Strong sales growth for Mahindra & Mahindra, TVS Motor Company: A positive sign for the Indian automotive industry

The Indian automotive market is on a roll, with Mahindra & Mahindra and TVS Motor Company leading the charge. Mahindra's total sales increased by 9 per cent, while TVS saw a 13 per cent growth. Both companies saw significant increases in passenger vehicles, two-wheelers, and electric vehicles.

Mahindra & Mahindra announced a 9 per cent year-on-year increase in total wholesales, reaching 76,755 units in August. The company’s dispatches to dealers stood at 70,350 units for the month. Passenger vehicle sales in the domestic market saw a significant 16 per cent rise, with 43,277 units sold compared to 37,270 units in August of the previous year. The company's exports also grew by 26 per cent, with 3,060 units shipped compared to 2,423 units in August 2023. Additionally, Mahindra's total tractor sales in August reached 21,917 units.

Meanwhile, TVS Motor Company also reported impressive numbers for August 2024, with total sales reaching 391,588 units, marking a 13 per cent growth compared to the same month last year when the company sold 345,848 units.

In the two-wheeler segment, TVS registered a 14 per cent growth, with sales rising from 332,110 units in August 2023 to 378,841 units in August 2024. Domestic two-wheeler sales increased by 13 per cent, reaching 289,073 units, up from 256,619 units last year. Motorcycle sales grew by 11 per cent, with 170,486 units sold, while scooter sales jumped by 15 per cent, reaching 163,629 units.

TVS's electric vehicle (EV) sales also showed progress, with a 4 per cent increase, totaling 24,779 units compared to 23,887 units in August 2023. The company's international business saw a robust 14 per cent growth in exports, with 99,976 units sold, including a 19 per cent increase in two-wheeler exports, totalling 89,768 units. However, the three-wheeler segment saw a slight decline, with 12,747 units sold, down from 13,738 units in August 2023.

TVS Motor Company continues to leverage its strong global presence and sustainable mobility initiatives, reinforcing its position as a leading player in the industry. Both companies' robust performances in August 2024 highlight their ongoing commitment to innovation and customer satisfaction in the competitive automotive market.

(With inputs from agencies)