Mahindra Records Modest Growth in July Auto Sales, Gears Up for Thar ROXX Launch
Mahindra & Mahindra Ltd. (M&M Ltd.) reported marginal growth in overall auto sales for July 2024, reaching 66,444 vehicles including exports.
Utility Vehicles Drive Growth
The bright spot for Mahindra was its utility vehicle segment, which saw a 15% year-on-year increase in domestic sales, reaching 41,623 units. This growth helped push total passenger vehicle sales (including exports) to 42,012 units. Veejay Nakra, President of the Automotive Division at M&M Ltd., commented, “We are gearing up for the much-awaited arrival of ‘Thar ROXX – THE SUV’ this Independence Day,” hinting at a potential sales boost in the coming month.
Commercial Vehicle Sales Dip
On the other hand, Mahindra’s Commercial Vehicles segment experienced a decline. Domestic sales of Light Commercial Vehicles (LCVs) below 3.5 tonnes fell 14% compared to July 2023. Similarly, sales of LCVs exceeding 3.5 tonnes and Medium & Heavy Commercial Vehicles (MHCVs) witnessed a significant 77% increase, but this rise is likely due to a low sales base in the previous year. Three-wheeler sales also saw a notable decrease of 45% domestically.
Exports Decline
Mahindra’s export performance also dipped in July 2024, with total vehicle exports dropping 40% year-on-year to 1,515 units.
Looking Ahead
Despite the mixed performance in July, Mahindra appears optimistic about the future. The upcoming launch of the Thar ROXX and potential improvements in the commercial vehicle market could lead to a positive sales trend in the coming months.
