Mahindra & Mahindra has wrapped up FY2024 with its best-ever sales: 459,877 units. This constitutes strong 28% year-on-year growth (FY2023: 359,253 units) with the company selling an additional 100,624 units in FY2024. What’s more, the rapid rate of demand for most of its SUVs meant that M&M has doubled its FY2022 sales of 225,895 units in just two years.
With SUVs accounting for over 55% of total passenger vehicle sales in India in the first 11 months of FY2024, M&M clearly made the most of the sustained and surging wave of consumer demand for this vehicle type.
In what is an extremely competitive market for utility vehicles bristling with models and variants aplenty, Mahindra & Mahindra, which has eight SUVs (Bolero, Bolero Neo, Scorpio, Scorpio N, Scorpio Classic, Thar, XUV300, XUV400 and XUV700), has maintained high double-digit YoY growth throughout this fiscal (see data table below).
In FY2024, M&M surpassed 40,000-units monthly sales on five occasions. And it has doubled its sales in just two years.
In March 2024, the company dispatched 40,631 units, up 13% YoY. In the past 12 months, the SUV manufacturer surpassed the 40,000-units mark on five occasions, with the festive month of October 2023 (43,708 units) delivering the highest number.
Five Mahindra models are already in the Top 20 best-selling UVs listing for the April 2023-February 2024 period. The Scorpio is ranked sixth with 126,311 units, Bolero is No. 10 (100,494 units), flagship XUV700 No. 13 (72,787 units), Thar at No. 17 (58,430 units) and the XUV300 at 18th position with 51,890 units. Their total FY2024 will swell even more when model-wise March 2024 dispatches are added.
Production ramped up to meet huge demand
Given the strong demand for its SUV range, Mahindra & Mahindra is putting its shoulder to the production wheel. As per the company, as of February 1, 2024, it had around 226,000 open bookings for its SUVs comprising the flagship XUV700, Scorpio N and Scorpio Classic, Thar, Bolero and Bolero Neo, XUV300 and the all-electric XUV400.
At the time, the two Scorpios accounted for the maximum number of bookings – 101,000 units or 45% of total bookings. They are followed by the Thar (71,000 bookings), XUV700 (35,000 bookings), the two Boleros (10,000 bookings). The XUV300 and XUV400 together accounted for 8,800 bookings.
Having ramped up production volumes at its factories to 49,000 units per month or 600,000 units per annum, the number of bookings should have reduced two months down the line.