth in FY24, electric car sales are expected to reach a volume of around 1.3-1.5 lakh units in FY25, driven by an improving penetration rate.
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