Mahindra & Mahindra's best-selling SUV in India right now is the Scorpio-N, the industry has maintained its position as the country's largest SUV manufacturer raised by the success of its diverse lineup of Sports Utility Vehicles (SUVs). In its recently released third-quarter results Mahindra reported a substantial surge in SUV sales driven firstly by robust demand during the festive season. The Scorpio-N, a model under the Scorpio brand appeared as the top-selling SUV in India contributing significantly to Mahindra's overall performance in the segment.
Solid Performance
Despite facing a decline in tractor sales, Mahindra's SUV segment experienced remarkable growth with a 30% increase in profit on assets during the third quarter. The Scorpio brand comprising models like the Scorpio-N and Scorpio Classic played a critical role in driving Mahindra's comeback in the competitive SUV market.
Market Share Growth
Mahindra and Mahindra reported a separate profit after tax of RS 2,454 crore for the October to December quarter reflecting a substantial 60.6% increase compared to the corresponding period in the previous year. While the company slightly missed the analyst estimates it showcased robust financial performance driven by strong SUV sales. Mahindra attributed its success and growing market share which reached 21% in the SUV segment to the popularity and appeal of its utility vehicles. Anish Shah Managing Director and CEO at Mahindra and Mahindra highlights the solid operating performance of the company's automotive division highlighting the significant growth in market share and profitability.
Strong Requirement for Scorpio SUVs
The Scorpio-N and Scorpio Classic models continue to experience remarkable demand with over one lakh pending bookings despite being on the market for nearly two years. These SUVs consistently collect around 16,000 unit bookings monthly underscoring their continuing popularity among consumers. Additionally, the Mahindra Bolero and Bolero Neo SUVs have secured over 11,000 bookings monthly while the XUV300 and XUV400 electric SUVs register approximately 9,000 bookings each month. The XUV700 SUV with around 7,000 bookings monthly further contributes to Mahindra's impressive sales figures reflecting strong consumer confidence in the brand offerings.
Significant Pending Bookings
Mahindra and Mahindra SUV collection boasts over 2.26 lakh pending bookings firstly driven by the high demand for models like Scorpio and Thar. Despite the high demand the cancellation rate for bookings stands at approximately 10% indicating sustained interest and market confidence in the Mahindra SUV offerings. These figures underscore Mahindra's superior position in India's SUV market supported by a compelling product lineup, innovative design and fixed customer loyalty.
Mahindra's ability to stay as India's biggest SUV maker shows how dedicated they are to making great SUVs that people like. With its strategic focus on innovation, customer-centricity, and operational excellence, Mahindra continues to set new standards in the automotive industry confirming its position as a formidable force in India's quickly evolving SUV segment. As the company models ahead its continuous activity of excellence and customer satisfaction remains at the forefront driving sustainable growth and supporting success in the dynamic automotive landscape.