Mumbai, June 1: Leading automobile companies in India continued to show strong sales performance in May. According to data released on Monday, Hyundai Motor India Limited (HMIL) and Mahindra and Mahindra (M&M) reported increased sales driven by robust domestic demand.
HMIL recorded sales of 47,837 vehicles in the domestic market in May, marking a 9.1% increase compared to the same period last year. The company also exported 13,300 vehicles, bringing its total sales to 61,137 units, which reflects a 4.1% rise year-on-year.
Meanwhile, Mahindra and Mahindra reported total sales, including exports, of 99,636 vehicles in May, representing a 20% annual increase. In the utility vehicle (UV) segment, M&M sold 58,021 vehicles in the domestic market, an 11% increase from the previous year.
Additionally, the company’s total utility vehicle sales, including exports, reached 59,573 units. Domestic commercial vehicle sales during May stood at 24,079 units, showing a 19% growth.
According to Mahindra and Mahindra, exports in May saw a significant annual increase of 37%, reaching 5,000 units. Nalinikant Gollagunta, CEO of M&M’s automotive division, stated that demand across the company’s entire portfolio remains strong. However, challenges related to supply chains persist due to labor shortages among some suppliers.
The latest sales figures indicate that despite supply-side challenges, strong demand for SUVs and utility vehicles is supporting growth for automobile companies in the domestic market.
Following these sales figures, Hyundai Motor India’s shares experienced a decline in the stock market. During early trading on the NSE, the company’s shares fell by 1.48% to an intraday low of ₹1,900.60. The shares have recorded a 52-week high of ₹2,890 and a low of ₹1,658 on the exchange.
Similarly, Mahindra and Mahindra’s shares also dropped by 1.9% on the NSE, reaching an intraday low of ₹2,982.50. The company’s shares have a 52-week high of ₹3,839.90 and a low of ₹2,896.00.
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