Autocar Professional - Latest Articles

SUV, MPV Sales Cross 3 Million for the First Time in FY2026, UV Share of PVs Jumps to 67%

Ajit Dalvi — Sat, 18 Apr 2026 12:40:51

If India’s passenger vehicle industry achieved its best-ever fiscal year wholesales of 4.64 million units in FY2026, then the credit once again goes to the utility vehicle (UV) segment. The UV sub-segment, which comprises SUVs and MPVs, continues to be the shining star of the Indian PV industry, even as demand returned to the hatchback and sedan segment (1.37 million units, up 2% YoY) compared to FY2025 when passenger car sales were down 12 percent.

The UV segment, which comprises 16 SIAM member companies, was on a roll in FY2026, thanks to the firepower provided by GST 2.0 from October 2025 onwards. While H1 FY2026 saw sales of 1.35 million UVs, up 1% YoY, H2 FY2026 clocked UV dispatches of 1.75 million units, up 20% YoY.

With record wholesales (factory dispatches) of 31,05,025 units last year, UV wholesales rose 11% YoY on a high base (FY2025: 27,97,229 units), which translates into an additional 307,796 units. To put the math and the UV segment’s growth into perspective, FY2026 saw 8,506 SUVs and MPVs sold each day!

That’s not all. . . because the UV segment surpassed the 3 million wholesales milestone in the domestic market for the first time and saw its share of the overall passenger vehicle market (cars, UVs and vans) increase to a new high of 67%, improving upon the 65% in FY2025 and 60% in FY2024. And the FY2026 UV share is a 16% jump over the 51% share in FY2023 (see 12-year PV and UV sales data table below).

SUV and MPV sales rose to a new high of 3.10 million units in FY2026 with the UV share of the Indian passenger vehicle market nearly doubling to 67% in a span of just six years.

What’s common to the past four fiscal years is the surging demand for utility vehicles (UVs), primarily SUVs. Having raced past the 2-million mark for the first time in FY2023 (2.03 million units), sales only got better in FY2024 (2.52 million units) and FY2025 (2.79 million units). Interestingly, the UV sales of 3.10 million units in FY2026 are 57,443 units more than the entire PV sales of 3.04 million units in FY2017 when the UV share was 25% (761,998 UVs).

Maruti Remains UV Leader but M&M, Tata, Toyota & Kia Increase Market Share

Of the cars, vans and UV sub-segments in the overall PV segment, UVs remains the most competitive. Every OEM worth its wheel is fighting for a share and slice of the mega action, with the battle for supremacy highest in the compact SUV and midsize SUV categories. These two sub-segments are also where the Top 20 best-selling models reside.

The UV arena is a tough one, what with 32 SUV and MPV manufacturers (including the 16 SIAM member OEMs with 75 models and the luxury OEMs), nearly 130 individual models and over 1,000 variants.

The Top 6 OEMs (2.91 million units), accounted for 94% of the 3.10 million UVs in FY2026. While Maruti and Hyundai saw their UV share fall, Mahindra, Tata Motors, Toyota and Kia posted gains.

Of the Top 6 players’ UV portfolio, Mahindra leads with 13 SUVs, followed by Maruti and Toyota with nine UVs each. While Kia has seven, Tata Motors has six with the recent addition of the Sierra, and Hyundai has five SUVs. Given the ongoing transition to electric mobility, which has picked up pace in FY2026 with a record 199,590 units, Tata Motors, JSW MG Motor, Mahindra & Mahindra, Hyundai, Kia and Maruti Suzuki already have electric vehicles in their UV stable, while Toyota India is slated to launch the Urban Cruiser e-Bella soon.

India’s Top 6 PV OEMs in FY2026 – Maruti Suzuki (1.82 million PVs, up 4%), Mahindra & Mahindra (660,276 PVs/SUVs, up 20%), Tata Motors (651,261 PVs, up 14%), Hyundai Motor India (584,906 PVs), Toyota Kirloskar Motor (366,896 PVs, up 19%) and Kia India (289,035 PVs/UVs, up 13%) – have benefited from having a strong UV/SUV portfolio. And, Skoda Auto India (75,556 PVs, up 68%), as a result of the strong demand for Kylaq compact SUV, is the new No. 7 UV OEM in FY2026.

For overall UV sales in FY2026, Maruti Suzuki (760,097 units, up 6%) holds onto its No. 1 UV OEM title for the ninth year in a row. The company, which accounted for a market-leading 24.50% share of the 3.10 million UV sales in FY2026, however saw its UV share reduce to 24.50% from 26% in FY2025 because of the higher growth rate displayed by Mahindra & Mahindra and Tata Motors.

M&M (660,276 units, up 20% and 21% UV share) maintains its No. 2 rank as does third-ranked Tata Motors (498,052 UVs, up 15% and 16% UV share). Hyundai Motor India (399,569 units, down 3% and 13% UV share) is followed by a resurgent Toyota Kirloskar Motor (312,007 units, up 21% and 10% UV share). Kia India (289,035 units, up 13% and 9% UV share) is ranked sixth. Skoda India, as a result of the Kylaq compact SUV selling 49,089 units and accounting for 80% of the company’s total UV sales of 61,073 units, has risen one rank from FY2025 to No. 7 in FY2026.

With a record 14,73,422 units sold in FY2026 and a 47% share of the record 3.10 million UVs, the compact SUV segment remains the largest sub-segment but there’s growing demand for midsize SUVs which are set to come into their own in FY2027 what with some new models launched in H2 FY2026. From the return of the Renault Duster, which has already given a fresh charge to the company in its first month, to the Tata Sierra with sales of over 23,000 units in 3 months, and the upcoming Nissan Tekton, the new fiscal promises to be an exciting one for India’s booming utility vehicle market.

ALSO READ: Tata Nexon reclaims No. 1 SUV crown in FY2026

Thar Roxx and Thar share of Mahindra’s record SUV sales in FY2026 jumps to 19%

New Duster drives Renault India volume revival in March with 1,402 units

India Two-Wheeler Sales Hit Record 21.4 Million Units in FY26, Crosses Pre-COVID Peak

Kiran Murali — Mon, 13 Apr 2026 17:28:52

The financial year 2026 marked a turning point for India’s two-wheeler industry, which finally surpassed the pre-COVID peak after several years of gradual recovery. Two-wheeler retail sales came in at 21.42 million units during the year, growing 13.4% on a yearon- year basis, reflecting a steady return of demand across markets. The long-awaited recovery was unlocked by improved affordability, better rural cash flows and a wider range of products that catered to both entry-level buyers and more aspirational customers.

The first half of the year, from April to August, remained subdued, with most months recording low single-digit growth as consumers stayed cautious amid uncertainty around the proposed GST changes. Many buyers deferred purchases after indications that tax rates on vehicles could be reduced.

The momentum shifted in the second half. From September, demand strengthened as the GST revision improved affordability and lifted consumer sentiment, while the festival season further supported sales across segments. The competitive landscape also saw notable changes.

Hero MotoCorp retained its leadership position and TVS Motor emerged as the biggest share gainer among the top five manufacturers. In electric mobility, registrations rose 22% to 1.40 million units, with penetration increasing to about 6.5% of total two-wheeler sales, indicating a gradual but steady shift toward electrification despite temporary supply challenges. The year also marked a clear shift in the electric two-wheeler market, with leadership moving back to established manufacturers.

Hero Vs Honda

Hero MotoCorp maintained its leadership position in the domestic two-wheeler market during FY26 despite strong competition from Honda Motorcycle & Scooter India and managed to slightly widen the gap with the Japanese player in both retail and wholesale numbers.

The company dispatched 6.07 million units in the domestic market during the financial year 2026, compared with Honda Motorcycle & Scooter’s domestic sales of about 5.75 million units, giving Hero MotoCorp a lead of more than 300,000 units in the country’s largest two-wheeler market.

On the retail front, Hero MotoCorp’s retail sales came in at 6.08 million units, while Honda’s retail sales were at 5.36 million, 721,000 units lower than Hero MotoCorp. The gap between the two players, which more than halved to 655,000 units in the financial year 2025, saw an increase in FY26. The domestic market remains the backbone of Hero’s overall leadership, given the company’s strong dependence on the local market, unlike Honda, which has a strong export base.

The gap between the two companies in domestic dispatch volumes widened slightly in the financial year 2026 compared with around 286,000 units in the previous year, indicating a stabilisation in Hero MotoCorp’s performance after a period of pressure.

The rivalry between the two companies has intensified over the past few years, with Honda steadily closing the gap through consistent growth, particularly in scooters. However, Hero’s entrenched position in the commuter motorcycle segment has helped the company defend its leadership in the domestic market. The competitive landscape was more challenging for Hero MotoCorp in the previous financial years, with the Indian player losing its leadership to the Japanese player in a few months.

Hero’s sustained leadership in the domestic market was supported by continued demand for its commuter motorcycle portfolio, particularly the Splendor range, which remains a key contributor to volumes in rural and semi-urban markets. This was especially the case given that GST cuts gave a fillip to demand at the base of the pyramid.

The automaker has also been focusing more on the mid-size and premium segments to ride on the premiumisation trend, but has been met with limited growth in its electric mobility business, which added to its domestic dispatch momentum during the year. The expansion of Hero’s electric vehicle portfolio played a growing role in strengthening its domestic position.

Registrations of its electric scooter sold under the Vida brand nearly tripled during FY26, helping the company increase its share in the electric two-wheeler segment. The rapid growth in electric volumes provided additional support to overall domestic performance at a time when competition in conventional segments remained intense. Honda, meanwhile, continued to rely on its strong scooter portfolio to drive domestic sales.

The company remains a leading player in the scooter segment, though its earlier dominance has moderated as competitors such as TVS Motor Company and Suzuki Motorcycle India expanded their presence. This shift has created a more competitive environment in urban markets, where scooters account for a significant share of demand.

In commuter motorcycles, Honda continued to face headwinds against Hero’s deep-rooted dominance, which limited its ability to significantly alter the domestic market hierarchy despite expanding its entry-level product portfolio. Hero’s extensive dealer network and strong brand recall in rural markets continued to provide structural advantages in this segment.

E-2W Market

India’s electric two-wheeler market saw its registrations rise 22% year-on-year during FY26 to 1.40 million units. The growth rate moderated from the year-ago period rather than the sharp spikes seen in earlier phases of EV adoption, while penetration in overall sales increased. The growth reflects a wider spread of products across different price points, improved availability, and gradual consumer acceptance, particularly in urban and semiurban markets.

Unlike the earlier years, traditional ICE OEMs now hold more than half of the electric twowheeler market. TVS Motor emerged as the largest player in this segment, while Ola Electric, which was the market leader, fell to fifth place in sales. The moderation in growth compared with previous years suggests the market is entering a more stable, demand-led phase rather than one driven purely by subsidies.

The penetration levels continue to underline the gradual nature of the transition, accounting for around 6.5% of total two-wheeler sales in FY26, compared to 5.8% in the year-ago period. Industry participants say adoption is being supported by higher aspirational value, improved product quality and a broader choice of models, especially from established OEMs.

Pricing remains a key factor, with the narrowing cost differential between electric and ICE twowheelers influencing purchase decisions, particularly in the entry and commuter segments. TVS Motor emerged as the leader. Its registrations were at 340,758 units, marking a 43% year-on-year increase.

The company’s market share rose to 24.3% from 20.7%, reflecting steady scale-up in volumes and consistent demand. Bajaj Auto closed as the second-largest player with 288,866 units, recording 25% growth year-on-year. Its market share improved modestly to 20.6% from 20.1%, indicating stable expansion but at a slower pace compared to rivals.

Ather Energy and Hero MotoCorp emerged as the fastest-growing players among the top six in FY26. Ather’s registrations came in at 238,461 units, representing a jump of 82%, while its market share expanded sharply to 17% from 11.4%. Hero MotoCorp’s registrations almost tripled to 144,099 units. This rapid expansion helped the company increase its market share to 10.3% from 4.2%.

In contrast, Ola Electric saw a sharp decline in its sales during the year. Its registrations halved to 164,215 units and market share fell significantly to 11.7% from 29.2%, indicating loss of momentum in a highly competitive market. Greaves Electric rounded out the top six players, registering 61,641 units, a 51% increase year-on-year.

The company’s market share improved to 4.4%, gaining 85 basis points. Monthly momentum remained strong at the end of the fiscal. March 2026 registrations rose 45% yearon- year and 70% sequentially to 190,941 units, aided by year-end dispatches, dealer stocking and improved supply alignment. The sharp month-on-month jump also indicates that underlying demand remains intact, even as the market navigates changing dynamics.

The broader trend through FY26 points to a gradual shift in market dynamics, with established two-wheeler manufacturers such as TVS Motor, Bajaj Auto and Hero MotoCorp strengthening their presence. Their gains are being driven by stronger dealer networks, better brand value and service reach, which are increasingly becoming critical as the market matures.

Government subsidies under the PM E-Drive scheme, and earlier under the FAME programme, have played a key role in driving the adoption of electric vehicles. Subsidies for electric two-wheelers are now set to end in July. Several OEMs have said the industry is better prepared to sustain growth even without demand subsidies, as production volumes have increased and scale efficiencies have improved.

Looking Ahead

Rating agencies and brokerages are forecasting mid-to-high single-digit growth for the domestic twowheeler industry going forward on the back of better affordability, new launches. Production plans of major OEMs indicate that competition in the domestic market will remain intense.

According to industry sources, Honda is targeting production of about 6.79 million two-wheelers in the financial year 2027, while Hero MotoCorp plans output of around 6.92 million units during the same period, about 200,000 units higher than Honda. TVS Motor, which surpassed Yamaha in 2025 to become the world’s third-largest manufacturer by sales volume globally, is now targeting double-digit growth in its two-wheeler production to 6.8–7.2 million units in FY27.

This production target would position TVS Motor to challenge Honda for the number two spot in India’s twowheeler market. However, growth estimates and production targets for next year were made assuming normal business conditions, up until the start of the war in West Asia.

If the war continues for a longer period, the demand and production numbers may change. Brokerages highlighted cost pressure for manufacturers following the surge in input costs across all commodities amid the West Asia war. Motilal Oswal noted that there are clear headwinds emerging for the automotive sector, given the ongoing geopolitical turmoil in West Asia.

“While most of the large companies are managing gas supplies at their end very well so far (as well as their supply chain), there is no certainty that they would continue to do so in the coming months if this situation persists,” said Motilal Oswal said in a report.

According to Equiris Securities, the Indian two-wheeler market is entering a more stable growth phase, aided by replacement demand, better affordability following GST reductions and rising electrification, particularly in scooters, with the product mix gradually shifting toward scooters and electric vehicles over time.

“We expect domestic 2W volumes to grow ~6% CAGR over FY25–FY30E, supported by replacement recovery and rising penetration, before moderating structurally over the long term as electrification reshapes the industry mix,” the investment banker said.

Toyota Hyryder Outsells Innova Again in March, Sells 99,890 Units in FY2026

Ajit Dalvi — Sat, 11 Apr 2026 11:28:30

The Toyota Urban Cruiser Hyryder midsize SUV has outsold Toyota Kirloskar Motor’s best-selling model, the Innova MPV, for the third time in FY2026 and for two months in a row.

Having first achieved this feat with its highest monthly wholesales of 11,555 units in October 2025, news which was broken by Autocar Professional, the Hyryder repeated the act in February 2026 with sales of 9,359 units and now in March. In March 2026, the Hyryder sold 10,206 units, up 93% YoY (March 2025: 5,286 units), which is 50 units more than the combined sales of the Innova Hycross and the Crysta (10,156 units, up 3% YoY).

