Mahindra Records Decline in Domestic CV Sales – 23,306 Units Sold in July 2024

Key Highlights

• Domestic CV sales dropped 14.88% YoY to 23,306 units.
• LCV > 3.5T + MHCV segment grew 77%.
• 3-wheeler sales fell by 45%.
• Export sales decreased by 40% to 1,515 units.

Mahindra & Mahindra, a leading manufacturer of commercial vehicles, experienced mixed results in its sales performance for July 2024. Despite a notable increase in the heavier segments of their commercial vehicle market, the company faced significant challenges in both domestic and export sales.

Mahindra Sales Figures July 2024 - YoY Comparison

The overall performance indicated a 40% drop in export commercial vehicle (CV) sales and a 14.88% decline in domestic sales compared to the previous year.

Domestic Sales Summary (July 2024):

Detailed Analysis of Sales Data

LCV < 2T

In July 2024, this category registered sales of 3,036 units, compared to 3,400 units in July 2023, marking an 11% decline in sales.

LCV 2T – 3.5T

This segment closed in July 2024 with 13,541 units sold, down from 15,723 units in the same month last year, resulting in a 14% loss.

LCV > 3.5T + MHCV

Despite the overall decline, this segment experienced significant growth. Sales surged by 77%, with 3,136 units sold in July 2024 compared to 1,775 units in July 2023.

3 Wheelers (Including Electric 3Ws)

The 3-wheeler category, including electric 3-wheelers, saw a substantial decrease in sales. In July 2024, 3,593 units were sold, down from 6,481 units in July 2023, resulting in a 45% decline.

Export Sales Performance

In the global market, Mahindra & Mahindra's export sales experienced a significant drop. The sales volume decreased to 1,515 units in July 2024 from 2,540 units in July 2023, representing a 40% decline.

Also Read: Ashok Leyland's Total CV Sales Declined in July 2024, Sold 11,914 Units

CMV360 Says

Despite the challenges, Mahindra & Mahindra continues to be a key player in the commercial vehicle market worldwide, maintaining a strong presence in over 100 countries. The company remains committed to addressing market dynamics and leveraging growth opportunities, particularly in the heavier segments of its commercial vehicle lineup.