Mahindra, a leading automotive manufacturer, has reported impressive sales figures for February 2024, showcasing growth in both its passenger vehicle (PV) and commercial vehicle (CV) segments. The company's top performers in the PV segment for February 2024 include the Mahindra Scorpio, XUV700, Thar, and Bolero. This increase in sales was observed both in terms of year-on-year (YoY) and year-to-date (YTD) performance, although exports saw a decline during the same period.
Passenger Vehicle Segment Performance
Mahindra's utility vehicle segment, featuring models like the Scorpio N, Bolero, XUV700, and Thar, experienced a remarkable 40% YoY sales growth in February 2024. Total PV sales for the month stood at 42,401 units, up from 30,221 units in February 2023. However, month-on-month (MoM) sales slightly slipped compared to January 2024. YTD sales also showed a substantial increase of 31%, totaling 4,19,233 units in the period of April-February 2024, compared to 3,23,985 units sold in the same period of 2023.
While the utility vehicle segment thrived, car and van sales dropped, with 0 units sold in February 2024 compared to 137 units in February 2023. YTD sales for cars and vans also saw a sharp decline of 99%, dropping to 13 units from 2,271 units in the period of April-February 2023.
Commercial Vehicle Segment Performance
In the commercial vehicle segment, Mahindra witnessed significant growth in the LCV 3.5T+MHCV category, with sales soaring 167% YoY to 2,900 units in February 2024, up from 1,087 units in February 2023. YTD sales for this category also grew substantially by 178%, totaling 23,797 units in the April-February 2024 period compared to 8,567 units in the same period of 2023. However, sales in the LCV 2T-3.5T category dipped by 8% YoY to 15,779 units in February 2024 from 17,242 units in February 2023, with a YTD de-growth of 1% to 1,78,002 units in the April-February 2024 period.
Other Segments and Exports
Mahindra's 3-wheeler range and goods carriers, including the Treo Plus, Treo Yaari, e-Alfa Super, Zor Grand, Treo Zor, and e-Alfa, saw a 15% YoY growth in February 2024, with total sales reaching 6,158 units, up from 5,350 units in February 2023. YTD sales for these segments grew by 37% to 72,310 units, compared to 52,823 units in the same period last year. However, exports took a hit, declining by 32% YoY to 1,539 units in February 2024 from 2,250 units in February 2023. YTD exports also fell by 23% to 23,090 units in the April-February 2024 period from 29,992 units shipped in the same period last year.
Despite challenges in the export market, Mahindra's strong performance in the PV and CV segments in February 2024 indicates a positive trajectory for the company. With continued product innovation and market strategies Mahindra aims to sustain this growth and further strengthen its position in the automotive industry.