CAR WARS: Mahindra Maintains Lead over Tata Motors and Hyundai in July Wholesales

Mahindra & Mahindra continued to pull ahead of its close rivals Hyundai Motor and Tata Motors in July wholesale shipments, even as a dip in retail registrations by M&M helped put Hyundai ahead of the other two in Vahan registrations.

Mahindra's domestic SUV sales reached 49,871 units, marking a robust 20% year-on-year growth and cementing its position as India's second-largest passenger vehicle manufacturer.

Hyundai Motor India was second in India's PV market, with domestic sales of 43,973 units, while Tata Motors was at No.3. Tata's passenger vehicle dispatches declined 11% year-on-year to 40,175 units. However, Tata did achieve a milestone with its highest-ever monthly EV sales of 7,124 units.

Amid all this, in terms of production, Hyundai continues to be the No.2 in India by a signficant margin. Including exports of 16,100 units, the company dispatched a total of 60,073 passenger vehicles during the month. SUVs contributed 71.8% to Hyundai's monthly domestic sales in July 2025, the highest ever since inception.

Retail Registrations

While Mahindra dominated wholesale shipments, the retail registration data from the government's Vahan portal revealed a different narrative. According to industry sources, Hyundai managed to edge ahead in actual customer deliveries during the month, highlighting the gap between factory dispatches and retail sales.

With its surge in sales over the last three months, Mahindra stole the lead over Hyundai and Tata Motors, reshuffling India's automotive hierarchy for the first time in years in terms of wholesale shipments. However, Hyundai's stronger retail performance suggests robust dealer inventory management and customer pull.

Market Dynamics and Future Outlook

Industry experts attribute this success to Mahindra's focused SUV strategy, timely product updates, and competitive pricing. The company's recent launches, including the XUV 3XO and electric SUVs, have contributed to sustained demand.

Tarun Garg, Whole-time Director and Chief Operating Officer, Hyundai Motor India, acknowledged some market softness but remained optimistic about the festive season ahead. Meanwhile, Tata Motors appears to be banking on its growing EV portfolio to regain momentum in the passenger vehicle segment.

The divergence between wholesale shipments and retail registrations underscores the importance of monitoring both metrics for a complete picture of market performance. As automakers gear up for the crucial festive season, the competition for the coveted second position in India's passenger vehicle market remains intensely contested.