Leading automobile companies like Hyundai Motor India Ltd (HMIL) and Mahindra & Mahindra (M&M) continued their positive sales trend in May. HMIL reported a 9.1% year-on-year growth in domestic sales, reaching 47,837 units. When including exports, their total sales amounted to 61,137 units, marking a 4.1% increase from the previous year.
In the same period, Mahindra & Mahindra saw a 20% year-on-year growth in overall auto sales, totaling 99,636 vehicles, including exports. Specifically, in the utility vehicle segment, M&M recorded a 11% increase in domestic sales, selling 58,021 vehicles.
Moreover, M&M’s total utility vehicle sales, including exports, reached 59,573 units. The company’s domestic commercial vehicle sales also performed well, standing at 24,079 units in May, reflecting a 19% growth compared to the previous year.
Nalinikanth Gollagunta, CEO of Automotive Division at M&M Ltd, highlighted that sustained demand across their product range persisted, despite challenges in the supply chain due to labor shortages at certain suppliers. The latest sales data underscores the ongoing strong domestic demand, particularly for SUVs and utility vehicles, which is driving growth for automakers amid supply chain obstacles.
The positive sales performance led to a decline in the stock prices of Hyundai Motor India and Mahindra & Mahindra. Hyundai Motor India’s shares dropped by 1.48% to Rs 1,900 on the BSE, while Mahindra & Mahindra’s stock decreased by 1.47% to Rs 2,990. Both companies have seen fluctuations in their stock prices, with Hyundai Motor India hitting a 52-week high of Rs 2,889.65 and a low of Rs 1,658.45, and Mahindra & Mahindra recording a 52-week high of Rs 3,840 and a low of Rs 2,896.30.
