Mahindra & Mahindra becomes revenue leader in SUV category

NEW DELHI: The surge in SUVs has made Mahindra & Mahindra one of the biggest gainers in the Indian automotive industry. The company, which till a few years back was struggling to get its act together with previous-gen Scorpio as its only flagship, has staged a turnaround and emerged as the revenue leader in the SUV category, ahead of some of its formidable rivals such as Toyota, Hyundai, Tata Motors, Kia and Maruti Suzuki.
Mahindra has been on a roll since the success of models such as the XUV7OO, Thar, and Scorpio-N.. The company’s revenues in the SUV business in FY23-24 stood at Rs 72,109.5 crore compared to second-biggest player Hyundai’s Rs 50,421 crore in the same period. Maruti Suzuki, which has also made a dent in the SUV business, had revenue of Rs 47,706 crore in FY24, according to JATO Dynamics.
For Mahindra, weighted average per unit (it sold 4.6 lakh SUVs in 2023-24), was Rs 15.7 lakh compared to Rs 13 lakh for Hyundai (total SUV sales at 3.9 lakh units), and Maruti’s Rs 10.7 lakh (4.4 lakh SUVs).
Tata Motors’ revenue from SUVs was Rs 45,597 crore, with weighted average per car at Rs 11.7 lakh (total SUV sales at 3.8 lakh units), JATO said.
Mahindra on Monday drove in entry SUV XUV 3XO to take on Brezza and Nexon. Rajesh Jejurikar, CEO of Mahindra’s automotive and farm divisions, said the company expects to take volume leadership in the category with 3XO.
Ravi Bhatia, president of JATO Dynamics in India, said Mahindra has successfully aligned its product portfolio and branding strategies to capitalise on the SUV trend.