Auto Sales 2024: Mahindra Reports 13.77% Growth In Q4 FY24

Mahindra & Mahindra reported solid growth across multiple businesses in FY24 with the auto business growing by 2.5x. In Q4 FY24, the homegrown carmaker sold 2,15,280 units compared to 1,89,227 units sold in the same period last year, reporting a growth of 13.77 per cent backed by its strong SUV portfolio that includes the Mahindra XUV700, Mahindra Thar, Mahindra Scorpio-N, and even the newly launched Mahindra XUV 3XO which received 50,000 bookings within an hour of opening its bookings. The deliveries for the Mahindra XUV 3XO begins from May 25.

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Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd. said, “We demonstrated stellar performance across Auto & Farm segments in FY24. We continue to be #1 SUV player by revenue and gained 3.5 per cent market share in LCVs < 3.5T category.”

In FY24, Mahindra reported total sales of 8,24,939 units, compared to 6,98,456 units sold in FY23, a growth of 18.11 per cent. The company also shared that it managed to secure 20.4 per cent of the SUV segment backed by strong sales from its key products with volumes increased by 14 per cent. Mahindra SUVs showed robust sales, securing its highest ever sales at 126,000 units sold in Q4 FY24. As of now, the company has 2.2 lakh open bookings, that includes 50,000 of the XUV 3XO, 59,000 of the Thar, 16,000 of XUV700, 10,000 of the Bolero, and 86,000 of the Scorpio-N including the Scorpio Classic.

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Mahindra has also announced its strong intent for the future with a plan till 2030, especially in the auto sector with a total investment of ₹27,000 crore in phases across its ICE and EV business. The company has a key focus on its petrol and diesel vehicles with ₹14,000 crore earmarked, while the EV business will receive 12,000 crore to further strengthen its product portfolio. From this, the company intends to introduce 9 ICE vehicles and 7 EVs as well as 7 LCVs. Although unconfirmed, we expect Mahindra to introduce all-new products under the new strategy.