M&M total vehicle sales up 4% in November2 min read . Updated: 01 Dec 2020, 02:10 PM IST
- Driven by the demand for its popular UVs such as Scorpio, Bolero, XUV500 and the newly launched Thar, M&M’s passenger vehicle wholesales stood at 18,212 units, up 24% in November
Mumbai: Mahindra and Mahindra Ltd (M&M) on Tuesday reported a 4% rise in its total vehicle sales to 42,731 units in November amid demand for utility vehicles and light commercial vehicles. The company sold 41,235 units in the year-ago period.
The company continued to see subdued demand for three-wheelers and commercial vehicles bigger than 3.5 ton gross vehicle weight (GVW) in the domestic market.
Driven by the demand for its popular UVs such as Scorpio, Bolero, XUV500 and the newly launched Thar, M&M’s passenger vehicle wholesales stood at 18,212 units, up 24% in November.
It sold 17,971 units in the UV segment, up 27% YoY. However, in the passenger car category, it sold only 241 units, down 49% YoY.
“We are happy to achieve strong double digit growth in SUVs during the month of November, aided by a robust festive demand for all our products. Given strong rural growth and signs of improvement in economic activities, we are hopeful to see this positive momentum continue post the festive season," said Veejay Nakra, chief executive officer, automotive division, M&M.
The company’s wholesales in the 2-3.5-ton LCV category were at 14,799 units, up 9% YoY. In the smaller LCV segment (below 2-ton), it sold 3,755 units against 3,149 units sold a year-ago.
In the three-wheeler category, including electric vehicles, M&M’s wholesales were at 3,854 units, down 42% YoY, in November.
“We have witnessed double-digit growth in the pick-up category. Our small commercial vehicle brands Bolero Pik Up, Supro and Jeeto continue to see strong demand in both rural and urban markets," Nakra said.
M&M’s total vehicle exports in November stood at 1,636 units, down 38% YoY.
In the farm equipment space, the company posted total tractor wholesales of 32,726 units, up 56% YoY.
M&M continued to witness strong demand for tractors in the domestic market, selling 31,619 units in November. As the company continues to operate at a near full capacity, it recorded a 79% jump in its tractor exports for the month. It exported 1,107 units compared to 617 units in November last year.
“The tractor demand continues to be robust fueled by an excellent festive season with retails being strong during Dhanteras and Diwali. Rural sentiments remain positive on account of higher Kharif output and Rabi sowing. Procurement operations for kharif are on full swing, which would keep the rural cash flows healthy," said Hemant Sikka, president, farm equipment sector, M&M.
“The government’s focus on rural growth continues and outlay under Atmanirbhar Bharat 3.0 will provide further fillip to the industry," he added.
M&M shares were trading 1.5% higher at ₹730.90 on the BSE on Tuesday.