Automaker closes 2025 with record calendar year volumes while December sales dip 7% month-on-month after strong festive season performance
01 Jan 2026 | 11192 Views | By Angitha Suresh
Mahindra & Mahindra Ltd. reported total vehicle sales of 86,090 units in December 2025, marking a 25% increase compared to December 2024. However, the figure represents a 7.1% decline from November 2025, when the company sold 92,670 units.
The December performance reflected a post-festive period adjustment after two months ...
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Mahindra & Mahindra Ltd. reported total vehicle sales of 86,090 units in December 2025, marking a 25% increase compared to December 2024. However, the figure represents a 7.1% decline from November 2025, when the company sold 92,670 units.
The December performance reflected a post-festive period adjustment after two months of sustained momentum, though the company emphasized that calendar year 2025 ended with the highest-ever volumes across its SUV and light commercial vehicle segments.
SUV Segment Shows Mixed Performance
Domestic SUV sales stood at 50,946 units in December, up 23% year-on-year but down 9.6% from November's 56,336 units. The month-on-month decline followed a strong festive season in October and November, which typically drives higher consumer demand in the Indian automotive market.
For the April-December period, Mahindra sold 476,476 SUVs domestically, an 18% increase over the same period in the previous fiscal year. This year-to-date figure underscores sustained demand for the company's SUV portfolio, which includes models such as the Scorpio-N, XUV700, and Thar.
"The calendar year 2025 ended on a positive note, with Mahindra clocking its highest-ever volumes in both SUVs and LCVs (<3.5T) segments, a significant milestone for the company," said Nalinikanth Gollagunta, CEO of the Automotive Division at M&M Ltd.
Commercial Vehicles Maintain Growth Trajectory
The commercial vehicle segment demonstrated resilience in December. Light commercial vehicles in the 2-tonne to 3.5-tonne category recorded 22,066 units in sales, a 37% year-on-year increase. LCVs under 2 tonnes contributed 2,720 units, up 13% from December 2024.
Total domestic commercial vehicle sales in December reached 24,786 units, remaining flat compared to November's 24,843 units. The segment showed a 34% year-on-year growth rate, driven by infrastructure activity and transportation demand.
Three-Wheelers and Export Performance
Three-wheeler sales, including electric models, totaled 7,538 units in December, reflecting a 31% year-on-year increase but a 12% decline from November's 8,568 units. Year-to-date three-wheeler sales reached 82,446 units, up 28% compared to the same period last year.
Exports declined 9% year-on-year to 2,820 units in December, down from 3,092 units in December 2024 and 2,923 units in November 2025. Despite the monthly decline, year-to-date exports grew 25% to 30,061 units.
Industry Context and Electric Vehicle Push
The month-on-month decline in December follows a pattern typical in the Indian automotive sector, where October and November benefit from festive purchasing. October 2025 had been a record month for Mahindra, with 71,624 SUV sales and 120,142 total vehicles sold.
In November 2025, Mahindra celebrated the first anniversary of its "Electric Origin SUVs" and launched the XEV 9S, a seven-seater electric SUV, alongside the BE 6 Formula E Edition. The company continues to expand its electric vehicle portfolio as part of a broader industry shift toward sustainable mobility.
Mahindra's performance in December reinforced its position in the domestic utility vehicle market while highlighting the seasonal nature of automotive sales patterns. The company's year-to-date growth across multiple segments indicates sustained market share in both passenger and commercial vehicle categories.
Founded in 1945, Mahindra Group operates across farm equipment, utility vehicles, information technology, and financial services with 324,000 employees in over 100 countries. The company is the world's largest tractor manufacturer by volume.