Mahindra SUV sales jump 16% but tractor sales muted in November

Mahindra and Mahindra’s overall sales jumped 12% to 79,083 units in November 2024 compared to the same month last year, the firm said on December 2. The rise in sales in Mahindra’s Auto (passenger vehicles and commercial vehicles) was in line with CNBC-TV18’s poll of analysts.
M&M sold 46,222 SUVs in the domestic market, 16% higher than the same month last year. Overall sales, including exports, came in at 47,294 vehicles. The domestic sales for commercial vehicles stood at 22,042. Mahindra Auto’s exports in November saw a 52% jump to 2,776 units.

Giving details about the company’s recently launched electric-origin SUVs – the BE6e and XEV9e, Veejay Nakra, President, Automotive Division, M&M, said: “The go-to market for these Electric Origin SUVs will start in a phased manner in the later part of January 2025. Deliveries will commence towards the end of February or early March 2025.”

Meanwhile, Mahindra’s Farm Equipment Sector recorded monthly domestic sales of 31,746 units, as against 31,069 units during November 2023, an increase of 2%, which is in line with poll projections.

Total tractor sales, including domestic and exports, during November were at 33,378 units, as against 32,074 units for the same period last year with exports for the month at 1,632 units, a growth of 62% over last year, according to the company’s statement.

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Hemant Sikka, President – Farm Equipment Sector, M&M explained that the marginal decline in the industry is due to a shift in the festive season of Diwali and Dhanteras as compared to the previous year.

“With very good reservoir levels and higher MSP for key Rabi crops, farmer’s sentiments are positive and cash flows are healthy. Good progress in Rabi sowing and a good Rabi crop is expected to boost tractor demand further in the coming months.”

Following the monthly sales data release, M&M shares traded nearly half a percent higher at ₹2981.90 on BSE at 10:14 am.