M&M total auto sales up 6% in Dec 2023

Mahindra & Mahindra Ltd on Monday reported a 6 per cent growth in total automotive sales at 60,188 units in December 2023, as compared to the same month a year ago.

Passenger vehicles sales last month stood at 35,174 units, as against 28,445 units in December 2022, up 24 per cent, Mahindra & Mahindra (M&M) said in a regulatory filing.

Sales of utility vehicles also grew by 24 per cent at 35,171 units in December 2023, as against 28,333 units in the corresponding month a year ago, it added.

"We continued to face some supply challenges on select parts. We are working closely with our suppliers to mitigate these challenges going forward," M&M President, Automotive Division Veejay Nakra said.

Total automotive exports were down 41 per cent at 1,819 units last month, as compared to 3,100 units in December 2022, the company said.

M&M further said its total tractor sales were down 18 per cent at 19,138 units last month, as compared to 23,243 units in the year-ago period.

Domestic tractors sales were down 17 per cent at 18,028 units as compared to 21,640 units in December 2022.

"Retail momentum slowed down on account of tapering of agricultural activities, which is the norm in the month of December. Announcement of higher horticulture production and continued government support to the agri sector are expected to support tractor demand," M&M President Farm Equipment Sector Hemant Sikka said.

Tractor exports were also lower by 31 per cent at 1,110 units as against 1,603 units in the same month a year ago, the company said.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.