M&M auto sales rise 21% to 70,576 units in November; tractor sales up 6% YoY | Mint
Active Stocks
Tue Feb 27 2024 15:57:55
  1. State Bank Of India share price
  2. 749.70 -1.23%
  1. Tata Steel share price
  2. 144.15 1.09%
  1. Power Grid Corporation Of India share price
  2. 292.50 1.65%
  1. Sun Pharmaceutical Industries share price
  2. 1,579.10 1.42%
  1. ITC share price
  2. 411.15 0.48%
Business News/ Companies / News/  M&M auto sales rise 21% to 70,576 units in November; tractor sales up 6% YoY
BackBack

M&M auto sales rise 21% to 70,576 units in November; tractor sales up 6% YoY

M&M's passenger vehicle sales increased by 32% to 39,981 units, while commercial vehicle sales stood at 22,211 units.

Overall exports of M&M in November declined 42% to 1,816 units from 3,122 units, YoY. (Photo: M&M )Premium
Overall exports of M&M in November declined 42% to 1,816 units from 3,122 units, YoY. (Photo: M&M )

Mahindra & Mahindra Ltd, (M&M), the automotive major, reported total auto sales at 70,576 vehicles for the month of November 2023, a growth of 21% from 58,303 units in the same month last year.

M&M’s total passenger vehicle sales during the month increased 32% to 39,981 units from 30,392, YoY.

In the Utility Vehicles segment, M&M sold 39,981 vehicles in the domestic market, a growth of 32% and overall, 40,764 vehicles, including exports. 

Also Read: JSW Group to own 35% stake in JV with SAIC Motor

The domestic sales for Commercial Vehicles stood at 22,211, M&M said in a release.

Overall exports of the company in November declined 42% to 1,816 units from 3,122 units, YoY.

“We continue our growth trend, backed by strong demand for our SUV portfolio. In November, we sold a total of 39,981 units, a growth of 32%. While we saw a healthy festive season, we faced supply challenges on select parts during the month. We are keeping a close watch and taking appropriate steps to mitigate the challenges," said Veejay Nakra, President, Automotive Division, M&M Ltd.

(Exciting news! Mint is now on WhatsApp Channels :rocket: Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!)

Meanwhile, M&M’s Farm Equipment Sector (FES) reported a 5% rise in total tractor sales at 32,074 units as against 30,528 tractors sold in November 2022.

Domestic tractor sales last month were at 31,069 units, up 6% from 29,180 units, YoY. Tractor exports for the month declined 25% to 1,005 units from 1,348 units, YoY. 

Also Read: Shriram founder bats for paradigm sift in business

“The festive season saw high demand pull in the domestic market, supported by Kharif harvest realisations, with retails being strong during Dhanteras and Diwali. Terms of trade continue to be favourable for farmers; while rural spending by the Government and progress in Rabi sowing are the factors to watch out for," said Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd.

At 10:30 am, M&M shares were trading 0.19% higher at 1,650.65 apiece on the BSE.

Catch Live Market Updates here

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 01 Dec 2023, 10:32 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App