For the first time in over half a decade, Mahindra & Mahindra has surpassed its domestic competitor, Tata Motors, driven by robust demand for its SUVs in September 2024. Mahindra reported sales of 51,062 units, marking a significant 24% year-on-year increase (compared to 41,267 units in September 2023), with 1,528 of those units exported overseas.
In contrast, Tata Motors’ sales for September stood at 41,063 units, reflecting an 8% decline from the 44,809 units sold during the same period last year. This allowed Mahindra to claim the third position in the passenger vehicle (PV) segment, overtaking Tata Motors by a margin of nearly 10,000 units. Maruti Suzuki maintained its dominant lead with 144,962 units sold, followed by Hyundai Motor India with 51,101 units.
Mahindra’s success was largely fueled by the popularity of models like the Bolero, Scorpio-N, and XUV700. Additionally, the refreshed XUV300 has significantly boosted the company’s sales in recent months.
Tata Motors, on the other hand, faced challenges with slower customer demand and seasonal factors contributing to its sales dip. According to Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, the overall PV market saw a retail decline of over 5% in Q2 FY25 compared to Q2 FY24. While the industry saw increased offtake in anticipation of a strong festive season, it led to an accumulation of channel stock. Chandra noted that registrations picked up toward the end of September, which bodes well for the upcoming festive period.
To manage inventory levels, Tata Motors adjusted its wholesales in line with the lower retail demand. Despite the shortfall, the company remains optimistic about future sales, citing strong customer interest in its newly launched Curvv SUV. Tata has also updated its popular Punch model, introduced a new CNG variant for the Nexon, and enhanced the Nexon EV with a larger battery pack, all of which are expected to contribute positively to its sales in the coming months.
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