M&M auto sales in August rises 19% YoY to 70,350 units; tractor sales up 1%

livemint.com:

SUV brands continue to be strong, we are keeping a close watch on the availability of semi-conductors and select parts, for sustained and smooth scaleup," said Veejay Nakra, President, Automotive Division, M&M. Overall exports in August 2023 declined 17% to 2,423 units from 2,912 units in August 2022. Also Read: Bajaj Auto August sales drop 15% YoY to 3.41 lakh units dragged by weak two-wheeler dispatches M&M’s Farm Equipment Sector (FES), reported a marginal 1% rise in total tractor sales for August 2023 at 21,676 units.

The company sold 21,520 tractors in August last year. Domestic tractor sales during the month rose 3% to 20,647 units as against 20,138 units, YoY, while exports of tractors declined 26% YoY to 1,029 units. “Despite a 9% monsoon deficit at the end of August, Kharif sowing is largely on track and has shown an improvement over last year for all key crops except pulses.

Terms of trade continue to be favourable for the farmer, with inputs inflation cooling off and crop prices holding firm. With the upcoming festive season, we expect tractor demand to grow in the coming months," said Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. On Friday, M&M share price hit a 52-week high of ₹1,604.55 apiece on the BSE.