Scorpio-N, XUV700 SUVs boost Mahindra profits by 15%
Strong demand for its SUVs helped Mahindra and Mahindra clocks increase profits in the third quarter of 2022-2023. The automaker recorded a 15% increase in profits in the last three months of 2022. The automaker’s new generation of SUVs, which include flagship models such as the XUV700, Scorpio-N and Thar, have been growing. There has been a sudden increase in sales in recent times. However, waiting times for some of these models are the highest among all models in India due to the lack of certain parts.
On Friday, Mahindra reported an increase in $15.28 billion profit in the quarter ended December last year. During the same period in 2022, Mahindra reached a profit $13.35 billion. Rajesh Jejurikar, Managing Director of Automotive & Farms at Mahindra and Mahindra, said the semiconductor issue continues to affect its production and sales goals. “We are currently having issues with the availability of airbags and sensors, which is affecting our ability to produce some vehicles such as the Scorpio and XUV 700,” said Jejurikar. Over the past year, Mahindra has also been forced to increase the price of models due to rising input costs.
Mahindra SUVs currently have the longest wait times among all models sold in India. The RWD version of the recently launched Thar SUV is said to have a standby time of up to 18 months in some places. While popular models like the Scorpio-N have waiting times of up to 65 weeks, the longest wait times for the XUV700 have been reduced to around 45 weeks. Overall, Mahindra has yet to deliver more than two thousand units. As of February 1, the automaker has 2.66 thousand SUVs in a pending order backlog. Mahindra said the wait times only show demand for their cars.
Mahindra and Mahindra are among the top five car manufacturers in India. Known for their aggressive SUVs, Mahindra has recently revamped its lineup with new models with new designs and technologies. The automaker also launched the XUV400, its first electric SUV, with the aim of hitting deep into the competitor-dominated electric vehicle segment. tata Engine.
First published date: February 10, 2023, 15:33 pm IST