This made the Hyryder the best-selling Toyota model in March 2026, accounting for a 29% share of TKM’s domestic market factory dispatches of 35,125 units, up 19% YoY, which is similar to the two Innovas’ share.

Though the Hyryder outsold the Innova thrice in FY2026, the MPV remained TKM’s best-selling model with 112,186 units to the Hyryder’s 99,890 units. Will the Hyryder turn the tables on the Innova in FY2027?

The Urban Cruiser Hyryder’s March sales constitute the second instance of the midsize SUV surpassing 10,000 units after October 2025 (11,555 units). The midsize SUV’s cumulative 12-month wholesales of 99,890 units in FY2026 are a handsome 65% YoY increase (FY2026: 60,388 units), albeit they missed hitting the 100,000 fiscal year milestone by a whisker – just 110 units. The YoY increase is an additional 39,502 units, which has powered Toyota India’s record wholesales of over 360,000 passenger vehicles last fiscal.

What added tailwinds to the Hyryder sales in the second half of FY2026 was the GST 2.0-driven price reduction, followed a few months later by the launch of the Hyryder Aero Edition which features an exclusive styling package with front spoiler, rear spoiler and side skirts. End-January 2026 saw TKM introduce an official accessories ‘Tech Package’, which adds some features and safety kit for a Rs 29,499 premium, a strategic model-differentiator move which would have helped accelerate sales.

Nevertheless, despite the charge of the Hyryder, the Innova maintained its numero uno status in the Toyota India stable and kept its midsize SUV sibling at bay in FY2026. In FY2026, combined Innova Hycross and Crysta sales were 112,186 units, up 5% YoY (FY2025: 107,204 units) and 12,296 units ahead of the Hyryder.

Despite the growing competition, the Hyryder has made its mark in the midsize SUV market. The strong-hybrid variant has an EV-only mode that delivers stellar economy.

Making a Mark in a Competitive Midsize SUV Market

The Urban Cruiser Hyryder is part of the competitive midsize SUV pack which has been witnessing growing demand over the past year. Its rivals include the Tata Sierra, Hyundai Creta, Maruti Victoris, Kia Seltos, Maruti Grand Vitara, Skoda Kushaq, Volkswagen Taigun, Renault Duster and Citroen Aircross. It also competes with SUV-coupes like the Tata Curvv and Citroen Basalt.

The petrol-only SUV is currently available in 13 variants — 8 petrol, 2 CNG, and 3 strong hybrid — with pricing starting at Rs 10.99 lakh for the Petrol E Neodrive MT trim to the top-end Petrol V Hybrid AT trim (Rs 19.99 lakh ex-showroom). The engines on option are a 103hp petrol and a 116hp strong-hybrid petrol, with manual and automatic transmission choices. The petrol engine is also available with an AWD option with an automatic transmission. A CNG powertrain (89hp and 121.5 Nm) mated with only a manual transmission is also offered. The Toyota Hyryder’s mileage ranges between 19.2kpl and 27.97kpl.

The Hyryder’s USP is its strong-hybrid petrol powertrain, aimed at filling the void created by the lack of a diesel engine and also bridging the gap between petrol and EVs. With a claimed fuel efficiency figure of 27.97kpl, the Hyryder is one of the most fuel-efficient vehicles available in India and benefits from technology that minimises losses in a pure IC engine through electrification — leveraging benefits such as brake-energy recuperation and turning off the engine while idling excessively.

The Hyryder, launched in September 2022, drove past the 200,000 sales milestone in December 2026, and has clocked total sales of 232,033 units from launch till end-March 2026. While the first 100,000 units were sold in 26 months, the next 100,000 units’ sales took 15 months, reflecting the frenetic increase in customer demand as well as its growing share of TKM sales. Over 85,000 units have also been exported till date.

In FY2026, while the two Innovas took the 11^th rank amongst the best-selling utility vehicles, the Toyota Urban Cruiser’s stellar performance saw its jump five ranks YoY to No. 14 and helped Toyota Kirloskar Motor achieve record UV and PV sales in FY2026.

Of the company’s 10-model portfolio, the Innova continued to have the largest model-wise share – 31% in FY2026. The Hyryder with 27% was its second best-selling product, maintaining this podium position right since FY2024 which was its first full year of sale. Will the Hyryder, which is witnessing a much higher rate of growth than the Innova and also outsold the MPV in the last quarter of FY2026, turn the tables on its big brother in FY2027? Watch this space for the latest sales and number-crunching analyses.

ALSO READ: Tata Nexon reclaims No. 1 SUV crown in FY2026

The Million-Unit Milestone: FY26 Redefines India’s Tractor Market

Anurag Chaturvedi — Fri, 10 Apr 2026 11:25:00

Few years in recent memory have brought together as many tailwinds for Indian tractor makers as fiscal 2026. An above-normal monsoon refilled rural cash flows. State governments in poll-bound Maharashtra and Bihar opened the subsidy taps. An unexpected cut in the Goods and Services Tax on tractors from 12 to 5 percent in late September lowered sticker prices overnight. And as the deadline for stricter TREM 5 emission norms drew closer, dealers and farmers pulled forward purchases they might otherwise have made later. By the close of March, the industry had sold more tractors than ever before.

Domestic wholesale dispatches are estimated to have risen by 23.47 percent to 11,60,231 units in FY26. Retail registrations tracked by FADA reached 10,50,077, up from 8,82,825 a year earlier. Both numbers are the highest the Indian tractor industry has recorded, and the first time wholesale volumes have crossed one million in a single fiscal year.

Mahindra & Mahindra retained its leadership by a wide margin. The group, which houses both the Mahindra and Swaraj brands, sold 5,05,930 tractors in the domestic market in FY26, a 24.28 percent rise over the previous year, lifting its wholesale share marginally to 43.61 percent. On the retail side, the Mahindra brand alone accounted for 23.81 percent of registrations and Swaraj for another 18.76 percent. In its April 1 statement, Veejay Nakra, president of Mahindra's Farm Equipment Business, said the company "ended FY26 with highest ever sales of 5,05,930 registering growth of 24%". He added that March alone delivered 43,403 units, a 33 percent jump "driven by the full Navratri season falling entirely in March'26, unlike last year when it was split between March and April".

The fastest gainer among the top six was CNH Industrial's New Holland, which expanded its wholesale volumes by 36.95 percent to 53,225 units and lifted its FADA-tracked retail sales by close to a third to 47,122 units. Speaking to Autocar Professional, Narinder Mittal, who heads CNH India, traced the year's outperformance to an effort that had begun nearly two years earlier, built on investments in network, brand and product. "Last year was a good year because of those actions we have taken," he said. The returns showed in the north. New Holland's market share in Punjab moved from around 11.5 to roughly 15 percent over the year, and in Haryana from about 6.5 to 9 percent. Mittal acknowledged that the September GST cut had caught the company off guard. "GST was something which was not expected," he said.

The Policy Tailwind

The single intervention that defined the year was GST 2.0, approved at the 56th Council meeting on September 3, 2025. The levy on tractors was cut from 12 to 5 percent with effect from September 22, lowering ex-showroom prices by ₹40,000 to ₹60,000 per unit depending on horsepower. The Council also reduced GST on tyres, tubes, hydraulic pumps and agricultural diesel engines from 18 to 5 percent, correcting a long-standing inverted duty structure.

Retail data tracked the change almost in real time. November 2025 was the industry's strongest month at around 1.26 lakh units, with December and January each holding at roughly 1.15 lakh.

Beyond GST, the fiscal backdrop was unusually supportive. The Union Budget for 2026-27 allocated ₹1,40,561 crore to the agriculture ministry. The Pradhan Mantri Kisan Samman Nidhi disbursed roughly ₹78,000 crore in four installments. The Sub-Mission on Agricultural Mechanisation continued to subsidise 40 percent of the cost of new equipment for general-category farmers and 50 percent for small, marginal, women and SC/ST buyers.

By January 2026, the Agriculture Infrastructure Fund had sanctioned ₹80,224 crore for over 1.5 lakh projects. Maharashtra's Mahayuti government ran the Namo Shetkari Mahasanman Nidhi, which adds ₹6,000 a year to PM-KISAN's ₹6,000, and committed ₹20,000 crore to a free-power scheme for irrigation pumps. Bihar, which went to the polls in November 2025, introduced a ₹3,000 state top-up to PM-KISAN that lifted the combined annual transfer for a Bihar farmer to ₹9,000, and offered subsidies of 40 to 80 percent on 91 categories of farm machinery. The pattern was clear in the sales data. "Maharashtra clearly outpaced pan-India growth by a decent margin," said Hemal Thakkar, senior director at CRISIL, attributing the gap partly to political factors.

The regional mix has shifted too. The northern belt still accounts for over a third of sales, but its growth has moderated relative to the rest of the country. The west was the strongest performer in FY26, taking nearly 40 percent of the market on year-on-year growth of up to 28 percent.

Trade policy added another layer. The India-UK Comprehensive Economic and Trade Agreement, signed in July 2025, grants 99 percent of Indian exports duty-free access to the British market from April 2026. The India-EU FTA was concluded on January 27, 2026, and the EFTA agreement with Switzerland, Norway, Iceland and Liechtenstein took effect on October 1, 2025, bringing with it a binding $100 billion investment commitment over 15 years. In early February, a reset with Washington lowered the effective US tariff on Indian goods from a stacked 50 to 18 percent, restoring competitiveness for exporters such as Mahindra and Sonalika after a bruising first half. Tractor exports are expected to cross 1 lakh units for the first time in FY26.

The looming implementation of TREM 5 shaped the second half of the year. The norms, comparable in scope to the BS-VI transition for passenger vehicles, will require diesel particulate filters and selective catalytic reduction systems on most tractor engines, and ICRA estimates this will add ₹1.5 lakh to ₹3 lakh to sticker prices once fully implemented. A draft notification from the Ministry of Road Transport and Highways has since proposed a phased rollout, starting with sub-25 HP and above-75 HP tractors in October 2026 and pushing the full norm for the dominant 25 to 75 HP segment to April 2032. Whether the prospect of those price increases pulled some FY27 demand into the closing months of FY26 remains contested. Thakkar is sceptical. "I don't think so," he said. "At the end of the day, the dealer knows the customer will come back to buy again in the future. Making a one-time push at the customer's expense is not a sustainable strategy for the dealer."

The Currents Beneath the Surge

The power profile of the Indian tractor market is shifting underneath these headline volumes. The 41-50 HP segment has grown from under half of all sales in FY19 to nearly two-thirds by FY26, largely at the expense of the 31-40 HP band. The 51 HP and above category has shrunk to a sliver. The industry appears to have settled on a band that suits both commercial haulage and the economics of custom hiring.

The first shift is the rise of non-farming use. Tractors are increasingly deployed for haulage, construction, sand mining and rural infrastructure work, and the share of commercially deployed units now varies, by various estimates, between 12 and 20 percent in normal years and considerably higher when rural construction activity is strong. An analyst who asked not to be named put the FY26 figure as high as 45 to 55 percent, citing the Vahan portal as the closest available source even though the absence of a separate commercial registration category for tractors makes precise measurement impossible.

Thakkar offers a more conservative band. "Whenever rural construction intensity is very high, commercial demand picks up," he said, noting that eastern states such as Bihar, West Bengal, Jharkhand and Odisha tend to have the highest commercial share. CNH's Mittal, too, said the company is "quite extensively working on the loader application" and on rig and trench-digging variants, with "a substantial improvement on these applications" expected this year.

The second shift concerns the land itself. The average operational landholding in India fell from 1.08 hectares in 2016-17 to 0.74 hectares in 2021-22, a product of inheritance laws, urbanisation and economic distress. On its face, this is a structural negative for an industry whose unit economics improve with scale. "Structurally, it should impact the industry negatively, because smaller farmland sizes reduce affordability," Thakkar said. The industry has so far defied that logic by moving up the horsepower curve, as labour shortages make mechanisation indispensable and as land consolidation through custom hiring offsets the fragmentation of ownership.

That brings the third trend into view. Custom Hiring Centres, which rent machinery to farmers who cannot justify the capital cost of ownership, have proliferated to 75,915 across India as of 2025, according to a recent review in the Asian Journal of Current Research. Punjab leads with 11,148 centres, followed by Andhra Pradesh and Haryana. Studies cited in the review suggest hiring through a CHC cuts the cost of cultivation by around 15.71 percent compared with private rentals and lifts net returns by 24 percent.

Financing remains the most reliable underpinning of demand. Roughly 95 percent of tractors sold in India are bought on credit, and 125 basis points of policy rate cuts delivered by the Reserve Bank in 2025 lowered borrowing costs for rural buyers.

Replacement demand, muted in 2023-24 because the cohort of tractors coming up for replacement was small, has also turned supportive. "The base coming up for replacement is from 2018-2019, which were strong years for the industry," Thakkar said, adding that a typical owner replaces a tractor every five to nine years.

Whether FY26 marks a new floor for the industry or an aberration will hinge largely on the rains. ICRA expects domestic tractor volumes to grow at a more modest 1 to 4 percent in FY27, citing the high base, the probability of an El Niño event, and the demand hangover after the GST-fuelled rush of the second half. CRISIL strikes a similar tone. "On a very high base, 20 percent plus for FY26, growth will be very muted. We will be happy if the industry grows at even a marginal single-digit level," Thakkar said. He flagged two specific risks for the year ahead. The first is the timely availability of fertilisers, made uncertain by the West Asia conflict, since a delay in supply during the sowing season directly impairs production. The second is the IMD's forecast of subpar rainfall, which in his view "could bring the industry down" if it materialises.

Even a flat year would leave the industry within striking distance of the run rate it touched in FY26. As one analyst, who requested anonymity, observed, "We have reached sales of 1,156,000 units, the highest ever recorded. Even if we are able to maintain around 1,127,000 units, that is still a very big number." The million-unit mark, in other words, may have begun to look less like a ceiling and more like a baseline.

From Slow Start to Strong Finish: India PV Sales Cross 47 Lakh in FY26

Darshan Nakhwa — Fri, 10 Apr 2026 10:18:00

India’s passenger vehicle (PV) market closed the financial year 2025-26 on a historic note, with retail sales crossing the 47-lakh mark for the first time. However, this record performance was shaped by sharp contrasts, with a subdued first half followed by a strong policy-led rebound in the second.

Much of the growth in the second half of the year was driven by the government’s push to boost consumption through policy interventions, improving macroeconomic conditions, and tactical industry actions.

“The year did not start out exciting, but it became exciting because of the interventions that GST brought in. There was a clear indication that more money was coming into consumers’ hands, and that supported demand,” said Ravi Bhatia, President, JATO Dynamics India.

According to data from the Federation of Automobile Dealers Associations (FADA), PV retail sales stood at 47,05,056 units in FY26, up 13% year-on-year. The industry moved through two distinct phases during the year, shaped as much by macroeconomic uncertainty as by policy intervention.

The April to September period was marked by caution. Geopolitical tensions with Pakistan, tariff uncertainties, and heavy rains disrupted both supply chains and consumer confidence. Financing remained tight, and buyers, especially in the entry-level segments, deferred purchases amid uncertainty around GST 2.0.

The result was a muted first half, with dealerships reporting slower footfalls and rising inventory levels. PV stock, which had been a persistent concern throughout FY25, remained elevated in the early months of FY26. During this period, PV sales grew 4% year-on-year to 19,50,586 units.

