By Priya Singh
4671 Views
Updated On: 01-Apr-2024 11:32 AM
Mahindra, a leading commercial vehicle manufacturer, witnessed a 6.33% decline in domestic CV sales.
Key Highlights:
• Mahindra's domestic CV sales decreased by 6.33%.
• LCV<2T: Recorded a growth of 19%.
• LCV 2 T–3.5 T: Experienced a 22% decline.
• LCV > 3.5T + MHCV: Impressive growth of 126%.
• 3 Wheelers: Including electric 3Ws, Experienced a 7% decline.
Mahindra & Mahindra, one of the country's leading automotive manufacturers, has released its commercial vehicle sales report for March 2024. Mahindra witnessed a 6.33% decline in domestic CV sales. The figures drop from 27,979 units in March 2023 to 26,209 units in March 2024.
Mahindra is a market leader in the commercial vehicle segment, with decades of experience. Mahindra has a solid reputation in both India and the international market. Furthermore, the brand has always received positive responses from other countries and has a strong presence in over 100 countries.
From small utility vehicles to heavy-duty trucks, Mahindra offers a wide range of options to their wider customer base. The Mahindra Group is well-known in agriculture, tourism, real estate, logistics, and alternative energy. Let’s take a look at Mahindra’s Truck Sales statistics for March 2024:
Category-wise Sales Breakdown
Category | FY24 | FY23 | % Change |
LCV 2T | 4,012 | 3,385 | 19% |
LCV 2T-3.5T | 13,601 | 17,428 | -22% |
LCV 3.5T + MHCV | 3,317 | 1,469 | 126% |
Three-Wheeler | 5,279 | 5,697 | -7% |
Total | 26,209 | 27,979 | -6.33% |
LCV<2T: 19% Growth
The LCV <2T category recorded a significant growth of 19%, with sales reaching 4,012 units in March 2024 compared to 3,385 units in the same month last year.
LCV 2 T–3.5 T: 22% Decline
Mahindra's LCV 2T–3.5T category experienced a 22% decline, closing March 2024 with 13,601 units, down from 17,428 units in March 2023.
LCV > 3.5T + MHCV: 126% Growth
The LCV > 3.5T + MHCV category experienced an impressive growth of 126%, selling 3,317 CVs in March 2024, compared to 1,469 units in March 2023.
3 Wheelers (Including Electric 3Ws): 7% Decline
The three-wheelers category, including electric three-wheelers, saw a decrease in sales. The three-wheeler segment sold 5,279 units in March 2024, compared to 5,697 units in March 2023, representing a 7% decline in sales.
Category | FY 24 | FY23 | % Change |
Total Exports | 1,573 | 2,115 | -26% |
Mahindra, a globally renowned CV maker present in 100+ countries, reported a decline in Export CV Sales in March 2024. The sales count dropped to 1,573 units, representing a significant 26% decrease from 2,115 units in March 2023.
Also Read: Mahindra's commercial vehicle sales increase by 10.65% in February 2024.
According to Veejay Nakra, President of M&M Ltd.'s Automotive Division, "We ended the financial year F24 on a positive note with Mahindra PikUps crossing 2 lakh units during the year, which is the highest ever for any commercial vehicle in the load segment in India. In March, we sold a total of 40,631 SUVs, with a growth of 13% and 68,413 total vehicles, a 4% growth over last year.”
CMV360 Says
In March 2024, Mahindra & Mahindra saw a small dip of 6.33% in domestic commercial vehicle sales. Despite this, they showed growth in certain areas, proving their ability to adjust to changing market trends with their diverse range of products.
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