M&M auto sales in October up 32% to 80,679 units; tractor sales drop 3% YoY
Mahindra & Mahindra Ltd (M&M), the automobile major, on Wednesday reported total auto sales for the month of October 2023 at 80,679 vehicles, a growth of 32% from 61,114 units in the same month last year. M&M’s domestic passenger vehicle (PV) sales in October 2023 rose 35% to 43,708 units from 32,298 units in October 2022.
In the Utility Vehicles segment, M&M recorded the highest sales for the fourth consecutive month. In October, the company sold 43,708 vehicles in the domestic market, a growth of 36% and overall, 44,264 vehicles, including exports.
Also Read: L&T share price rises after strong Q2 results; brokerages raise target price on stock The domestic sales for Commercial Vehicles stood at 25,715 units, also the highest-ever. The company’s total exports during the month declined 33% to 1,854 vehicles from 2,755 vehicles, YoY.
“While the strong festive demand should see us continue our growth momentum in November, we will keep a close watch of select supply related challenges," said Veejay Nakra, President, Automotive Division, M&M. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) In the Farm Equipment Sector, M&M’s total tractor sales during October 2023 dropped 3% to 50,460 units, as against 51,994 units for the same period last year.
Domestic tractor sales last month fell 2% YoY to 49,336 units, while exports of tractors for the month decreased 23% YoY to 1,124 units. “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
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