In February 2025, Mahindra & Mahindra (M&M) overtook Hyundai Motor India (HMIL) to become the second-largest carmaker in the domestic market, based on monthly wholesales data. M&M’s domestic sales reached 50,420 units, a 19% increase compared to the previous year. Hyundai, on the other hand, saw a 4% drop, with 47,727 units sold domestically. However, when exports were considered, Hyundai retained its position as the second-largest carmaker, with total sales of 58,727 units, surpassing M&M’s 52,386 units.
Mahindra’s Strong SUV Demand Drives Growth, Overtakes Hyundai in Domestic Market
M&M’s rise is largely attributed to strong demand for its SUVs, including the popular Thar Roxx and Scorpio N. Additionally, its electric-origin models, the XEV 9e and BE 6, saw impressive bookings, totalling 30,179 on their first day of opening. Over the last year, M&M reported consistent double-digit growth, with a 20% increase in domestic SUV sales, totaling 503,439 units between April 2024 and February 2025.
Meanwhile, Hyundai has faced challenges, including a lack of new launches. Its latest domestic electric vehicle is based on the best-selling Creta, but competition in key segments like the Venue and Exter has intensified. Despite these hurdles, Hyundai remains optimistic, citing expected market boosts from proposed tax reforms and improved liquidity.
Maruti Suzuki Leads, Toyota and Kia Show Strong Growth
Maruti Suzuki continued to dominate the Indian passenger vehicle market, with 160,791 domestic sales in February 2025, slightly higher than the same period last year. The company also crossed the 2 million sales mark in FY2025. Toyota Kirloskar Motor and Kia India reported notable growth, with sales increasing by 13% and 23.8%, respectively, in February.