The narrative changed decisively in the second half. The rollout of GST 2.0 improved affordability, particularly in the small and mid-size car segments, and helped unlock pent-up demand. The recovery was also aided by a strong festive season, lower borrowing costs following repo rate cuts, a stabilizing macro environment, and aggressive discounting and pricing interventions by OEMs.

The second-half surge was further underpinned by a release of pent-up replacement demand, as customers who had deferred purchases amid high prices and uncertainty returned to the market following GST-led corrections.

The strength of the recovery was evident in Q3, which saw record PV sales of over 12.7 lakh units, underscoring the sharp demand rebound following GST-led interventions.

“FY26 was clearly a two-phase year. The second half saw a decisive upshift as GST 2.0 improved affordability, lifted sentiment, and triggered broad-based retail momentum,” said FADA President CS Vigneshwar.

Importantly, the year also marked a shift in OEM strategy, with higher pricing power and premiumization driving improved margins, as automakers balanced affordability gains from GST with selective price increases.

“We saw average prices go up; mass-market car prices went up by over 5% and luxury cars by about 8.8%, which clearly indicates that margins improved for automakers,” Bhatia said.

The recovery was not just visible in overall PV volumes but also in inventory discipline. Dealer stock levels corrected sharply from over 50 days to around 28 days by March, signaling a healthier balance between wholesale dispatches and retail demand. For the first time in recent years, the industry appeared aligned, and what was being sold to dealers was largely being sold to customers.

However, industry sources indicate that inventory remains uneven, with faster-moving models facing supply constraints while slower-moving variants continue to account for a significant share of dealer stock.

In FY26, rural markets emerged as a key growth driver for PVs, outpacing urban regions by a meaningful margin. Rural sales grew by 17.12% during the year, compared to 10.43% in urban markets.

“Rural demand has been a key driver of growth, supported by improved farm incomes and favorable monsoon conditions,” said Hemal Thakkar, Senior Director, Crisil Intelligence.

The stronger rural traction was supported by improved farm incomes, better monsoons, and increasing aspiration-driven purchases, particularly in SUVs and utility vehicles. In contrast, urban demand remained relatively measured in the first half due to macro uncertainties and financing constraints, before picking up pace in the second half following GST 2.0-led improvements in affordability and sentiment.

A Reshaped Pecking Order

FY26 did more than just deliver record volumes; it altered the competitive landscape of India’s PV market.

For years, the hierarchy beneath Maruti Suzuki India Ltd had remained relatively stable, with Hyundai Motor India Ltd holding the second position and Tata Motors Passenger Vehicles Ltd and Mahindra & Mahindra Ltd alternating between third and fourth. FY26 disrupted that order.

Mahindra emerged as the second-largest player with a 13.42% market share. Hyundai slipped to fourth place with a 12.29% share, down sharply from 13.48% in FY25. Even market leader Maruti Suzuki saw its share decline to 39.71% from 40.20% in FY25, marking the fifth consecutive year of erosion since FY22.

The used car market has also been slower to adjust to the new price dynamics, further complicating recovery in the entry-level segment.

Hyundai, on the other hand, faced a different set of challenges. While it has a broad portfolio, parts of it have aged, and its positioning appears increasingly misaligned with the fastest-growing segments of the market. The company has had limited successful offerings in the highly competitive sub-Rs 12 lakh SUV segment, where demand has surged.

The erosion in Hyundai’s share is particularly notable. The company’s domestic volumes declined even as the broader market expanded, making it the only one among the top-four OEMs to report negative growth.

In FY26, other mass-market players delivered mixed performances. Toyota Kirloskar Motor Pvt Ltd continued to gain traction, aided by strong hybrid offerings, increasing its share to 7.13%. Kia India Pvt Ltd held steady with a 5.94% share, and Skoda Auto Volkswagen Group saw its share increase to 2.34%. Meanwhile, Honda Cars India Ltd and Renault India Pvt Ltd saw marginal declines, reflecting limited product momentum.

The luxury segment, while small in absolute terms, continued to grow steadily in FY26. Mercedes-Benz India remained the market leader with 18,160 units, followed closely by BMW India Pvt Ltd at 17,301 units. Jaguar Land Rover India Ltd and BYD India Pvt Ltd also posted incremental gains, reflecting rising demand for premium SUVs and electric vehicles.

According to JATO Dynamics India, among luxury passenger vehicles, Mercedes-Benz’s E-Class emerged as the highest-selling model in FY26, with sales rising 22.3% year-on-year to 4,350 units. The standout performer, however, was BMW’s electric SUV iX1, which recorded a sharp 378% surge to 3,210 units, highlighting the growing traction for EVs in the luxury space. Mercedes-Benz also saw steady demand for its SUVs, with the GLE growing 11.5% to 3,069 units and the GLS remaining largely stable at 2,791 units. Meanwhile, BMW’s 3 Series sedan posted modest growth of 3% to 2,753 units.

Body Styles and Powertrains

The market is also increasingly splitting into two distinct cohorts: value-conscious buyers at the entry level and experience-driven consumers willing to pay a premium, forcing OEMs to recalibrate product strategies across price bands.

“You need different products for India 1 and India 2. Those who are reading the market correctly are the ones succeeding,” Bhatia noted.

If FY26 had a defining theme, it was the continued dominance of SUVs. The body style now accounts for over half of all PV sales, reshaping the structure of the Indian car market.

Consumers are increasingly prioritizing higher ground clearance, better road presence, and feature-rich vehicles. As a result, hatchbacks continued to lose share, particularly in the entry-level segment. Sedans, mini MPVs, and vans saw steady demand, while niche categories such as coupes and convertibles remained small.

The shift was even more visible in the fuel mix. Petrol/ethanol vehicles continued to dominate but saw their share decline to 47.48% from 50.82% in FY25, indicating a gradual diversification. Diesel remained stable at around 18%, while CNG/LPG saw a rise to 21.98%, driven by lower running costs and improved availability.

The rise of CNG has also been closely linked to fleet demand, with segments such as taxis and shared mobility driving a significant portion of volumes, supported by faster replacement cycles and favorable operating economics.

Hybrids accounted for 8.22%, while EVs continued to gain traction, with their share rising to 4.25% in FY26 from 2.61% a year ago. Customer preference for greener technologies gained further momentum in FY26, with EV volumes growing 84% year-on-year to 1,99,923 units, as per FADA data.

However, EV adoption remains uneven. “EV penetration in the sub-Rs 10 lakh segment has actually declined, which shows that affordability remains a key constraint,” Bhatia said.

Beyond pricing, practical challenges around usage continue to weigh on EV adoption. “Charging infrastructure is still not convenient enough — availability is one thing; usability is another,” he added.

The shift toward alternative powertrains reflects a broader change in consumer behavior. “India is no longer just a value-for-money market. Buyers today are looking for experience, technology, and aspiration,” Bhatia said.

Buyers are increasingly evaluating the total cost of ownership rather than just the upfront price, especially in a high fuel-cost environment due to emerging geopolitical tensions.

The transition to E20 fuel has also introduced new considerations for consumers, with concerns around real-world efficiency and long-term engine performance influencing buying decisions.

According to JATO Dynamics India, petrol vehicle sales remained largely flat at 26,06,118 units in FY26 compared to 26,04,939 units a year ago. In contrast, CNG vehicles recorded strong traction, with sales rising 23.3% year-on-year to 10,21,156 units, driven by lower running costs and wider availability. Diesel also saw a healthy rebound, growing 10.2% to 8,80,735 units, supported by sustained demand in SUVs and utility vehicles.

Outlook for FY27

As the industry moves into FY27, sentiment remains cautiously optimistic. According to FADA, nearly 75% of dealers expect growth in the 3-7% range, indicating confidence in the underlying demand story. However, risks remain.

“While the growth outlook for FY27 remains positive, it is likely to be more measured. With several macroeconomic headwinds beginning to emerge, there is a slight downward revision; we expect the PV market to grow by 5% to 7% from an earlier guidance of 3% to 5%,” added Thakkar. (Note: You may want to review this quote with the author, as a change from 3-5% to 5-7% is technically an upward revision, contradicting the word "downward".)

Geopolitical uncertainties, particularly in West Asia, could disrupt supply chains and impact production schedules. Rising fuel prices and a broader economic slowdown are also key concerns.

Rising input costs, particularly in energy and raw materials, are also beginning to strain supplier ecosystems, especially at the Tier 2 and Tier 3 levels, potentially impacting production economics in the coming quarters.

“Increasing input costs, particularly in energy and commodities, are beginning to put pressure across the value chain, especially for Tier 2 and Tier 3 suppliers,” said Thakkar.

At the same time, the accelerating shift toward EVs and CNG vehicles is expected to continue. Over 56% of dealers report increasing customer interest in these powertrains, suggesting a structural transition in the market.

“Looking ahead, industry momentum is expected to sustain, led by growth in SUVs, CNG, and EVs. At the same time, the industry will need to closely monitor geopolitical developments to mitigate potential supply-side risks. For Tata Motors Passenger Vehicles, we expect to build on the strong momentum of H2 and continue to deliver industry-beating growth in FY27, supported by recent launches, a strong pipeline of new products, and an established multi-powertrain strategy,” said Chandra.

“We stay mindful of the prevailing geopolitical uncertainties; Hyundai Motor India Limited is well-prepared for a strong FY2026-27, delivering aspirational, connected, and innovative products,” TarunGarg, MD & CEO of HMIL, said.

Automakers, too, are preparing for the next phase of growth. Tata Motors is expanding its EV lineup with upcoming launches such as the Sierra EV and Safari EV. Hyundai is banking on product refreshes and new launches, including its EV push, to regain momentum. Honda Cars India is also set to enter the EV space with its first battery electric vehicle.

A Year of Transition

FY26 will be remembered not just for its record volumes but for the shifts it triggered.

It was a year where policy intervention, particularly GST 2.0, played a decisive role in reviving demand. It was also a year where the market’s center of gravity moved further toward SUVs and alternative powertrains. More importantly, it marked a change in competitive dynamics. Mahindra and Tata have emerged stronger, while Maruti and Hyundai face the challenge of realigning their portfolios with a rapidly evolving market.

While FY26 delivered record volumes, a significant part of the growth was underpinned by policy support, pricing interventions, and replacement demand. This raises questions about how sustainable this momentum will be as these tailwinds begin to normalize—particularly as the West Asia crisis fuels inflationary pressures, strains supply chains, and risks dampening demand through rising prices.

“The momentum seen in the second half of FY26 may not fully sustain as some of these supporting factors begin to normalize,” Thakkar opined.

As the industry steps into FY27, the outlook is more measured, even as the sector remains on course to approach the 5-million annual sales mark over the medium term. SIAM, the industry body, has guided for 5–7% growth, though a downward bias is emerging amid the protracted West Asia crisis, which is expected to impact input costs, supply chains, and pricing.

“The industry is clearly moving toward the 5-million mark, but getting there will depend on how demand holds up amid rising prices and macro uncertainties,” said Bhatia.

These pressures are likely to temper momentum, requiring automakers to carefully balance both cost and demand in the year ahead.

EV Share of 3-Wheeler Sales Jumps to 61%, CNG Falls to 24% in FY2026

Ajit Dalvi — Sat, 04 Apr 2026 13:19:35

The smart growth of India’s electric 3-wheeler industry, which continues to witness the fastest transition from conventional fuels to electric mobility amongst all vehicle segments, continues to eat into the CNG-powered 3W market. In FY2026, e-3W sales hit a record 830,819 units as compared to CNG 3Ws whose sales at 327,958 units (down 4% YoY) have dropped to their lowest level since FY2024 when they registered their highest sales.

The electric 3W segment’s record retail sales in FY2026 have given the category a 61% market share – an additional 4% YoY – while that of CNG 3Ws dropped to 24% from 28% in FY2025.

As per Vahan data for FY2026, of the total 1.36 million 3Ws sold in India across all powertrains (electric, CNG, diesel, LPG and petrol), zero-emission electric 3Ws account for the bulk of them – 61% – clearly establishing their stranglehold over this vehicle segment.

Furthermore, the e-3W sub-segment is also the one to register the highest YoY growth (see FY2026 vs FY2025 data table above). The 19% YoY growth in sales has given it an additional 4% market share, increasing from the 57% it had in FY2025.

In comparison, CNG three-wheelers have lost exactly the same level of market share that 3W EVs have gained: 4 percent. The 4% decline in CNG 3W sales in FY2026 meant that this sub-segment delivered 12,630 fewer units to customers YoY (FY2025: 340,588 units).

Among the impediments to better adoption of CNG three-wheelers have been regular price hikes of this fuel which increase the total cost of vehicle ownership, which is critical in this vehicle category which caters to both passenger and cargo transport. As of today (April 4, 2026), CNG costs Rs 81 per kg in Mumbai, which is a Rs 4 per kg rise from the Rs 77 per kg rate (on December 20, 2025). In comparison, a litre of petrol costs Rs 103.49 and diesel Rs 90.01.

In a highly price- and value-conscious market like India, which have scores of individual-owned 3Ws and a growing number of last-mile mobility fleet operators, the e-3W value proposition as compared to CNG and costlier petrol and diesel is hitting home.

When compared to electric 3Ws, CNG loses out on the zero-emission wallet-friendly alternative. EVs offer a much lower running cost per kilometre of around Rs 1.40 per kilometre with a 90-120km range on a full charge. Meanwhile, a CNG 3W has an estimated running cost of around Rs 1.40 per kilometre, which works out to a 140% increase compared to an e-3W.

Meanwhile, in FY2026, diesel-engined 3W sales (166,045 units) rose by 20% YoY. This sees the diesel 3W share improve marginally to 12% from 11% in FY2025. LPG-fuelled 3W sales (33,226 units) were down 1% YoY with the LPG 3W market share falling to 2 percent. Ethanol-fueled 3Ws (3,004 units) sold more than the 2,227 petrol-engined 3Ws (down 75% YoY), which is understandable given the wallet-busting cost of this fossil fuel.

Shifting market dynamics after BS VI kicked in sees diesel share whittle down to 12% from 41% in FY2021. E-3Ws now rule the market with a 61% share while CNG share has dropped to 24%.

Electric 3W Share at Its Highest in FY2026, CNG at Lowest Since FY2023

A deep dive into the 3W industry’s sales since FY2020 reveals some interesting takeaways. Total 3W sales across all powertrains have risen 68% over the past seven years from 812,494 units in FY2020 to 13,63,278 units in FY2026.

The shifting market dynamics, particularly after BS 6 emission norms kicked in from April 2020, show that diesel which had the largest share – 41% – of the 3W market in FY2021 has whittled down to just 12% in FY2026. While expensive petrol was never a draw for 3W buyers, the combined electric and CNG share of 3Ws has risen from 41% in FY2020 to 85% in FY2026.

The rapid advance of the e-3W segment, can be seen from its speedy growth particularly since FY2023 when it crossed the 400,000 retail sales milestone for the first time and accounted for every second 3W of the total 785,094 units sold in India. Demand continued to rise over the next three fiscals and in FY2026 the e-3W industry doubled its FY2023 volume to surpass the 800,000 milestone for the first time.

In comparison, the CNG-powered 3W segment which registered its highest sales in FY2024 (356,284 units) for a 30% share of the 1.16 million 3Ws sold, sees its share of the overall 3W market progressively reduce to 28% in FY2025 and to 24% in FY2026.

