24 Jan Mahindra attains the title of the fastest-growing brand in South Africa
According to a report by the National Association of Automobile Manufacturers of South Africa (naamsa), Mahindra, the Indian auto manufacturer has been named the fastest-growing brand in South Africa for the year 2022.
Having commenced its operations back in 2004, Mahindra has been growing steadily in the market. It has slowly won over South African consumers with its impressive and rugged products. After being in the business for 18 years, it has amassed cumulative sales of over 75 000 units.
naamsa reports show the automaker increased its sales volume by over 78% as compared to 2021, which is the highest of all the brands of vehicles that report their sales to naamsa and more than five times the market average. The total sales of Mahindra in the passenger vehicle market grew by 80% to 4 027 vehicles in 2022 and the sales of light commercial vehicles grew by 77% to 8 885 vehicles. The CEO of Mahindra South Africa, Rajesh Gupta mentioned, “Our sales success in 2022 and our title as South Africa’s fastest-growing vehicle brand can be attributed to our entire network, including our assembly plant in Durban that had to make do with component shortages and our dealers who supported customers on our waiting list”
The company hit an average monthly sales figure in excess of 1 000 units per month, breaking through the magical 10 000 units per annum mark for the first time and reaching close to 14 000 total sales for the year. It was also the second year for Mahindra since 2019 to be crowned as South Africa’s fastest-growing brand. Mahindra recorded a compound annual growth rate of 23,6% over that period. Rajesh Gupta also mentioned, “We believe that we are now seeing the fruit of these long-term investments, and of making South Africa our second home outside India. We are proud to be a part of the South African landscape and of contributing to the local economy.”
Article sourced from Siyavuya Mbaduli: https://www.carmag.co.za/news/mahindra-attains-the-title-of-the-fastest-growing-brand-in-south-africa/