New Delhi, India (DT) – Indian automaker Mahindra & Mahindra opens new tab said on Wednesday it clocked an 18% jump in sport utility vehicle sales to dealers in December due to strong demand.
Mahindra, India’s second-biggest SUV maker by market share, has remained resilient amid a broader slowdown in car sales that pressed manufacturers and dealers into offering hefty discounts.
The company’s shares climbed 1.5% following the announcement. It was also the top-performing auto stock in 2024, with gains of around 74%.
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Automobile sales in December are usually sluggish as customers often wait for the next year’s models, with carmakers scaling back production and augmenting discounts to clear unsold vehicles.
However, analysts attribute Mahindra’s December growth, as well as its industry-leading growth for fiscal 2025, to demand for newer SUV models such as the ‘Thar ROXX’ and the ‘XUV 3X0’ outpacing supply. Mahindra’s SUV sales to dealers grew 16% year-on-year in November.
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