Mahindra & Mahindra has surpassed Hyundai Motor India to become the second-largest passenger vehicle manufacturer in the country. This milestone was achieved in February 2025, with Mahindra registering a 19% year-on-year growth in domestic sales, selling 50,420 units compared to Hyundai's 47,727 units.
SUV Dominance:
Mahindra's success is largely attributed to its strong presence in the SUV segment, with models like the Scorpio-N, Thar, XUV700, and XUV3XO driving demand. These vehicles have consistently shown robust sales, contributing to Mahindra's growth.
New Launches and Bookings:
The company's recent launches, including electric SUVs like the XEV 9e and BE 6, have received an impressive response, with 30,179 bookings on the first day alone.
Revenue Growth:
Mahindra's revenue from April 2024 to January 2025 reached nearly ₹71,000 crore, surpassing Hyundai's ₹58,653 crore during the same period. This financial performance underscores Mahindra's strategic focus on meeting evolving consumer preferences.
Decline in Domestic Sales:
Hyundai experienced a 4% year-on-year decline in domestic sales, despite a 6.8% increase in exports to 11,000 units. The company's cumulative sales, including exports, stood at 58,727 units, maintaining its position as a major player in the market.
Geopolitical Challenges:
Hyundai cited geopolitical challenges as a factor affecting its sales performance. The company remains optimistic about future growth, expecting tax reforms to boost demand
Mahindra's rise to the second spot in India's passenger vehicle market marks a significant shift in the country's automotive landscape. With its focus on SUVs and innovative product launches, Mahindra is poised to continue its growth trajectory, challenging established players like Hyundai and Maruti Suzuki.