The CNG 3W segment’s performance in the past fiscal gives it the lowest share (24%) since FY2023 when it contributed to 31% of the 3W industry sales of 785,094. Will electric 3Ws continue to take away buyers from the CNG segment in FY2027? Watch this space as we bring you the latest sales updates and analyses.

ALSO READ: Mahindra, Bajaj and TVS power electric 3W sales past 800,000 for the first time in FY2026

Record 1.4 million electric 2Ws sold in FY2026, command 57% share of India EV market

Luxury electric car and SUV sales jump 61% to a new high of 5,404 EVs in FY2026

EV Share of 3-Wheeler Sales Jumps to 61%, CNG Falls to 24% in FY2026

Ajit Dalvi — Sat, 04 Apr 2026 13:19:35

The electric 3W segment’s record retail sales in FY2026 have given the category a 61% market share – an additional 4% YoY – while that of CNG 3Ws dropped to 24% from 28% in FY2025.

Shifting market dynamics after BS VI kicked in sees diesel share whittle down to 12% from 41% in FY2021. E-3Ws now rule the market with a 61% share while CNG share has dropped to 24%.

Electric 3W Share at Its Highest in FY2026, CNG at Lowest Since FY2023

ALSO READ: Mahindra, Bajaj and TVS power electric 3W sales past 800,000 for the first time in FY2026

Record 1.4 million electric 2Ws sold in FY2026, command 57% share of India EV market

Luxury electric car and SUV sales jump 61% to a new high of 5,404 EVs in FY2026

Iran War Likely to Hasten Self-Reliance Quest

Autocar Professional Bureau — Mon, 23 Mar 2026 15:41:37

As escalating conflict in the Middle East keeps global energy markets on edge, India will have to attempt a radical shift toward bio-energy sovereignty. Faced with an 85% reliance on imported energy and a volatile geopolitical landscape, the world's most populous nation would have to work to establish a "new normal" that prioritises domestic self-reliance over fragile global supply chains, industry leaders said.

"Most of the countries that actually suffered from this (energy sourcing), they will work out a new normal for energy," said Atul Mulay, President of Corporate Strategy at Praj Industries, a leading bio-energy technology provider.

Industry experts pointed out that the anticipated shift should be seen in the context of logistical bottlenecks, including the near blockage of the Strait of Hormuz, which have made energy security synonymous with national sovereignty. New Delhi has walked a diplomatic tightrope, navigating US pressure on Russian crude sourcing while monitoring shifting alliances in the Middle East. The impact has been tremendous. Geopolitical tensions since the beginning of the US-Israel-Iran war on February 28, 2026 have not only raised crude prices but also created severe shortages of gas and commodities including those used in the automotive ecosystem. Also, India will have to consider a future where its neighbourhood is likely to change in the coming years with some countries forming their own 'NATO-like' regional forces, which may further complicate matters.

Automotive Friction

India's new normal will depend heavily on reducing the country's fuel sourcing needs. According to experts, this could be largely achieved through greater adoption of biofuels, which are abundant considering India remains largely an agrarian economy. For instance, the nation's ethanol blending programme has been one of its success stories in the green transition, with the government advancing its E20 (20% ethanol blending in petrol) targets by five years, moving the deadline from 2030 to 2025. This trajectory has established India as the third-largest ethanol producer in the world. India's adaptability has resulted in the production of 1,700 crore litres of ethanol, significantly exceeding the 1,000 crore litres required for the 2025 target, leading the government to permit exports.

As per government data, ethanol blending has already saved an estimated ₹1.55 lakh crore and substituted roughly 2.66 lakh metric tons of crude oil. The programme has led to a reduction of 800 lakh metric tons of CO2 emissions and approximately ₹1.36 lakh crore has been paid back to farmers for ethanol feedstocks. There were even plans to take the blending levels to E27, E30, and even further.

However, the ethanol blending programme faced its share of challenges. Last year, there was social media outrage over the issue from certain sections of the general public and media, who worried about its corrosive nature harming the health of their vehicles. Motorists, especially those with older vehicles not explicitly designed for E20, voiced fears of a drastic reduction in mileage and long-term corrosion of mechanical components. Anecdotal reports suggest efficiency losses of 15-20%, although official Automotive Research Association of India tests indicate a smaller dip of 1-6%, varying by vehicle and usage. Although the government denied the allegations, with Minister Nitin Gadkari even terming them "politically motivated", critics' apprehensions have not been successfully addressed.

Consequently, the ethanol blending programme appears to have plateaued since then, as the government has not officially announced any policy regarding increasing the blending levels.

Bharati Balaji, Dy. Director General, All India Distillers' Association (AIDA), stated that the ethanol blending programme assumes critical importance in this context. Accelerating the adoption of higher blending levels will not only reduce import dependence but also enhance energy security and provide greater stability against external shocks. India's ethanol industry has already made substantial investments and is well-positioned to support this transition. India's 1,800 crore litre ethanol capacity is a strategic energy reserve to explore. "A calibrated and forward-looking roadmap to increase blending targets will be essential to fully leverage the country's existing production capacity and ensure long-term sustainability of the biofuel ecosystem," Balaji noted.

The Stalled Promise of CBG

While ethanol has flourished, India's SATAT (Sustainable Alternative Towards Affordable Transportation) programme has languished. Originally targeting 5,000 Compressed Biogas (CBG) plants, the programme has only 133 plants on the ground.

In 2018, the Indian government unveiled an energy roadmap that was as audacious as it was green: a plan to deploy 5,000 large-scale CBG plants to convert the nation's agricultural waste into 15 million metric tons of homegrown fuel. Seven years into the initiative, the arithmetic of India's energy transition is failing to add up.

As of January 2026, only 133 plants are functional, producing a mere 926 tonnes per day. This supply crunch comes at a precarious time for the domestic automotive industry. Sales of CNG-powered passenger vehicles have surged, with market share jumping from 6% in 2020 to nearly 20% in 2025. While major manufacturers like Maruti Suzuki and Tata Motors have moved aggressively toward gas-based models, the fuelling infrastructure remains stuck in a cycle of lack of local focus and systemic bottlenecks.

Compressed Biogas is a renewable, eco-friendly fuel chemically identical to the natural gas (CNG) used to power cars and trucks. While standard natural gas is a fossil fuel extracted from the earth, CBG is green because it is produced from organic waste that would otherwise be discarded or burned.

Dr DK Ojha, Deputy Director General at the Ministry of Petroleum and Natural Gas (MoPNG), during a recent interaction with Autocar Professional, suggested that biofuels — fuels derived from organic matter like sugar, bamboo and others — are poised for significantly faster adoption by the automotive sector than electric vehicles (EVs). This shift is not merely a matter of preference but a pragmatic response to India's unique economic and logistical landscape.

A Circular Future

Despite the current hurdles, the strategic imperative is clear. The move toward a bio-energy-led economy is not just about fuel; it is a circular economy model that keeps capital within the country. By shifting from imported crude to domestic ethanol and CBG, India can stop billions of dollars from flowing out to foreign regimes.

A circular bioeconomy can transform India's vast agri-produce and agri-residue into sustainable fuels, reduce import dependence and power true energy self-reliance. "If we build our own energy, produced within our borders, from our own resources, we don't just insulate ourselves, we future-proof the nation. This is not just resilience, it is sovereignty in action," Mulay concludes. As the global energy map is redrawn by conflict and new alliances, India's best defence may well be its own fields.

Iran War Likely to Hasten Self-Reliance Quest

Autocar Professional Bureau — Mon, 23 Mar 2026 15:41:37

Automotive Friction

Consequently, the ethanol blending programme appears to have plateaued since then, as the government has not officially announced any policy regarding increasing the blending levels.

The Stalled Promise of CBG

A Circular Future

Two-Wheeler Sales to Surpass Pre-Covid Level, Will Hit a New High in FY2026

Ajit Dalvi — Sat, 21 Mar 2026 11:47:23

Amidst the ongoing global geopolitical turbulence, India continues to be a buoyant market in the form of automobile sales. With just 10 days left for the current fiscal year to come to a close, the world’s third largest automotive market is set to register a new high in FY2026 of over 27 million vehicles comprising the two- and three-wheeler, passenger and commercial vehicle segments. This will mean India Auto Inc will surpass FY2019’s record factory dispatches of 26.26 million units. Powering this growth is the largest volume segment – two-wheelers.

As per SIAM wholesales data for the first 11 months of FY2026, India 2-Wheeler Inc has clocked wholesales of 19.72 million units (1,97,29,846) which marks 10% YoY growth (April 2024-February 2025: 17.95 million 2Ws). This total is 1.45 units million shy of the record 21.17 million 2Ws sold in FY2019. Considering 2W OEMs have averaged monthly sales of nearly 1.9 million units in January-February 2026, expect this gap to be easily bridged and surpassed in March, the closing month of FY2026. One can expect total 2W wholesales in FY2026 to be in the region of 21.72 million units.

With 19.72 million units sold in the first 11 months of FY2026, 2W sales are 1.45 million units away from FY2019’s 21.17 million. With growing demand for EVs, the scooter share has risen strongly.

GST 2.0 THE MARKET MOVER IN H2 FY2026

If the Indian two-wheeler industry, which comprises motorcycles, scooters and mopeds, is in good nick after the first 11 months of the current fiscal year, it’s thanks to GST 2.0 which kicked in from end-September 2025.

The 2W industry has been among the biggest beneficiaries of the revised GST which has made this vehicle segment more affordable, particularly entry-level and commuter models. The rate cut from 28% to 18% for up to 350cc models covers nearly 97% of the motorcycle and scooter models in India. While electric 2Ws did not see any reduction in their 5% GST, above 350cc 2Ws (mainly motorcycles) saw a GST hike to 40% from 28 percent.

While the first 6 months of FY2026 saw sale of 10.23 million 2Ws, GST 2.0-fueled sales from October 2025 to February 2026 have jumped 22% to 9.49 million units with March sales still to be counted.

The growth accelerator for overall 2W sales has clearly been GST 2.0. This is amply seen when the segment’s H1 FY2026 (April-September 2025) and first five months of H2 FY2026 (October 2025-February 2026) are compared.

In first-half FY2026, 10.23 million 2Ws were dispatched to dealers across the country and made for near-flat growth (+0.7% YoY). In the last five months FY2026, thanks to GST 2.0, total wholesales at 9.49 million units are up by a robust 22% YoY (October 2024-February 2025: 77,85,413 units). This essentially has helped India 2W Inc achieve the 10% YoY growth for the first 11 months of FY2026.

EVs (964,747 units), which account for a 13% share of the 7.35 million scooters sold in the first 11 months of FY2026, helped the scooter share of the 2W market rise to 37% from 32% in FY2019.

EVs HELP SCOOTER SHARE RISE TO 37%, MOTORCYCLE SHARE DROPS TO 60%

The growing demand for scooters – both ICE and electric – has been one of the key factors for the strong growth in the 2W market. As accurately forecast six months ago in October 2025 in Autocar Professional, domestic market scooter wholesales have surpassed 7 million units for the first time in fiscal in 2026, and with one month (March 2026) still to be counted.

At 73,56,523 units (7.35 million units) in the first 11 months of FY2026, scooter sales have gone past their previous best of 6.85 million units in FY2025 and are could even close the current fiscal with record dispatches of 8 million units.

While the scooter market has recorded 17.4% YoY growth, motorcycles (11.89 million units) have witnessed a 6.1% YoY increase, improving upon their tepid growth in H1 FY2026. The scooter segment’s rapid growth is reflected in its growing share in the overall 2W pie in FY2026 YTD compared to motorcycles which has dropped.

In the FY2019 vs FY2026 (11 months) comparison, the scooter share has increased to 37% from 32% seven years ago, while that of motorcycles has fallen to 60% from 64% in FY2019. Meanwhile, the share of the humble moped has halved to 2% from 4% in FY2019 when it had clocked record sales of 880,227 units versus 477,048 units in FY2026 YTD.

What has also helped scooter OEMs is the growing demand for two-wheeled EVs. Compared to FY2019, when e-2Ws had little of a presence in India, FY2026 has already witnessed record retails (customer deliveries) of over 1.3 million units (as of March 20).

As per SIAM wholesales data for its member companies, seven e2W OEMs (TVS, Bajaj Auto, Ather Energy, Hero MotoCorp, Honda, Suzuki, Yamaha) has clocked wholesales of 964,747 e-scooters in the past 11 months and account for a 13% share of the 7.35 million scooters (ICE and EV) sold in FY2026 YTD.

In comparison, the motorcycle segment has very little or no legacy OEM presence in EVs and is currently led by start-ups including Revolt Motors, Ola Electric and Ultraviolette.

ALSO READ: TVS Clocks Retail Sales of 300,000 Electric 2Ws for the First Time in a Fiscal

Scooter exports surpass 600,000 units, Honda leads the charge in FY2026

Volkswagen India Dispatches 113 Tayron Premium SUVs in First Month of Sale

Ajit Dalvi — Sat, 14 Mar 2026 12:44:46

Volkswagen India’s recently launched Tayron premium three-row SUV has registered wholesales of 113 units in February 2026, which is its first month of sale in the Indian market. This gives the seven-seater Tayron a 13% share of Volkswagen India’s utility vehicle dispatches (835 units) and a 4% share of passenger vehicles (2,639 units) last month.

Volkswagen India commenced local assembly operations for the Tayron R-line at its Chhatrapati Sambhajinagar (Aurangabad) plant on January 22, 2026, and opened bookings for its new flagship SUV on February 5. Two weeks later, on February 19, the company officially launched the premium three-row SUV at an introductory price of Rs 46.99 lakh (ex-showroom) and Rs 54.58 lakh (on-road Delhi) for the R Line trim.

Built on the VW Group’s MQB EVO platform, the Tayron is an XL-sized Tiguan with added length and targets the growing demand for spacious, easy to drive and fully laden SUVs in India. This SUV, which sports an urbane design both inside and out along with modern convenience and safety features, is powered by a 2.0-litre turbo-petrol engine which develops maximum power of 204hp and 320 Nm torque, and comes mated to a 7-speed dual clutch automatic gearbox.

This is the same engine that powers the Tayron’s closest rival, the Skoda Kodiaq which has sold 146 units in February and a total of 1,729 units (up 5% YoY) in the April 2025-February 2026 period, as per the latest SIAM wholesales data. The Jeep Meridian, the Tayron’s other rival, sold 124 units last month and 1,103 units in the past 11 months, down 4.50% YoY. The Tayron also competes with the Toyota Fortuner petrol variants.

In the first 11 months of FY2026, Volkswagen India has sold a total of 34,494 units, down 11% YoY (April 2024-February 2025: 38,692 units), which comprises 20,950 cars and sedans (up 7.51% YoY) and 13,544 UVs (down 29% YoY). The Virtus sedan (20,950 units) is currently the best-selling VW India model, followed by the Taigun compact SUV (12,004 units), Tiguan midsize SUV (1,149 units), Golf GTI (240 units) and the new Tayron (118 units).

ALSO READ: Skoda Slavia and Volkswagen Virtus sales cross 150,000 units

Hyundai Aura Sales Cross 300,000, GST 2.0 Drives 23% Growth in 11 Months of FY2026

Ajit Dalvi — Fri, 13 Mar 2026 14:11:50

The Hyundai Aura sedan has driven past the 300,000 cumulative wholesales milestone in the domestic market. With factory dispatches of 6,733 units in February 2026, up 40% YoY (February 2025: 4,797 units), India-market sales of this entry -level sedan from launch in January 2020 are 302,365 units. Hyundai Motor India, which is the country’s second largest passenger vehicle exporter, has also shipped 144,199 units to overseas markets till end-January 2026, which takes the Aura’s combined domestic and export total to 446,564 units.

