The pandemic depressed the passenger vehicle market across the world. India emerged as the fastest-growing automobile market for a key reason. Semiconductor chips, important components for cars, went scarce due to the pandemic disrupting supply chains. And when the pandemic effect started waning, there was a big scramble for those chips. India was able to produce cars faster than other major markets because its cars have fewer chips.
Mahindra received a strong response from buyers during the festive season with sales of 39,981 utility vehicles, helping it post a 32 per cent YoY growth in November 2023.