M&M's SUV sales jump 16% in Nov

Mahindra & Mahindra (M&M) dispatched 46,222 utility vehicles to dealerships in the month of November, clocking a year-on-year growth of 16% compared with 39,981 units in the corresponding month last year. Exports stood at 1,072 units.

M&M's double-digit sales growth comes at a time when India's passenger vehicle sales are expected to grow in the range of 3-5% in the ongoing financial year, according to the Society of Indian Automobile Manufacturers (SIAM).

The automaker’s commercial vehicle sales stood at 22,042 units. M&M’s overall auto sales for the month of November 2024 stood at 79,083 vehicles, including exports.

Reacting to the development, shares of M&M rose 2% on Monday to hit a high of ₹3,025 on the BSE.

Last week, Mahindra & Mahindra launched two new “born-electric” SUVs, the BE 6e and the XEV 9e, at prices starting from ₹18.9 lakh (ex-showroom) and ₹21.9 lakh, respectively. Deliveries of these electric SUVs will begin by the end of February 2025. These “electric origin” SUVs will be shipped to dealerships in a phased manner in the later part of January 2025. Deliveries will commence towards the end of February or early March 2025.

Mahindra & Mahindra’s Farm Equipment Sector (FES), part of the Mahindra Group, today announced its tractor sales numbers for November 2024. Domestic sales in November 2024 were at 31,746 units, as against 31,069 units during November 2023. Total tractor sales (Domestic + Exports) during November 2024 were at 33,378 units, as against 32,074 units for the same period last year. Exports for the month stood at 1,632 units.

“We have sold 31746 tractors in the domestic market during November 2024, a growth of 2% over last year. With the Kharif harvest season getting completed, farmers are progressing with Rabi sowing. The marginal decline in the industry is due to shift in festive season of Diwali and Dhanteras as compared to the previous year. With very good reservoir levels and higher MSP for key Rabi crops, farmers sentiments are positive and cash flows healthy. Good progress in Rabi sowing and a good Rabi crop is expected to further boost demand for tractors in coming months. In the exports market, we have sold 1632 tractors, a growth of 62% over last year,” says Hemant Sikka, president – Farm Equipment Sector, Mahindra & Mahindra.