Mahindra Bolsters 11 Per Cent YoY Increase In Sales With Strong SUV Demand

Mahindra & Mahindra Ltd. (M&M Ltd.), one of India's leading automotive companies, has announced that its overall auto sales for the month of June 2024 stood at 69,397 vehicles, a growth of 11%, including exports.

In the Utility Vehicles segment, Mahindra sold 40,022 vehicles in the domestic market, a growth of 23% and overall, 40,644 vehicles, including exports. The domestic sales for Commercial Vehicles stood at 20,594.

According to Veejay Nakra, President, Automotive Division, M&M Ltd., "We sold a total of 40,022 SUVs in June, a growth of 23% and 69,397 total vehicles, a 11% growth over last year. June has been a momentous month, as we rolled out the 200,000th XUV700 from our facility. We also celebrated 25 years of Bolero Pik-Ups, a category creator and a market leader in the LCV segment."

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Also, in a recent interaction with PTI, Mahindra Group MD and CEO Anish Shah said the company is looking at a 2030 timeframe for the possible listing of its electric vehicle arm Mahindra Electric Automobile Ltd (MEAL).

"One area that we continue to look at more closely is cell manufacturing and that is something where there are various considerations... if we feel it's essential for us, we will look at a partnership for cell manufacturing," he stated.

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He further said, "We will look at a global technology partner, and potentially at private equity partners as well because we will not put the entire capital. The initiative, if it materialises, would enable local production of battery cells in India."