As the data table below indicates, the Aura has already clocked its highest-ever wholesales in the current fiscal, with March 2026 numbers still to be factored in. In the first 11 months of FY2026, Hyundai India dispatched 61,403 Aura sedans to its dealers and showrooms. This constitutes strong 23% YoY growth (April 2024-February 2025: 49,871 units) and gives the Aura a 12% share of the 529,842 cars and SUVs the company has sold in the past 11 months.

The 61,403 units sold in the first 11 months of FY2026 give the Aura a 12% share of Hyundai Motor India’s PV sales. In FY2026 YTD, it Hyundai’s the second highest export model after the Verna sedan.

The sales accelerator for the Aura, as well as the overall passenger vehicle segment, has been GST 2.0 which enabled sizeable price reduction – Rs 55,780 for the base variant to Rs 71,367 for the to-end variant) from end-September 2025. The 11-variant Hyundai Aura’s current pricing starts at Rs 600,000 for the base Petrol E MT and rises to Rs 854,000 (ex-showroom) for the top CNG SX MT variant. Sales have risen quarter on quarter: Q1 FY2026 (14,862 units) was bettered by Q2 (15,359 units) and Q3 (16,471 units).

Q4 (with March sales to come in) bids fair to beat them all – 14,711 units were sold in January-February 2026 (14,711 units) with Hyundai registering highest-ever monthly sales of 7,978 units in January. One of the reasons for the high sales in January 2026 is the launch of the Aura Prime SD targeted at the fleet and taxi operator market.

AURA SALES RISE QUARTER ON QUARTER IN FY2026

The Aura, which essentially rivals the Maruti Suzuki Dzire, Honda Amaze and Tata Tigor, is powered by a 1.2-litre petrol engine that develops 83 hp, paired with a manual and an automatic gearbox, along with a 1.2-litre bi-fuel petrol with CNG engine that produces 69 hp, with only a manual gearbox. The Aura’s mileage ranges between 17kpl to 28.4 km/kg, depending on the chosen variant.

With 61,403 units in FY2026 YTD, the entry-level Aura sedan is currently the third best-selling model in Hyundai India’s 10-model portfolio after the Creta midsize SUV (184,083 units, 35% share) and the Venue compact SUV (106,590 units, 20% share) and 1,004 units ahead of the Exter compact SUV (60,399 units, 11% share). Hyundai’s other sedan, the sixth-gen Verna executive sedan has sold 8,526 units.

With this performance, the Aura is set to be India’s second best-selling sedan in FY2026 after the Maruti Dzire (207,906 units). Of the estimated 362,537 sedans (up 17% YoY) sold in the past 11 months of FY2026, the Dzire has a 57% share, followed by the Aura with 17 percent. Of the 12 sedans in the market, only four – Dzire, Aura, Volkswagen Virtus and Toyota Camry – have registered YoY growth, reflective of the growing demand for Hyundai Motor India’s entry-level sedan.

ALSO READ: Maruti Dzire set to be India’s best-selling car in FY2026
Skoda Slavia and VW Virtus Sales Cross 150,000 Units, Virtus First to Cross 75,000 Units

Tata Sierra Sells 14,000 Units in 2 Months Since Launch for 11% Share of Tata Motors Sales

Ajit Dalvi — Sat, 07 Mar 2026 12:39:23

Tata Motors, which is set to clock its highest-ever 12-month wholesales of 600,000 units in FY2026, has received a sales booster in the form of the recently launched Tata Sierra SUV. The modern avatar of the Sierra, which was launched on November 25, 2025 and received 70,000-plus order confirmations on the first day of bookings opening (December 16), has sold an estimated 14,394 units till end-February 2026. Deliveries to customers commenced from January 15.

The Sierra, with factory dispatches of 7,003 units in its first full month of sales, contributed 10% to Tata Motors’ highest-ever monthly wholesales of 70,222 units in January 2026, and did even better the next month. With an estimated 7,100 units in February, the Sierra accounted for an 11% share of

Tata Motors’ 62,329 PVs, up 34% YoY. The Sierra is currently the third best-selling SUV for the company after the Nexon and Punch compact SUVs and ahead of the Harrier and Safari midsize SUVs. Combined January-February sales (14,013 units) make for an 11% share of Tata Motors’ 132,551 PV sales in the past two months.

With 14,103 units in January-February 2026, the Tata Sierra accounts for an 11% share of Tata Motors’ wholesales of 132,551 units in the first two months of CY2026.

Sierra bookings have crossed 100,000 units and Tata Motors is adequately ramping up Sierra manufacturing capacity to cater to the surging demand for its latest model which has entered the hotly contested midsize SUV segment. The Sierra’s rivals include the Hyundai Creta, Maruti Grand Vitara and Victoris, Renault Duster, Toyota Hyryder, Kia Seltos, Honda Elevate, Volkswagen Taigun, Skoda Kushaq, MG Astor and Citroen Aircross X. Within Tata Motors’ SUV portfolio, the Sierra is positioned between the Curvv and the Harrier.

Pricing for the 24-variant Tata Sierra starts from Rs 11.49 lakh through to Rs 21.29 lakh (ex-showroom). In terms of powertrain, the Sierra debuts Tata’s all-new 1.5-litre direct injection turbo-petrol engine and also has the naturally aspirated 1.5-litre petrol and diesel engine options on offer with manual and automatic transmissions. Fuel efficiency depends on the engine and transmission options. As per ARAI, the petrol variants deliver 16-18kpl, while the diesel variants deliver better fuel efficiency of 18–20kpl.

The Tata Sierra, crowned Autocar India’s Car of the Year 2026 as well as the winner of the Best Design & Styling, Viewer’s Choice for Car of the Year and the Midsize SUV of the Year awards, had impressed the jury with its premium, well-appointed cabin, a wide spread of powertrain options and a design that turns heads. Clearly, this is now playing out in the real-world market where the value-conscious buyer is keen on the latest Tata SUV in town.

BIG ON THE DESIRABILITY QUOTIENT

The feature-laden Sierra is big on the desirability quotient, which is key in the SUV segment. It comes with dual-tone 19-inch alloy wheels, LED headlights with a full-width LED light bar on top, panoramic sunroof, flush-type door handles, a powered tailgate, segment-first three-screen setup: one for instrumentation and two for infotainment, Dolby Atmos, rear window sunshades, Boss mode functionality for the front passenger seat and more.

The safety features include six airbags as standard, Level 2 ADAS, traction control, front and rear disc brakes, 360-deg camera, ABS with EBD, front and rear parking sensors, electronic parking brake with auto hold, hill hold assist, and more.

The surging demand for the Tata Sierra means that Tata Motors has had to ramp up production. It is understood that the company plans to ramp up this midsize SUV’s monthly production to around 15,000 units over the next six months. At present, the Sierra has a waiting period of between three to four months, depending on the powertrain chosen.

Toyota Hyryder Outsells Innova Twice in 4 Months, Toyota Set for Record 360,000 Units in FY2026

Ajit Dalvi — Sat, 07 Mar 2026 12:26:45

The Toyota Urban Cruiser Hyryder has done the unthinkable again. The popular midsize SUV has once again outsold Toyota Kirloskar Motor’s best-selling model, the Innova MPV. Having first achieved this with its highest monthly wholesales of 11,555 units in October 2025, news which was broken by Autocar Professional, the Hyryder has repeated the act in February 2026 with sales of 9,359 units, up 117% YoY (February 2024: 4,314 units).

The Innova, which comprises the Hycross and Crysta models, sold 8,703 units last month, up 3% YoY (February 2025: 8,449 units). This makes the Hyryder the best-selling Toyota in February 2026, accounting for a 30% share of TKM’s total wholesales of 30,737 units, up 17% YoY. The two Innovas, with 8,703 units, had a 28% share last month. Combined Hyryder and Innova sales, at 18,062 units, comprised nearly 59% of the company’s total PV dispatches last month.

Though the Hyryder has outsold the Innova twice over the past 11 months, the MPV remains TKM’s best-selling model, accounting for 31% of the 331,778 passenger vehicles dispatched in FY2026 YTD.

However, when it comes to cumulative 11-month sales, the Innova continues to keep its midsize SUV sibling at bay. In the April 2025-February 2025 period, combined Innova Hycross and Crysta sales are 102,030 units, up 5% YoY on the 97,348 units sold a year ago. The Hycross, with an estimated 65% share, accounts for the bulk of the Innova sales this fiscal. As such, the Innova leads the Hyryder (89,684 units, up 63% YoY) by 12,346 units and will ensure it remains TKM’s No. 1 model in FY2026 when March 2026 numbers are counted.

February sales constitute the fourth instance of the Hyryder surpassing 9,000 units after August 2025 (9,100 units), October 2025 (11,555 units) and January 2026 (9,359 units). The midsize SUV’s cumulative 11-month total of 89,684 units is already its highest-ever fiscal year sales, having long driven past FY2025’s 60,388 units. End-January saw TKM introduce an official accessories ‘Tech Package’, which adds some features and safety kit for a Rs 29,499 premium, a strategic move which would have helped accelerate sales in February.

Despite growing competition, the Hyryder has made its mark in the midsize SUV market. The strong-hybrid variant has an EV-only mode that delivers stellar economy.

MAKING A MARK IN A COMPETITIVE MARKET

The petrol-only SUV is currently available in 13 variants — 8 petrol, 2 CNG, and 3 strong hybrid —

with pricing starting at Rs 10.99 lakh for the Petrol E Neodrive MT trim to the top-end Petrol V Hybrid AT trim (Rs 19.99 lakh ex-showroom). The engines on option are a 103hp petrol and a 116hp strong-hybrid petrol, with manual and automatic transmission choices. The petrol engine is also available with an AWD option with an automatic transmission. A CNG powertrain (89hp and 121.5 Nm) mated with only a manual transmission is also offered. The Toyota Hyryder’s mileage ranges between 19.2kpl and 27.97kpl.

With 331,778 PVs sold in the past 11 months, TKM has surpassed its previous fiscal best of 309,230 units in FY2025. Expect the company to wrap up FY2026 with a record score of 360,000 vehicles.

TOYOTA DRIVES TOWARDS RECORD SALES IN FY2026

Like Mahindra & Mahindra, Tata Motors and Kia India, Toyota Kirloskar Motors too will achieve its highest-ever fiscal year sales in FY2026. In fact, cumulative 11-month sales at 331,778 units are already a new high, having beaten the previous best – FY2025’s 309,230 units.

With GST 2.0-fuelled price reductions providing a tailwind (the Hyryder’s price dropped by up to Rs 65,000), TKM clocked its highest monthly sales in October 2025 (40,247 units) and has registered 30,000-plus sales for the next four months on the trot. Expect it to register a similar number in March 2026, which would take its FY2026 PV sales to 360,000 units and a doubling of sales in just three years.

Of the company’s 10-model portfolio, the Innova continues to have the largest model-wise share – 31% in FY2026 YTD. The Hyryder has become the second best-seller for TKM right since FY2024 which was its first full year of sale.

The Hyryder, which drove past the 200,000 sales milestone in December 2026, has clocked total sales of 221,827 units from launch in September 2022 till end-February 2026. While the first 100,000 units were sold in 26 months, the next 100,000 units took 15 months, reflecting the frenetic increase in customer demand as well as its growing share of TKM sales. Over 82,000 units have also been exported till date.

As in FY2025, when it was TKM’s best-selling Maruti-rebadged model, the Hyryder remains ahead of the three other badge-engineered models in India that sport the Toyota logo: the Maruti Baleno-based Glanza hatchback, the Fronx-based Urban Cruiser Taisor and the Ertiga-based Rumion MPV.

In FY2023, the Hyryder (22,839 units) accounted for 13% of TKM’s 173,245 units. This rose to 20% in FY2024 (48,916 units out of TKM’s 245,000 PVs and FY2025 (60,388 units out of TKM’s 309,230 PVs).

In FY2025, the two Innovas had sold 108,642 units, a score which will be surpassed in FY2026. The Hyryder has already hit a new high with 89,684 units in the past 11 months of FY2026 and a 27% share of TKM’s total PV dispatches of 331,778 units. It now needs to sell another 10,316 units in March to achieve the 100,000 milestone for the first time in a fiscal. Will it? Watch this space for the latest news on model-wise sales and analyses.

Greaves E-Mobility 2W Sales Cross 270,000 units, Ampere Outsells Ola in February 2026

Ajit Dalvi — Sat, 28 Feb 2026 15:11:42

Greaves Electric Mobility (GEM), the EV arm of diversified engineered major Greaves Cotton, has crossed the 270,000-units sales mark for electric 2-wheelers in the domestic market. Retail sales data, sourced from the Vahan portal and encompassing e-2W deliveries of both Greaves Electric Mobility and Ampere Vehicles, puts the cumulative figure at 270,892 units (May 2019 to February 27, 2026).

GEM, which completed its acquisition of the Coimbatore-based EV start-up Ampere Vehicles in November 2019, had surpassed the 250,000-units mark in end-October 2025. It now needs to sell another 4,108 units to achieve the 275,000 milestone, which it should by end-March 2026.

New model launches like the Nexus and the Magnus Grand have revived demand for Ampere Vehicles and GEM. Retail sales in FY2026 YTD at 53,431 units are up 52% year on year.

As the retail data detailed above reveals, GEM’s best calendar year sales to date were in CY2022 with 82,657 units albeit, for two subsequent years, sales fell by 19% (CY2023: 66,962 units) and by 46% (CY2024: 36,152 units), respectively. CY2025 though witnessed a revival of demand for the e-scooter manufacturer with 56,649 units, up 57% YoY.

In the first two months of CY2026 (with one day still to be counted), GEM has delivered 9,820 e-scooters to its customers, up 33% YoY (January-February 2025: 7,368 units). This gives the company No. 6 rank – its longstanding position – behind TVS (65,252 units), Bajaj Auto (49,953 units), Ather Energy (41,865 units), Hero Vida (25,305 units) and Ola Electric (11,421 units).

With one day still to be counted in February, Greaves E-Mobility is 587 units ahead of Ola. E2W leader TVS has crossed 30,000-unit monthly sales for the fifth time since January 2020.

GREAVES & AMPERE RIDE AHEAD OF OLA IN FEBRUARY 2026
What’s different in February 2026 is that Greaves Electric Mobility has outsold Ola Electric. In the February 1-27 period, GEM has delivered 4,478 e-scooters, going ahead of Ola Electric (3,891 units) by 587 units. This sees GEM’s monthly ranking rise to No. 5 for the first time. The news of this changing market dynamic was first broken by Autocar Professional in its first-half February 2026 sales analysis when GEM (2,215 units) was ahead of Ola (2,160 units) by a minuscule 55 units. Since then, the difference has risen by 532 units.

Ola Electric has had a tough February – the 3,891 units (with February 28 retails still to be factored in) are its fourth lowest monthly sales in the past 42 months. The previous lowest monthly sales for Ola were in August 2022 – 3,476 units – as per the retail data on the Vahan portal.

Ola though is ahead of GEM when it comes to calendar-year and FY2026 YTD sales. While Ola has delivered 11,421 e-2Ws in the January 1-February 27, 2026 period, GEM has sold 9,820 units – a difference of 1,601 units. In FY2026 to date (April 1, 2025 to February 27, 2026), Ola has clocked retail sales of 154,080 units to GEM’s 53,431 units. This gives Ola the No. 5 rank in CY2026 YTD after TVS (290,731 units), Bajaj Auto (241,774 units), Ather Energy (202,241 units) and Hero MotoCorp (122,216 units) and ahead of GEM (53,431 units).

