Mahindra Auto sells 43,218 SUVs, a 31% growth, in May 2024
Veejay Nakra, President, Automotive Division, M&M Ltd., said “We sold a total of 43,218 SUVs in May, a growth of 31% and 71,682 total vehicles, a 17% growth over last year."
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Mahindra & Mahindra Ltd. (M&M Ltd.), one of India’s leading automotive companies, today announced that its overall auto sales for the month of May 2024 stood at 71,682 vehicles, a growth of 17%, including exports.
In the Utility Vehicles segment, Mahindra sold 43,218 vehicles in the domestic market, a growth of 31% and overall, 44,283 vehicles, including exports. The domestic sales for Commercial Vehicles stood at 19,826.
According to Veejay Nakra, President, Automotive Division, M&M Ltd., “We sold a total of 43,218 SUVs in May, a growth of 31% and 71,682 total vehicles, a 17% growth over last year. As we opened bookings on 15th May, we were delighted to receive an overwhelming response for the XUV3XO. Within the first hour of opening bookings, we hit the 50000 mark. The belief that our customers have shown on us reiterate the strong disruptive proposition of XUV3XO. We have started deliveries from 26th May.”
Mahindra & Mahindra Ltd said on May 16 it will invest Rs 12,000 crore in its electric vehicle (EV) unit, Mahindra Electric Automobile, over a period of three years up to March 31, 2027.
Mahindra Electric Automobile Limited, a subsidiary of M&M, has been incorporated on October 25, 2022 in India. Total Income of MEAL for the year ended March 31, 2024 was Rs 56.96 crores.
Networth of MEAL as on March 31, 2024 stood at Rs 3,207.14 crore. The revenue from operations of MEAL for FY24 was nil.
"The investment will accelerate the growth of 4 (Four) Wheel Passenger Electric Vehicles Business and to get growth capital to fund the said business. MEAL will significantly leverage the manufacturing capabilities and product development of M&M as also its ecosystem of suppliers, dealers and financiers. The funds infused by M&M will be utilised by MEAL primarily to create and market a world-class Electric SUV portfolio with advanced technologies. The investment will help M&M to leverage their focus and expertise in ESG and climate change," said M&M.
