New Delhi [India], Mahindra and Mahindra passenger vehicle sales in June 2024 saw a significant increase with a 23 percent increase compared to the same month last year.
The company sold 40,022 passenger vehicles in June 2024, compared to 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 percent increase in sales compared to the first quarter of the previous fiscal year.
However, Mahindra's commercial vehicle sales, which include all segments, showed a slight decline. In June 2024, the company sold 20,594 commercial vehicles, slightly less than the 20,959 units sold in June 2023.
Overall, Mahindra and Mahindra's total automobile sales for June 2024, including exports, reached 69,397 vehicles. This marks 11 percent 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 vehicles in total, a growth of 11% over last year. June has been a momentous month as we launched the 200,000th XUV700 at our facilities .It also celebrated 25 years of Bolero Pik-Ups, a category creator and market leader in the light commercial vehicle segment,” said Veejay Nakra, President, Mahindra and Mahindra Automotive Division.
Apart from automobile sales, the company also reported total tractor sales (domestic and export) 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 in June 2024 amounted to 1,431 units.
A report by Care Edge Ratings stated that the passenger vehicle (PV) industry in India is expected to witness moderate volume growth of around 3-5% in fiscal 2025. This expected growth is attributed to high effect of basis of the financial year. 2024, a shrinking order book and moderate 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 expected interest rate cuts in the second half of FY25.
The report also highlighted the strong growth in electric car sales within the photovoltaic segment. After registering 90 per cent growth in FY24, electric car sales are expected to reach a volume of around 1.3 to 1.5 lakh units in FY25, driven by an improvement in the penetration rate.
The company sold 40,022 passenger vehicles in June 2024, compared to 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 percent increase in sales compared to the first quarter of the previous fiscal year.
However, Mahindra's commercial vehicle sales, which include all segments, showed a slight decline. In June 2024, the company sold 20,594 commercial vehicles, slightly less than the 20,959 units sold in June 2023.
Overall, Mahindra and Mahindra's total automobile sales for June 2024, including exports, reached 69,397 vehicles. This marks 11 percent 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 vehicles in total, a growth of 11% over last year. June has been a momentous month as we launched the 200,000th XUV700 at our facilities .It also celebrated 25 years of Bolero Pik-Ups, a category creator and market leader in the light commercial vehicle segment,” said Veejay Nakra, President, Mahindra and Mahindra Automotive Division.
Apart from automobile sales, the company also reported total tractor sales (domestic and export) 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 in June 2024 amounted to 1,431 units.
A report by Care Edge Ratings stated that the passenger vehicle (PV) industry in India is expected to witness moderate volume growth of around 3-5% in fiscal 2025. This expected growth is attributed to high effect of basis of the financial year. 2024, a shrinking order book and moderate 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 expected interest rate cuts in the second half of FY25.
The report also highlighted the strong growth in electric car sales within the photovoltaic segment. After registering 90 per cent growth in FY24, electric car sales are expected to reach a volume of around 1.3 to 1.5 lakh units in FY25, driven by an improvement in the penetration rate.