Greaves Electric Mobility’s highest monthly sales in the current fiscal were in October 2025 (7,642 units). It is likely to end FY2026 with total e-scooter deliveries of around 60,000 units.

In the first 11 months of FY2026, GEM has sold 53,431 e-scooters, up 52% YoY (April 2024-February 2025: 35,222 units). The highest monthly sales this fiscal were in festive October 2025 (7,642 units) albeit this is a lot less than the company’s highest-ever monthly sales – November 2022 (12,449 units).

GEM PORTFOLIO TO EXPAND, NEW E-SCOOTER COMING IN FY2027

Greaves Electric Mobility has three key e-scooter brands – Nexus (EX and ST), Magnus (Neo, Grand, G-Max) and Reo (80). The flagship Ampere Nexus, which is targeted at families and equipped with a 3 kWh LFP battery, has a claimed top speed of 93kph and a certified range of 136km. Sold in two variants, prices start at Rs 119,900 (ex-showroom).

The Magnus series opens with the 2.3 kWh battery-equipped Neo priced at Rs 86,999, 80-95km real-world range and 65kph top speed. The Magnus Neo is followed by the Magnus Grand which has the same 2.3 kWh LFP battery and range, 65kph top speed and an ex-showroom price of Rs 89,999 (ex-showroom). Then there’s the Magnus G-Max, priced at Rs 94,999 (ex-showroom) and equipped with a 3 kWh battery has a claimed 100km range and 65kph top speed. The Reo 80, which is the most affordable GEM e-scooter and launched in April 2025 at Rs 59,900, travels 80km on a single charge.

On February 19, GEM and Ampere Vehicles announced plans to launch a new model – the Ampere 6th Gen Electric Scooter – aimed to draw buyers from the conventional petrol-engined scooter market. Set for launch in FY2027, the model aims to “deliver better performance while offering better ownership economics with the potential to challenge high-selling petrol scooters in the sub-Rs 100,000 category”.

Key highlights of the upcoming model include high torque for quicker pickup and stronger load-carrying capability, improved gradeability, reducing running costs by 50% (versus ICE scooters) while providing benefits of home charging, reverse mode, and reduced maintenance, and Over-The-Air (OTA) update capability, AI/ML enabled for seamless connectivity, and remote diagnostics and prognostics.

Watch this space as we bring you the latest sales and news updates on the EV world. . . on two and more wheels.

ALSO READ: Greaves Cotton earmarks Rs 500-700 crore to drive next phase of growth

India’s legacy 2-wheeler OEMs target electric motorcycle market

South India Is No. 1 Buyer of Electric 2-Wheelers in CY2025 With 34% Share

EV Sales in India Hit Record 2.27 Million in CY2025, All 4 Segments Scale New Highs

Hero, Honda, TVS, Bajaj and Royal Enfield Target India’s Nascent Electric Motorcycle Market

Ajit Dalvi — Fri, 20 Feb 2026 09:24:45

India’s electric 2-wheeler market, which is populated with electric scooter OEMs and only a handful of electric motorcycle manufacturers, could see a fair amount of action on the zero-emission motorcycle front in the coming years. The top four legacy ICE 2W players – Hero MotoCorp, Honda Motorcycle & Scooter India, Bajaj Auto and TVS Motor Co – which have diversified into electric scooters are looking to advance their e-2W game into electric motorcycles. There’s also Royal Enfield, the midsize motorcycle market leader which is betting big on its Flying Flea sub-brand to deliver a strong ride in an electrified future.

With the e-scooter segment already populated by leading OEMs and startups, each of these five legacy ICE bike makers will be looking to latch onto the remaining ‘white space’ of electric motorcycles which remains unexploited due to technological constraints vis-à-vis e-scooters, high battery costs, limited range and a paucity of affordable products at present. Even a small percentage of the high-volume ICE motorcycle segment, which clocked sales of 12.25 million units in FY2025 and 12.48 million units in CY2025, would result in big numbers. In CY2025, motorcycles accounted for 61% of India’s 20-million-strong two-wheeler (CY2025) market in CY2025, leaving the rest to scooters (37%) and a minuscule 2% to the humble moped.

Left and centre: Vida VXZ, developed with Zero Motorcycles, reveals Hero’s intent to target performance-oriented EV territory. Right: Ubex concept is for a city-focused electric motorcycle.

HERO PARTNERS ZERO, WALKS THE VIDA TALK

Hero MotoCorp, the world’s largest 2W OEM for the 25th consecutive year with dispatches of 6.1 million in CY2025, will be along with Royal Enfield the first OEM with multiple e-motorcycles in its e-2W stable in the coming 18 months. While it has already made a splash in the e-scooter market with the Vida brand, the Hero-Zero collaboration is expected to deliver seriously good e-motorcycles.

In September 2022, Hero invested and partnered with Zero Motorcycles of the USA, a manufacturer of premium electric motorcycles and powertrains. The collaboration essentially combines the expertise of the California-based Zero Motorcycles in developing powertrains and electric motorcycles with the scale of manufacturing, sourcing and marketing prowess of Hero MotoCorp. The Hero-Zero EV platform will spawn four products – two high-performance motorcycles and two mid- to high-performance green bikes. The first product to come of this Indo-US partnership is the Vida VXZ street-naked motorcycle revealed at EICMA 2025 in Milan and slated for launch later this year.

At the Milan expo last November, Hero MotoCorp also showcased the Vida Ubex concept. The Ubex, a precis of ‘Urbex’ or urban exploration, will fructify into a city-focused electric motorcycle that prioritises ride comfort and agility, making it ideal for navigating dense urban traffic while retaining a sporty edge. As is known, Hero has already launched the Dirt.E K3, a children’s electric dirt bike designed for young riders between 4 and 10 years old.

Honda unveiled its first electric motorcycle, the WN7, at EICMA 2025. The WN7, with a 9.3 kWh fixed lithium-ion battery develops 50 kW, equivalent to a 600cc ICE bike, and torque of 100 Nm, comparable to a 1000cc ICE bike.

HONDA’S E-MOTORCYCLE PLANT IN INDIA TO GO ON STREAM IN CY2028

Japanese major Honda, whose first two EVs for India – the Activa e and QC1 e scooters – have received a tepid response, and understood to be working on an all-new electric scooter has unveiled plans for setting up of a dedicated electric motorcycle plant in India.

Honda’s ‘Corporate Update Report 2025’ reveals that the Japanese major is “planning to establish a new factory dedicated to electric motorcycles, which is scheduled to start operations in 2028. At the factory, by adopting modularization technology and other measures, we aim to create a flexible and highly efficient production system by reducing the length of the assembly line by about 40% compared to the conventional setup. We will continue to reduce costs by improving production efficiency through automation and labour saving, and by promoting local production and consumption, in order to provide electric motorcycles at competitive prices.”

This would mean Honda believes the Indian e-2W market has plenty of untapped potential and wants to take the lead in electric motorcycles. Last November, Honda unveiled its first electric motorcycle – the WN7 naked model. Unlike conventional motorcycles that use a frame connecting the front and rear of the body, the WN7 adopts a frameless structure in which the centrally positioned aluminium battery case forms part of the main frame. A newly developed, compact and lightweight water-cooled motor with an integrated inverter powers the WN7. It delivers a maximum output of 50 kW, equivalent to a 600cc ICE motorcycle, and maximum torque of 100 Nm, comparable to a 1000cc class ICE motorcycle. The WN7 is equipped with a newly developed 9.3 kWh fixed lithium-ion battery. With a fast charger, the battery can be charged from 20% to 80% in approximately 30 minutes. The WN7 will be produced at Honda’s Kumamoto Factory, the company’s global hub for motorcycle production. Honda will introduce the model sequentially to global markets where electrification shift is advancing, as the company accelerates electrification of motorcycles on a global scale.TVS has registered a design patent in India for its eFX 30 electric motorcycle concept, which had its global reveal at EICMA 2025 in Milan last November

TVS DEVELOPING MASS-MARKET AND PREMIUM E-MOTORCYCLES

TVS Motor Co, the electric 2W market leader with its iQube and Orbiter e-scooters, is also looking to enhance its zero-emission footprint with electrified motorcycles. Interestingly, the company is strategically working on products at both ends of the price spectrum.

At its first-ever EICMA outing last year, TVS took the covers off a high-performance electric naked motorcycle concept – the e.FX.30. The e.FX.30 electric motorcycle concept reimagines the electric motorcycle performance with a next-gen powertrain targeted at the modern urban rider and engineered to set new benchmarks in street motorcycling. It is learnt that TVS has registered a design patent in India for the eFX 30, which indicates the concept could see fruition into production reality.

The company is also reportedly working on a zero-emission motorcycle for the African market. This could essentially mean a mass-market affordable market which could have a connect with India.

BAJAJ AUTO ALSO PUSHING THE E-BIKE R&D ENVELOPE

It would be unwise to discount Bajaj Auto which has a very vigorous R&D effort going on for the development of electric motorcycles. Replying to an analyst’s query about the likely penetration level of electric bikes in the near-term, after the company’s Q2 FY2026 results, Rakesh Sharma, executive director, Bajaj Auto said: “There are some use cases, both in the entry-level and high-end sporting things in India and globally. But these are very difficult to predict. But we are in this game. We are very clear that we must have options which serve these use cases. Of course, nobody can say for certainty that it will be a bull’s eye or whatever. But I think there is a greater loss from missing out an opportunity than investing in something and that opportunity doesn't realize. So, therefore, we have a very vigorous R&D effort going on for development of electric motorcycles.”

While it can be surmised that Bajaj Auto’s in-house R&D team will be pushing the envelope on e-motorcycles, given that the company owns KTM, Husqvarna and GasGas, one could expect it to orchestrate a global R&D exercise to develop an electric motorcycle vehicle programme for India spanning entry level commuters through to high-performance machines as well as off-road EVs.

Some years ago, KTM developed the e-Duke Concept, the zero-emission avatar of the Duke series, powered by a 10kW motor and equipped with a 5.5kWh battery pack. Husqvarna, which plugged into e-mobility in April 2021 with the E-Pilen Concept inspired by the Vitpilen and Svartpilen road machines. With a power output of 8 kW and a range of 100km, the E-Pilen Concept (with a modular swappable battery system) is targeted at the urban commuter and leisure rider. Both the KTM e-Duke and Husqvarna e-Pilen Concepts haven't been seen in production form yet. They were being developed with Bajaj Auto, so should see the light of day in the future.

While Royal Enfield’s Flying Flea C6 is essentially an urban electric commuter, the S6 is a scrambler based on the C6. Both are expected to go on sale later this year.

ROYAL ENFIELD AIMS TO MAKE A MARK WITH FLYING FLEA

In November 2024, the 124-year-old midsize motorcycle (250-750cc) major Royal Enfield announced its entry into the EV world with the Flying Flea sub-brand, inspired by the Royal Enfield Flying Flea motorcycle of the 1940s. This strategic move came two years after Royal Enfield had acquired a 10% stake (for 50 million euros) in Stark Future, a Spanish e-2W OEM with specific focus in the area of performance electric motorcycles.

Royal Enfield’s aim is to produce one of the advanced electric two-wheelers and has developed the first two models ground up, hardware and software, marrying distinctive style with cutting-edge technology. The first two models are the Flying Flea C6 and S6. While the Flying Flea C6 is essentially an urban electric commuter, the S6 is a scrambler based on the C6. According to the company, all aspects of the connected electric motorcycles, including product strategy and development, technical components like motor, battery, BMS, custom software, and our retail and market strategy have been developed in-house by our dedicated technical and commercial teams.

Royal Enfield, which has filed more than 45 EV technology and connected application patent applications, plans to manufacture its EVs at a dedicated facility within its existing plant at Vallam Vadagal in Tamil Nadu. The Flying Flea motorcycles, which target what the company terms ‘city+ mobility markets’, are expected to go on sale this year.

ATHER ENERGY: THE DARK-HORSE STARTUP IN E-MOTORCYLES

The past two years have seen legacy ICE scooter makers like TVS, Bajaj Auto and Hero MotoCorp turn the tables on their startup rivals with quality products, better marketing and aftersales. At present, the e-motorcycle segment in India has only a smattering of startups including Revolt Motors, TVS-backed Ultraviolette, Ola Electric, Oben EV, KLB Komaki, Matter Motor Works, Okaya EV and Wardwizard Innovations. Some of the startups sell rebadged Chinese bikes.

Revolt Motors, which launched its first e-bike in August 2019, has sold 51,216 units to date and currently has five models in its portfolio. While Ultraviolette has crossed cumulative sales of 2,500 units four years after entering the market in 2022, Oben EV has sold a little over 3,000 units since March 2024. Ola Electric’s three-model Roadster model series has been in the market since August 2024.

The startup with the highest potential for success in e-motorcycles is Ather Energy. The Bengaluru-based OEM, which is now the firm No. 3 in e-scooters after TVS and Bajaj, has outlined a strategic future growth programme which includes e-motorcycles. Along with the new EL e-scooter platform, Ather is developing the Zenith platform which will spawn electric 2Ws which target the 125-300cc motorcycle segments. Work on an Ather e-bike is in early stages but the company is already setting up a plant. Ather already has the largest fast-charging network for electric 2Ws in the country, with the total network size reaching 5,000 charging points as of December 31, 2025. And it is ensuring it won’t be strapped for capacity in the future. Current annual e-scooter manufacturing capacity from its two plants – one each for e-2W assembly and battery production – is 420,000 units. A third plant in Maharashtra, with annual capacity of a million units, will expand capacity to 1.42 million units. This first phase of this upcoming high-tech facility is slated to go on stream in the second half of CY2026.

This e-motorcycle technology demonstrator developed by the Volkswagen Group using QuantumScape's groundbreaking solid-state battery, offers a glimpse of the future of e-mobility with even longer ranges and shorter charging times.

ELECTRIC MOTORCYCLES: THE NEXT FRONTIER FOR E-2Ws IN INDIA?

India, which registered total EV retail sales of a record 2.27 million units in CY2025, up 16% YoY, had an EV penetration level of 8.04% (CY2025 India Auto Inc sales: 2,82,53,131 vehicles), a marginal improvement over the 7.47% in CY2024 and 6.38% in CY2023. Nevertheless, CY2025 numbers are still a considerable distance away from the targeted and ambitious level of 30% EV penetration by CY2030.

In CY2025, e-2-wheelers, which are the largest volume sub-segment, accounted for 56% of the 2.27 million EVs while e-3Ws contributed 35% (797,654 units), e-PVs 8% (177,910 units) and e-CVs 1 percent. If the Indian EV industry has to get near the 30% EV penetration target over the next five years, the only way is can do so is by ensuring that e-2W retail sales consistently achieve high double-digit growth. This sub-segment, which is mainly populated by e-scooters, has been impacted by GST 2.0 which, while delivering a booster shot to ICE automobile sales, has increased the ICE-to-EV price differential. This, in many cases, has led to the potential e-2W buyers either deferring purchase or buying ICE scooters or motorcycles.

