Mahindra & Mahindra passenger vehicle sales surge 29% in July

Mahindra and Mahindra reported a 29 per cent increase in passenger vehicle sales to 36,205 units in July. The company had dispatched 28,053 passenger vehicles in the domestic market.

Exports declined 9 per cent to 2,540 units last month from 2,798 units in the year-ago period, Mahindra & Mahindra said in a exchange filing.

"It has been a record-breaking month for us. We are excited to clock the highest-ever SUV domestic sales of 36,205 in a month. The XUV700 tribe grew to 1 lakh strong, in a record 20 months. Also in July, the Scorpio brand achieved the highest sales in a month since its launch," Mahindra & Mahindra (M&M) Automotive Division President Veejay Nakra said.

Mahindra Thar | Image Credit: Mahindra 

The company continues to receive robust demand for its key brands, he added.

"We will keep a close watch on the availability of semiconductors and select parts to ensure sustained scaleup," said Nakra.

Farm equipment sector  

Mahindra Yuvraj | Image Credit: Mahindra Tractor 

Mahindra’s farm equipment sector sold 24,168 units in India during July 2023, with domestic tractor sales at 24,168 units, against 21,684 units during July 2022.

The total tractor sales (domestic plus exports) during July 2023 stood at 25,175 units, compared to 23,307 units for the same period last year. 

"We sold 24168 tractors in the domestic market during July, with a growth of 11 per cent over last year. The cumulative seasonal rainfall spread across the country has recovered very well in the month of July, and this has helped the sowing of kharif acreage pick up momentum. Aggregate sowing of Kharif crops is now ahead of last year, with most key crops, including paddy and oil seeds, recovering, though pulses are still lagging in sowing," said Hemant Sikka, President, Farm Equipment Sector, Mahindra & Mahindra.

"Terms of trade are now in favour of farmers, with a continued decrease in input costs. The sentiments are positive in the rural economy, and this is likely to support demand in the coming months. In the export market, we have sold 1007 tractors," he added.

(With PTI inputs)