Mahindra & Mahindra continues to sustain a strong demand momentum for its brand and is garnering an average of 51,000 units booking every month over the last few months.
Speaking to media post Q2 FY-24 earnings call, Rajesh Jejurikar, ED and CEO of Auto and Farm business at Mahindra & Mahindra said that the company is sitting on an order book of 2.86 lakh units at the beginning of 1st of November and the cancellation rate continues to remain in single digits at 8 percent.
The company currently has an open booking of 10,000 units of XUV300 and XUV 400, 70,000 units of XUV 700, 76,000 units of Thar, 11,000 units of Bolero and 1,19,000 bookings of Scorpio N including Classic.
The company’s average billing has been to the tune of 38,000 units with the ramp up in production for all its key models XUV 700, Thar and Scorpio.
Jejurikar stated that the company is keen on delivering more cars in the future and will look to bring down the waiting period.
During the July to September of 2023, Mahindra & Mahindra sold 1,14,742 SUVs – which is more than double the volume it used to do a couple of years ago. The company has been the number 2 SUV maker in terms of volumes for 5 quarters in a row and number 1 SUV maker in terms of revenues for 4-out of last quarters.
The revenue market share for the company in the SUV space further increased by 90 basis points to 19.9 percent at the end of September.
Jejurikar said the company is confident of holding on to revenue leadership in the SUV space.
To sustain the product excitement, Jejurikar stated that the company will be coming out with an updated version of XUV 400 with an improved interiors and the company is well on track with it BEV plans on the Inglo platform, with the first model scheduled to be launched in December of 2024.