The e-2W industry needs a growth booster shot from within, which could come from affordable electric motorcycles but that is easier said than done. According to Rishaad Mody, editor (bikes), Autocar India, while the e-2W market and consumers have accepted the 20% upwards price variation in e-scooters compared to their petrol-engined siblings, “the sweet spot for electric motorcycles would be achieving a similar price range, if not lower, than existing e-scooters. Technology challenges (for e-motorcycles) largely come down to battery capacity and price.” Motorcycle riders also typically ride twice the distance every day as do scooter riders which would call for around 150km range on a single charge. Larger batteries would also result in higher cost.

The technological challenge is also what Niti Aayog, India’s premier policy think tank, has pointed out in a recent white paper. According to the Business Standard which reported on the study, electrification of motorcycles is fraught with a challenging affair what with value-conscious bike buyers seeking high performance and long riding range at ICE-comparable costs. “The R&D for motorcycles is much more complex. To provide both high power and range, similar to an ICE vehicle, the batteries need to be bigger and need more space, which is a constraint in motorcycle chassis,” it described as mentioned in the document.

Electric motorcycles is where startups have stolen a march over their legacy OEM rivals in India. Tork Motors, once a promising startup later acquired by Bharat Forge, unveiled India’s first e-motorcycle – the Tork T6X – nearly a decade ago in September 2016. Three years later, Revolt Motors plugged into this segment and recently became the first Indian e-bike maker to surpass 50,000 retail sales, having expanded its portfolio to five models. Subsequently, a few others including Ola Electric entered this market but the overall number of e-motorcycle OEMs at present is minuscule.

Legacy ICE players like TVS Motor Co, Bajaj Auto and Hero MotoCorp, which have witnessed a high level of success in e-scooters, are now consciously exploring what could be the next frontier in e-2Ws more so with evolving technology to offer more range at a wallet-friendly price. If they are able to convert a fraction of the 12 million motorcycle buyers, including 7.5 million who buy up to 150cc bikes each year, India EV Inc could be looking at some serious growth . . . this time from a sub-segment other than e-scooters.

(With inputs from Rishaad Mody, Autocar India)

ALSO READ: Volkswagen Group pushes e2W envelope with world-first solid-state battery electric motorcycle

Which is Cheaper over 14 Years of Use: Maruti Suzuki e Vitara or Victoris?

Arunima Pal — Wed, 18 Feb 2026 17:53:30

The launch of the Maruti Suzuki e Vitara on February 17, 2026 has given Indian car buyers a rare opportunity: two SUVs from the same manufacturer, one electric and one petrol, priced in the same band, aimed at the same buyer. The e Vitara starts at ₹10.99 lakh under the Battery-as-a-Service (BaaS) model, while the Victoris starts at ₹10.50 lakh for the base petrol variant. The natural question for any prospective buyer is: which one costs less to own over the lifetime of the vehicle?

This analysis attempts to answer that question. We use a 14-year ownership horizon (a reasonable assumption for the typical lifespan of a car in India), a monthly usage of 1,850 km (or roughly 22,200 km per year), and the financial data Maruti Suzuki has released for the e Vitara's BaaS programme. For the Victoris, we assume an all-inclusive running cost of ₹12–15 per km—a figure that covers fuel, routine servicing, consumables, and regular maintenance, but excludes the capital cost of the car and depreciation.

It is worth noting upfront: there are significant grey areas in the e Vitara's ownership proposition that Maruti Suzuki has not fully addressed yet. We flag these throughout the analysis.

The Upfront Cost: What You Pay to Drive Away

The e Vitara is offered in three variants—Delta (49 kWh battery), Zeta (61 kWh), and Alpha (61 kWh)—while the Victoris spans six trims across petrol, CNG, and strong hybrid powertrains. For a meaningful comparison, we match them roughly by feature level and price band:

	e Vitara Delta	e Vitara Zeta	e Vitara Alpha
Ex-showroom (incl. battery)	₹15.99 lakh	₹17.49 lakh	₹19.79 lakh
On-road (estimated)	₹16.63 lakh	₹18.19 lakh	₹20.58 lakh
Comparable Victoris variant	VXi AT (₹12.81L ex-sh)	ZXi AT (₹14.78L ex-sh)	ZXi+ (O) AT (₹17.16L ex-sh)
Victoris on-road (est.)	~₹14.90 lakh	~₹17.10 lakh	~₹19.90 lakh

The upfront premium for the e Vitara ranges from roughly ₹0.70 lakh to ₹1.70 lakh over a comparably-equipped Victoris petrol automatic variant. This is a remarkably narrow gap for an EV-vs-petrol comparison, and it exists almost entirely because of a massive structural tax advantage. The e Vitara, as an electric vehicle, attracts just 5% GST. The Victoris, at over 4 metres in length with a 1.5-litre petrol engine (exceeding the 1,200cc threshold for the lower 18% slab), falls squarely in the 40% GST bracket under the post-September 2025 regime. That 35-percentage-point tax differential is what allows Maruti to price a car carrying a ₹5–5.5 lakh battery pack within touching distance of its petrol sibling. Without this tax asymmetry, the e Vitara would be ₹3–4 lakh more expensive than the Victoris at equivalent trim levels.

Under the BaaS model, however, the comparison shifts dramatically. BaaS separates the battery cost from the chassis, financing them independently:

	Delta BaaS	Zeta BaaS	Alpha BaaS
Chassis ex-showroom	₹10.99 lakh	₹11.99 lakh	₹14.29 lakh
Chassis on-road	₹11.63 lakh	₹12.69 lakh	₹15.08 lakh
Battery (financed separately)	₹5.00 lakh	₹5.50 lakh	₹5.50 lakh

The BaaS chassis price is substantially lower than the comparable Victoris—the Delta BaaS chassis, at ₹10.99 lakh ex-showroom, actually undercuts the base Victoris LXi at ₹10.50 lakh by only ₹49,000, while offering a feature set closer to a mid-variant Victoris. But this lower initial outflow is deceptive: the battery cost doesn't disappear; it merely shifts into an EMI that runs for eight years.

The Finance Picture: EMIs and What They Really Cost

Maruti Suzuki's BaaS data (at assumed interest rates of 9% on chassis and 9.25% on battery, with ~93% loan-to-value on the chassis) gives us the following EMI comparison:

	Standard Finance	BaaS: Chassis + Battery	Saving on monthly EMI
Delta	₹32,106/mo for 60 months	₹21,727 + ₹7,390 = ₹29,117/mo	~9% lower
Zeta	₹33,983/mo for 60 months	₹23,707 + ₹8,129 = ₹31,836/mo	~6% lower
Alpha	₹39,593/mo for 60 months	₹28,176 + ₹8,129 = ₹36,305/mo	~8% lower

The critical detail: the chassis EMI runs for 60 months (5 years), but the battery EMI runs for 96 months (8 years). So for the first five years, you pay both EMIs. In years six through eight, you pay only the battery EMI. After year eight, both EMIs end.

For the Zeta variant, the total outgo under BaaS works out to:

Chassis EMI: ₹23,707 × 60 = ₹14,22,420
Battery EMI: ₹8,129 × 96 = ₹7,80,384
Chassis down payment (est. 7% of chassis on-road): ~₹1,27,000
Total finance outgo: ~₹23,30,000

Under standard finance:

EMI: ₹33,983 × 60 = ₹20,38,980
Down payment (est.): ~₹1,82,000
Total finance outgo: ~₹22,21,000

BaaS actually costs you roughly ₹1.09 lakh more over the repayment period than standard finance for the Zeta variant. The benefit is not overall savings—it is cash-flow management. Your monthly outgo is lower in the first five years, and the battery cost is spread over a longer tenor, making the e Vitara more accessible to buyers who would otherwise find the EMI prohibitive.

Running Costs Over 14 Years: Where the EV Shines—and Where the Questions Begin

This is where the electric powertrain's inherent efficiency advantage shows itself most clearly. At our assumed usage of 1,850 km per month (22,200 km/year), the owner will cover approximately 3,10,800 km over 14 years. This is high usage—considerably above the average Indian private car owner's annual distance—and it is precisely this kind of heavy use that theoretically favours EVs the most.

The Petrol Victoris

Using the user-assumed running cost of ₹12–15 per km (covering fuel, servicing, consumables, and regular maintenance, but not capital or depreciation):

	At ₹12/km	At ₹13.50/km (mid)	At ₹15/km
Annual running cost	₹2,66,400	₹2,99,700	₹3,33,000
14-year running cost	₹37.30 lakh	₹41.96 lakh	₹46.62 lakh

For context: At current petrol prices (~₹105–110/litre in metros), a Victoris petrol automatic returning a real-world mileage of 14–16 kmpl would incur a fuel cost alone of ₹6.90–7.85 per km. Add routine servicing (oil changes, filters, brake pads, tyres, clutch/transmission service, etc.) over 14 years and 3.1 lakh km, and ₹12–15 per km is a reasonable, if slightly conservative, assumption. Major repairs—engine overhaul, gearbox issues—would push this higher.

The e Vitara

The e Vitara's running cost has three distinct components:

1. Electricity cost: At home-charging rates of roughly ₹8–9 per kWh, and a real-world energy consumption of approximately 14–16 kWh per 100 km (the 61 kWh Zeta/Alpha claims 543 km ARAI range; real-world range is typically 60–70% of that), the per-km electricity cost works out to roughly ₹1.20–1.45 per km. Including some public fast-charging at higher rates (₹15–18/kWh), a blended average of ₹1.50–2.00 per km is realistic.

2. Maintenance: EVs have far fewer moving parts—no engine oil, no spark plugs, no fuel filters, no clutch, no exhaust system. Brake wear is also lower thanks to regenerative braking. A reasonable estimate for EV maintenance (tyres, suspension, brake fluid, cabin filter, coolant, wiper blades, and general servicing) over 14 years is roughly ₹0.40–0.60 per km, or about ₹1,500–2,000 per month at this usage level. This is a tentative estimate; the e Vitara is too new for actual long-term service cost data to be available.

3. Battery EMI under BaaS (for years 1–8 only): The BaaS battery EMI is a fixed cost of ₹7,390/month (Delta) or ₹8,129/month (Zeta/Alpha), running for 96 months. Expressed per km at 1,850 km/month, this is ₹3.99/km (Delta) or ₹4.39/km (Zeta/Alpha). However, this is not a true running cost—it is a capital recovery instalment for the battery. If you drive fewer kilometres in a given month, the per-km cost rises; if you drive more, it falls. It is, functionally, an EMI.

Recognising this distinction, here is the e Vitara Zeta's 14-year running cost, split into phases:

Years 1–8 (battery EMI active):

Component	Monthly cost	Per km	8-year total
Electricity	~₹2,775	~₹1.50	₹2,66,400
Maintenance	~₹1,100	~₹0.60	₹1,05,600
Battery EMI*	₹8,129	₹4.39	₹7,80,384
Total	~₹12,004	~₹6.49	₹11,52,384

*The battery EMI is included here because under BaaS, it is billed alongside running costs. In a standard purchase, the battery cost is folded into the car's upfront price.

Years 9–14 (no EMIs):

Component	Monthly cost	Per km	6-year total
Electricity	~₹2,775	~₹1.50	₹1,99,800
Maintenance	~₹1,500	~₹0.80	₹1,08,000
Total	~₹4,275	~₹2.30	₹3,07,800

14-year total running cost (e Vitara Zeta, BaaS): ~₹14.60 lakh

Compare this with the Victoris petrol: ₹37.30–46.62 lakh.

Even if we strip out the battery EMI from the e Vitara's running cost (since it's really a capital expenditure), the pure running cost (electricity + maintenance) over 14 years works out to approximately ₹6.80 lakh—a staggering ₹30–40 lakh less than the petrol car's running cost.

The Total Picture: Capital + Running Cost Over 14 Years

Here's where we bring it all together. We compare two scenarios: the e Vitara Zeta (BaaS) and a comparably-equipped Victoris petrol automatic (approximately ZXi AT trim level). Both are financed at similar terms.

Scenario A: e Vitara Zeta under BaaS

Cost Head	Amount
Chassis down payment	~₹1,27,000
Chassis EMI (60 months)	₹14,22,420
Battery EMI (96 months)	₹7,80,384
Electricity (14 years)	₹4,66,200
Maintenance (14 years)	₹2,13,600
Battery replacement (assumed, year 8–10)	₹1,00,000
TOTAL	₹31,09,604

Scenario B: Victoris ZXi AT (Petrol)

Cost Head	Amount
Down payment (~10% of ~₹17.10L on-road)	~₹1,71,000
EMI (60 months, ~₹15.39L loan at 9%)	₹18,58,500
Running cost (14 years at ₹13.50/km)	₹41,95,800
TOTAL	₹62,25,300

The Verdict on Raw Numbers

The e Vitara Zeta costs roughly ₹31 lakh less than the Victoris over 14 years. Even under the most conservative battery replacement assumptions, the gap exceeds ₹26 lakh.

	e Vitara Zeta (BaaS)	Victoris ZXi AT
Capital outgo	~₹23,30,000	~₹20,30,000
Running cost (14 yrs)	~₹6,80,000	~₹41,96,000
Battery replacement	~₹1,00,000	—
TOTAL	~₹31,10,000	~₹62,26,000
Saving with e Vitara		~₹31,16,000

At the lower running-cost assumption of ₹12/km for petrol, the Victoris total comes to roughly ₹57.60 lakh, and the saving is about ₹26.50 lakh. At the higher ₹15/km assumption, the Victoris total is ₹66.92 lakh, and the saving is about ₹35.80 lakh.

The EV advantage is overwhelming for a high-usage owner. The higher the annual mileage, the faster the e Vitara's lower running cost offsets its higher upfront price. At 1,850 km per month, the break-even point is reached in under two years.

The Grey Areas: What is not clear

The BaaS slides Maruti presented are impressively detailed on the financing mechanics, but they go quiet on a question that matters enormously over a 14-year ownership horizon: what happens after month 97?

To be fair, this is less a case of Maruti hiding something uncomfortable and more a reflection of genuine uncertainty. Battery technology is evolving at a pace that makes long-term cost projections genuinely difficult — for the manufacturer as much as for the buyer.

Here is what we do know, and what we can reasonably project. A replacement battery for a car of this class today would cost roughly ₹4–5 lakh. In eight years, assuming the trajectory of battery cost reduction that has already played out in the industry continues — and there is strong reason to believe it will — a like-for-like replacement could realistically cost in the region of ₹80,000 to ₹1 lakh. That is the number we have used in the cost comparison in this article, and it is arguably a conservative one.

The more interesting possibility, however, is that nobody buying an eight-year-old e Vitara in 2034 is actually going to go for a like-for-like replacement. By that point, battery chemistry and packaging will have advanced enough that a superior unit — offering meaningfully more range, fitting the same or smaller dimensions, with better thermal management — will likely be available in the ₹2–2.5 lakh range. Owners will face not a grudging maintenance decision but a genuine upgrade choice, one that could substantially extend the useful life and daily appeal of their car. Think of it less like replacing an old engine and more like fitting a significantly better one.

The low-usage scenario changes things considerably

Everything above assumes the high-usage case of 1,850 km per month. But what if your usage is closer to 500 km per month — which, frankly, describes a large proportion of urban car owners in India who use their car primarily for commuting and weekend runs?

At that usage level, the battery story looks quite different. EV battery degradation is driven by a combination of charge cycles and calendar ageing. A user driving only 500 km a month is completing far fewer cycles, and modern lithium-ion chemistries age reasonably well under light-cycle conditions. It is quite plausible — not optimistic, but genuinely plausible — that such a battery would retain acceptable capacity for 11 to 12 years rather than 8.

