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Business News/ Companies / News/  M&M auto sales in December rise 6% YoY to 60,188 units; tractor sales drop 18%
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M&M auto sales in December rise 6% YoY to 60,188 units; tractor sales drop 18%

M&M’s total domestic Passenger Vehicles (PV) sales in December 2023 rose 24% to 35,174 units from 28,445 units in December 2022.

M&M sold 35,171 units of Utility Vehicles in the domestic market, a growth of 24% YoY. (Photo: Mahindra & Mahindra)Premium
M&M sold 35,171 units of Utility Vehicles in the domestic market, a growth of 24% YoY. (Photo: Mahindra & Mahindra)

Mahindra & Mahindra (M&M), the automobile major, on Monday reported a 6% year-on-year (YoY) rise in its total auto sales for the month of December 2023 at 60,188 vehicles. The company’s auto sales in December 2022 was 56,677 units.

Its total exports for the month declined 41% to 1,819 units from 3,100 units, YoY.

M&M’s total domestic Passenger Vehicles (PV) sales in December 2023 rose 24% to 35,174 units from 28,445 units in December 2022.

Also Read: Bajaj Auto December sales grow 16% YoY to 3.26 lakh units; two-wheeler sales up 15%

In the Utility Vehicles segment, M&M sold 35,171 vehicles in the domestic market, a growth of 24% and overall, 36,349 vehicles, including exports. 

The domestic sales for Commercial Vehicles (CV) stood at 17,888. 

“In December, we sold a total of 35,171 SUVs, a healthy growth of 24% over last year. We continued to face some supply challenges on select parts. We are working closely with our suppliers to mitigate these challenges going forward," said Veejay Nakra, President, Automotive Division, M&M Ltd.

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M&M’s Farm Equipment Sector (FES) reported total tractor sales during December 2023 at 19,138 units, a drop of 18% as against 23,243 units for the same period last year. 

Domestic tractor sales fell 17% to 18,028 units from 21,640 units, while exports declined 31% to 1,110 units from 1,603 units, YoY.

Also Read: Zomato rings in record New Year's Eve, delivering almost as much as combined orders of NYE 15, 16, 17, 18, 19, 20

“Retail momentum slowed down on account of tapering of agricultural activities, which is the norm in the month of December. Announcement of higher horticulture production and continued Government support to the agri sector are expected to support tractor demand," said Hemant Sikka, President – Farm Equipment Sector, M&M.

At 11:35 am, M&M shares were trading 1.28% lower at 1,704.00 apiece on the BSE.

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Published: 01 Jan 2024, 11:38 AM IST
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