Mahindra posts 31% growth in vehicle sales during March 2023

Mumbai: Mahindra and Mahindra on Monday announced a 31 per cent growth in its auto sales for March 2023 with 35,976 units.

The company said it clocked the highest-ever annual sales of its sports utility vehicles (SUVs) at 3,56,961 units, with a 60 per cent growth.
In the passenger vehicle segment which includes utility vehicles, cars and vans, the company sold 35,997 units in March 2023, which is a growth of 30 per cent, and recorded an annual sale of 3,59,253 vehicles with a 59 per cent growth.

Veejay Nakra, President, Automotive Division, M&M, said, “We are delighted to close the year with a growth of 50 per cent for the auto sector on annual basis and the highest ever numbers, in almost all segments of the business. Our SUV business recorded all-time high numbers, with a growth of 31 per cent in March 2023, while it recorded a 60 per cent overall growth in FY23, on the back of good demand across the portfolio.”

Nakra said the pick-up segment recorded the highest-ever annual volume with a strong 43 per cent growth, consolidating its leadership position.

He added, “We would like to thank our associates, dealers, partners, suppliers, and customers, who have made this a remarkable year.”

The commercial vehicle segment recorded a sale of 22,282 vehicles in March 2023 with a 12 per cent growth, and an annual sale of 248,576 vehicles with a 40 per cent growth.

The light commercial vehicle (LCV) segment recorded its highest-ever annual sales of 1,98,121 units in the financial year 2022-23 (FY23). Mahindra truck and bus division also registered good performance with 1,469 units in March 2023 with a 77 per cent growth and an annual sale of 10,036 units with a 56 per cent growth.

Exports for March were at 2,115 vehicles, and the company sold 5,697 units of three-wheelers in March 2023.