Mahindra Scorpio-N, XUV700 boost sales, carmaker records 56 percent growth in November

Mahindra & Mahindra stated on Thursday that domestic passenger vehicle sales increased by 56 percent to 30,392 units in November 2022. In the same month last year, the business sold 19,458 units, according to M&M's regulatory filing. Sales of utility vehicles increased by 56 percent to 30,238 units from 19,384 units in the same month last year. In comparison to 74 units sold in the same month last year, 154 units of automobiles and vans were sold this month. 

M&M President of the Automotive Division, Veejay Nakra, said the growth in November sales was on the back of robust demand across the company's product portfolio. "The supply chain situation continues to be dynamic due to continuing international disruptions. We are keeping a close watch and are taking appropriate steps," he added.

Also read: Maruti Suzuki retains top-spot, sells over 1.50 lakh units in India: WagonR, Swift, Alto, Ertiga

M&M said its total commercial vehicle sales were at 19,591 units last month. The company added that total tractor sales grew 10 percent at 30,528 units against 27,681 units in the year-ago month. Domestic tractor sales were at 29,180 units as compared to 26,094 units in November last year, a growth of 12 percent.

"Demand continued to remain strong in the post-festival period on account of brisk sowing of rabi crops, fuelled by high moisture content in the soil and healthy reservoir levels, and is expected to beat last year's record sowing of 70 million hectares," M&M President - Farm Equipment Sector, Hemant Sikka said.

On the outlook, he said, "Procurement of Kharif crop has progressed well, bringing liquidity in the hands of farmers, and this augurs very well for the tractor industry's growth." However, exports were down 15 percent at 1,348 units against 1,587 units in the same month last year.

Meanwhile, Tata Motors sold 75,478 units in November 2022, registering a growth of 21 percent growth in overall year-on-year sales compared to 62,192 units sold in the same month last year. Whereas Maruti Suzuki leads the sales chart with sales of 1,59,044 units in November, with a growth of 18 percent in year-on-year sales.

With inputs from PTI