Mahindra continues to enjoy a strong demand for its brand and is garnering an average of 51,000 units booking every month over the last few months.
Speaking to the media post Q2 FY24 (April 2023-March 2024) earnings call, Rajesh Jejurikar, ED and CEO of Auto and Farm business at Mahindra & Mahindra, said that the company is sitting on an order book of 2.86 lakh units as of November 1, and the cancellation rate continues to remain in single digits – 8 percent.
The company currently has a backlog of 10,000 bookings for the XUV300 and XUV400, 70,000 for the XUV700, 76,000 units for the Thar, 11,000 units of the Bolero and 1,19,000 for the Scorpio (both N and Classic). The company has ramped up production for all its key models, including the XUV700, Thar and Scorpio. Jejurikar stated that the company is keen on delivering more cars in the future and will look to bring down the waiting period.
Mahindra revenue market share increases
Between July and September 2023, Mahindra & Mahindra sold 1,14,742 SUVs, which is more than double the volume it used to do a couple of years ago. The company has ranked as the second best SUV maker in the country for five consecutive quarters.
Mahindra's market share in the SUV space has increased to 19.9 percent by the end of September, and Jejurikar said that the company is confident of holding on to revenue leadership in the SUV space.
To sustain the product excitement, Jejurikar stated that the company will be coming out with an updated version of the XUV400 with improved interiors, and the company is well on track with its EV plans on the INGLO platform – the first model is scheduled to be launched in December 2024.
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Viraaj Bhatnagar
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