Mahindra & Mahindra Reports 21% Year-on-Year Increase in November Wholesales
Mumbai-based automaker Mahindra & Mahindra has announced that its total wholesales for the month of November increased 21% compared to the same period last year, reaching 70,576 units. This is up from 58,303 units in November 2022. The company stated that utility vehicle dispatches also saw a significant rise, reaching 39,981 units, representing a 32% increase from the year-ago period.
Despite the increase in overall wholesales, exports for the month of November declined 42% to 1,816 units, down from 3,122 units in November 2022.
Veejay Nakra, President of Automotive Division at M&M, commented on the company’s growth trend, attributing it to the strong demand for their SUV portfolio. He also acknowledged supply challenges faced during the month and reassured that steps are being taken to mitigate these challenges.
Furthermore, M&M reported that tractor wholesales stood at 32,074 units for November, compared to 30,528 units in the same period last year. However, tractor exports declined to 1,005 units from 1,348 units in November 2022.
Hemant Sikka, President of the Farm Equipment Sector at M&M, highlighted the high demand during the festive season, supported Kharif harvest realizations, and strong retails during Dhanteras and Diwali. He also noted that terms of trade continue to be favorable for farmers, and emphasized the factors to watch out for, including rural spending the government and progress in Rabi sowing.
In related news, M&M’s performance in the automotive sector during November is aligned with the overall trends in the Indian auto market. As the year comes to a close, car and SUV prices are set to rise in January, prompting consumers to consider their purchase decisions for the rest of the year.
Additionally, the PC market in India has experienced a surge, with shipments reaching 4.5 million devices in Q3 2023 amidst talks of import restrictions. These developments reflect the evolving landscape of the automotive and technology sectors in India.