M&M Tractor sales slide 2% YoY, totaling 49,336 units in October
Domestic sales showed a 2% year-on-year decline, with 49,336 units sold in the last month.
Mahindra & Mahindra announced a substantial increase in its total wholesale numbers for October, marking a 32% year-on-year surge to 80,679 units. This remarkable figure represents the highest monthly dispatches the Mumbai-based automotive giant has ever achieved.
In October 2022, the company had delivered 61,114 units to its dealers, highlighting a significant upturn in the latest performance. Mahindra & Mahindra proudly reported that it achieved its best-ever monthly sales for both sports utility vehicles and commercial vehicles during the month of October.
Specifically, the dispatches of utility vehicles experienced a remarkable 36% year-on-year growth, reaching 43,708 units, compared to 32,226 units in the same period last year.
However, the company's exports saw a decline of 33%, falling to 1,854 units in the past month from 2,755 units in October 2022.
Veejay Nakra, the President of M&M's Automotive Division, expressed, "Both SUVs and CVs individually achieved their highest-ever volumes for the third consecutive month at 43,708 and 25,715 vehicles, respectively. While the strong festive demand should see us continue our growth momentum in November, we will keep a close watch on select supply-related challenges."
In contrast, the company's tractor wholesales experienced a slight 3% year-on-year dip, amounting to 51,994 units in October, compared to the 50,460 units dispatched in October 2022.
Domestic sales showed a 2% year-on-year decline, with 49,336 units sold in the last month, while exports witnessed a 23% drop to 1,124 units from 1,455 units a year ago.
Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said “We have sold 49,336 tractors in the domestic market during October 2023. Higher aggregate kharif production, higher MSP for key Rabi crops and government’s continued support to the agri economy in H2 of this year, are leading to positive sentiments among farmers during the on-going festive season, supporting tractor demand. In the exports market, we have sold 1,124 tractors.”
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