But here is the subtle twist: even if your battery is performing perfectly well at the end of the 8-year BaaS period, you may well choose to replace it anyway. Not because you have to, but because the cheap, superior options available at that point make it an obvious decision. If a ₹1.5–2 lakh battery can take your e Vitara's range from, say, 350 km to 500 km — plausible given the direction of energy density improvements — that is less a repair and more a meaningful upgrade to a car whose body, suspension, electronics and interior are still in good shape. Low-usage owners could find themselves in the enviable position of choosing an upgrade rather than managing a failure.

Variant-Wise Summary

For completeness, here is the approximate total cost of ownership across all three e Vitara variants and their petrol counterparts, using the same methodology. All figures are rounded.

	e Vitara Delta (BaaS)	Victoris VXi AT	Difference
Capital cost (with interest)	~₹21.50L	~₹18.00L	e Vitara +₹3.50L
Running cost (14 yrs)	~₹6.10L	~₹42.00L	e Vitara –₹35.90L
Battery replacement	~₹1.00L	—	e Vitara +₹1.00L
TOTAL	~₹28.60L	~₹60.00L	e Vitara saves ~₹31.40L

	e Vitara Zeta (BaaS)	Victoris ZXi AT	Difference
Capital cost (with interest)	~₹23.30L	~₹20.30L	e Vitara +₹3.00L
Running cost (14 yrs)	~₹6.80L	~₹42.00L	e Vitara –₹35.20L
Battery replacement	~₹1.00L	—	e Vitara +₹1.00L
TOTAL	~₹31.10L	~₹62.30L	e Vitara saves ~₹31.20L

	e Vitara Alpha (BaaS)	Victoris ZXi+(O) AT	Difference
Capital cost (with interest)	~₹26.10L	~₹23.50L	e Vitara +₹2.60L
Running cost (14 yrs)	~₹6.80L	~₹42.00L	e Vitara –₹35.20L
Battery replacement	~₹1.00L	—	e Vitara +₹1.00L
TOTAL	~₹33.90L	~₹65.50L	e Vitara saves ~₹31.60L

(Running cost for all Victoris variants assumed at ₹13.50/km. Actual costs may vary by variant due to differences in weight, transmission efficiency, and driving conditions.)

The Bottom Line

If you are a high-mileage driver and plan to keep your car for 10–14 years, the e Vitara is substantially cheaper to own—by ₹26–36 lakh, depending on variant and assumptions. The maths is unambiguous: the electric powertrain's running cost advantage is simply too large for the petrol car's lower upfront price to overcome. And the battery replacement concern—the most common objection to long-term EV ownership—is, at projected 2034 prices, likely to be a relatively modest expense rather than the financial catastrophe it is often made out to be.

For a lower-mileage driver, the picture is more nuanced — but it is more favourable than the headline numbers suggest, for a reason that rarely gets discussed. Consider someone who currently drives only 500 km per month, and consciously keeps it that way. Ask them why, and many will tell you, without quite realising it, that they are rationing their car use because every extra kilometre costs money they can feel. Petrol has a way of making each trip a small financial decision. Once that cost drops to ₹1.50–2 per km instead of ₹12–15, the psychological brake lifts. The same person who drove 500 km a month in their petrol car may quite naturally find themselves driving 1,000 or even 1,500 km a month in their EV — not because their needs changed, but because the guilt of driving did. This is a well-observed behavioural pattern among EV adopters, and it is worth accounting for honestly: a buyer who estimates their usage at 500 km per month today may not be a “low-usage” EV owner in practice. If your usage doubles after switching, your savings calculation should be based on the new usage, not the old habit.

That said, even a genuinely low-usage owner has reason for optimism. At 500 km per month, the battery’s reduced cycle load means it could comfortably last 11–12 years without significant capacity loss. By the time the BaaS period ends, any replacement decision may be entirely voluntary — driven by the opportunity to fit a cheap, superior battery that meaningfully boosts range, not by a battery that has given up. For those who truly do drive infrequently, the Victoris Strong Hybrid remains a pragmatic alternative, offering 70–80% of the EV’s fuel savings with a conventional ownership experience. But before steering toward that choice, it is worth asking one question honestly: will I actually keep driving as little as I do today, once the cost of every kilometre drops to almost nothing?

The e Vitara is, on paper, a compelling value proposition for the right buyer. The battery replacement question — long the Achilles’ heel of the EV cost argument — is far less alarming than it once appeared. At projected 2034 cell prices, a replacement pack is likely to cost ₹80,000–1 lakh for a like-for-like unit. The more realistic scenario, however, is that owners will upgrade rather than merely replace: a superior battery offering significantly more range could be available by then at ₹2–2.5 lakh, turning what was once feared as a financial burden into something closer to a mid-life refresh for the car. What remains is a different kind of uncertainty: not whether the e Vitara saves money — it does, and by a wide margin for high-usage owners — but whether Maruti Suzuki’s service ecosystem, battery supply chain, and BaaS contract terms will be robust enough to deliver on that promise over a full 14-year ownership cycle. For a company that built its reputation on low-cost, hassle-free ownership, that is the real test.

Bajaj Chetak Retail Sales Cross 600,000 Units, 227,000 In Last 10 Months

Ajit Dalvi — Sat, 14 Feb 2026 11:06:25

The Bajaj Chetak, which completed six years in the domestic market last month, has clocked customer deliveries (retail sales) of over 600,000 units. As per the retail sales statistics on the Vahan portal, between January 2020 and February 12, 2026, 602,672 Chetaks have been sold in India.

As such, the Chetak accounts for a 14% share of the 4.27 million (42,75,496 units) electric two-wheelers sold in the country since January 2020 when the Bajaj Chetak was officially launched. Only arch rival TVS Motor Co (18% share) and Ola Electric (23%) have sold more e-2Ws than Bajaj Auto to date.

As the comprehensive production, wholesale and retail sales data table below reveals, Chetak deliveries scaled a high of 231,168 units in FY2025, up 117% YoY, and accounted for 20% of the 11,50,767 e-2Ws sold in India.

In the current fiscal’s first 10 months and 12 days, Bajaj Auto has delivered 227,610 Chetaks to customers which works out to a similar 20% share of the 11,42,176 e-2Ws sold between April 2025 and February 12, 2026.

In FY2026’s first 10 months and 12 days, Bajaj Auto has delivered 227,610 Chetaks to customers which gives it a 20% share of the 11,42,176 e-2Ws sold between April 2025 and February 12, 2026.

666,000 Chetaks produced, 662,000 units dispatched to showrooms

In tandem with growing demand, production at the Chetak’s Pune plant has been ramped up. Between January 2020 and end-January 2026, as per SIAM data, a total of 666,322 units of this e-scooter were manufactured including over half-a-million (504,130 units) in the past 22 months.

Of this total, domestic market wholesales (or factory dispatches to dealer showrooms) are 662,043 units and exports of 1,120 units. Given the retail sales of 602,672 units in India (and exports), the resultant current inventory can be estimated to be around 62,530 units.

The pace of wholesales has been particularly strong since FY2025, which saw total factory dispatches of 260,033 units and 125% YoY growth. In the current fiscal, Bajaj Auto has clocked factory dispatches of 240,254 units, up 14% YoY (April 2024-January 2025: 209,810 units). Combined FY2025 and FY2026 YTD (10-month) sales add up to 500,287 units or 76% of the total 662,043 units, indicative of the strong growth the Chetak has displayed over the past two years.

Bajaj Auto needs to dispatch 59,746 Chetaks in the February-March 2026 period if it is to achieve the 300,000 milestone for the first time, in FY2026. The new C2501 could help accelerate sales.

In FY2025, the wholesales gap between the No. 1 e-2W (TVS iQube: 273,063 units) and the Bajaj Chetak (260,033 units) was 13,030 units. In FY2026, this gap currently is much more at 50,436 units (TVS iQube: 290,690 units to the Chetak’s 240,254 units.

This can be attributed to the marked decline in Chetak sales in two months – July 2025 (11,584 units, down 42%) and August 2025 (14,014 units, down 36%) solely because Chetak production was adversely impacted due to much-slowed-down supplies of heavy rare earth magnet supplies.

C2501: New entry point to the Bajaj Chetak portfolio

Built on an all-new platform, the recently launched C2501 is the most affordable Chetak variant and costs significantly lesser than its rivals including the TVS iQube 2.0 (2.2 kWh).

In January 2026, Bajaj Auto dispatched 28,216 Chetak e-scooters to its showrooms, up 34% YoY (January 2025: 21,045 units). Some of those include the newest avatar of the Chetak – the C2501. On January 14, Bajaj Auto launched the new and more affordable Chetak C2501 priced at Rs 87,100 (ex-showroom Bengaluru).

Powered by a 2.5kWh battery, the Chetak C2501 has a claimed IDC range of 113km on a full charge and goes head-to-head against the TVS iQube 2.2kWh and the Hero Vida VX2 Go. The C2501, which has a top speed of 55kph, weighs 108kg, 22kg less than the other Chetak models. The aggressively priced Chetak 2501 costs Rs 20,000 less than the TVS iQube 2.0 (Rs 107,608, 2.2 kwH battery, ex-showroom Bengaluru).

Clearly, Bajaj wants to take on India’s current best-selling scooter with the C2501 and in the process wrest the e-2W crown from the market leader. To ensure good reach across the country, Bajaj Auto continues to expand its Chetak network which now stands at nearly 400 exclusive stores and 4,000 points of sale in 800 cities. However, it’s early days yet for the new Chetak C2501 and it remains to be seen if the newest iteration of the Bajaj two-wheeled EV helps the company narrow the sales gap with rival TVS.

ALSO READ: TVS Opens CY2026 With Highest Monthly E-2W Sales of 34,440 Units

South India Is No. 1 Buyer of Electric 2-Wheelers in CY2025 With 34% Share

EV Sales in India Hit Record 2.27 Million in CY2025, All 4 Segments Scale New Highs

Tata Tiago Drives Past 700,000 Sales, Registers 27% Growth in Current Fiscal

Ajit Dalvi — Thu, 12 Feb 2026 11:17:10

The Tata Tiago hatchback has clocked cumulative wholesales of 700,000 units in the domestic market. The milestone comes nearly 10 years after the model was launched on April 6, 2016. From FY2016 through till end-January 2026, Tata Motors sold an estimated 697,535 Tiagos, which is 2,465 units shy of the 700,000 mark. Having averaged monthly sales of 6,721 units between November 2025 and January 2026, this sales gap would have been bridged in the first 11 days of this month (February 2026).

Of the 700,000 units, the last 100,000 units have taken the shortest time – 14 months. While the first 100,000 units took 18 months, the 100,001-to-200,000 run took 16 months. The 300,000 milestone was crossed 19 months later in September 2020, similar to the 400,000-units mark in April 2022. Another 15 months saw the Tiago, which rolls out of Tata Motors’ Sanand plant, drive past the 500,000 milestone in July 2023 and went on to surpass 600,000 in November 2024, taking 16 months.

The last 100,000 units have been sold in the shortest duration: 14 months.

Only five hatchbacks including the Tata Tiago have registered YoY growth in the current fiscal. The other four are the Maruti Swift and Baleno, Toyota Glanza and the Tata Altroz.

Pricing for the ICE Tiago, which has 1.2-litre petrol and 75.5hp 1.2-litre CNG powertrain options, starts from Rs 457,000 and rises to Rs 810,000 with 17 variants on offer. Both models can be had with either a 5-speed manual or a 5-speed AMT unit. The Tiago is not available with diesel power.

Launched on September 28, 2022, the Tiago EV received its most recent update in January 2025. The Tiago EV battery options are 19.2 kWh (223km) and 24 kWh (293km). While the zero-emission Tiago with the 19.2 kWh battery goes from 0-100kph in 62 seconds, the 24 kWh sibling takes 5.7 seconds. The Tiago EV is priced below all other Tata EVs and is offered in 4 trim levels including the XE MR at entry level and the XZ +Tech Lux LR at the top. Real world combined range for the Tiago EV LR is around 187km which means Tata Tiago EV mileage is 7.77km/kWh. The Tiago EV MR’s electric motor produces 61hp and 110Nm and the Long Range EV electric motor develops 75hp and 114Nm.

FY2019 was the best fiscal year for the Tiago when the hatchback sold 92,369 units and accounted for 71% of Tata Motors’ passenger car wholesales in the domestic market.

BIGGEST CONTRIBUTOR TO TATA MOTORS’ PASSENGER CAR SALES IN PAST DECADE
Of the total 1.41 million passenger cars (hatchbacks and sedans) Tata Motors has sold between FY2016 and January 2026, the Tiago accounts for a 49% share. FY2019 was the best fiscal year for the Tiago when it sold 92,369 units and accounted for 71% of Tata Motors’ passenger car wholesales. FY2020, which saw the Covid-19 pandemic and a country-wis shutdown, was the lowest with 49,365 units. Sales crossed 85,000 units in FY2024, fell 19% YoY to 69,222 units in FY2025 but are currently witnessing strong growth. In the first 10 months of FY2026, the Tiago has sold 68,876 units, up 27% YoY (April 2024-January 2025: 54,322 units) with January 2026’s 8,349 units being the highest monthly sales in the past three fiscal years.

Of Tata Motors three-model passenger car portfolio comprising the Tiago, Tigor sedan and the premium Altroz hatchback, the Tiago’s has been the strongest contribution. A quick dive into decadal data reveals just how strong the Tiago’s share of the company’s passenger car sales has been (see data table above). From a share of 42% in FY2017, it rose to 71% in FY2019 and is currently 61% in the April 2025-January 2026 period of the current fiscal year (FY2026).

A quick look at the Tiago’s past 10 months’ sales reveals that barring July 2025, the model has seen double-digit YoY increases for eight months and single-digit growth in May 2025. There are four instances of factory dispatches of 8,000-plus units. While the IC-engined Tiago’s main rivals are the Maruti Celerio, S-Presso and the Wagon R, the Tiago EV’s rival includes the Citroen e-C3.

In terms of sales in the overall hatchback market, the Tata Tiago is currently ranked fifth (see 13-model data table above) which is the same as in FY2025. What stands out though is the model’s strong market performance – 68,876 units and 27% YoY growth – which puts it among the five of the 13 models to see demand rise in the current fiscal. The other four hatchbacks to register YoY increases are the Maruti Swift and Baleno, Toyota Glanza and Tata Altroz.

(With inputs from Autocar India)

ALSO READ:

Tata Punch punches past 700,000 units ahead of new Punch EV launch

Tata Nexon set for record 200,000 sales in FY2026, over a million sold since launch

Tata Motors headed for record 600,000 passenger vehicle sales in FY2026

Mahindra & Mahindra Poised to Clock New Sales High of 650,000 SUVs in FY2026

Ajit Dalvi — Wed, 11 Feb 2026 11:46:09

Having wrapped up CY2026 on a very strong note with its highest annual sales of 625,603 SUVs, up 18% YoY, Mahindra & Mahindra (M&M) is set to register an even better set of numbers in the current fiscal year. In the first 10 months of FY2026, the SUV manufacturer has clocked wholesales of 539,986 units, up 19% YoY (April 2024-January 2025: 453,019 units) which includes highest-ever monthly sales of 71,624 units in October.

Given the current robust growth trajectory and the fact that M&M has averaged monthly sales of 56,930 units between November 2025 and January 2026, it can be surmised that the SUV manufacturer is well placed to achieve record 650,000-plus sales in FY2026. This will constitute an 18% YoY increase (FY2025: 551,487 units) and mark the first time that M&M will surpass 600,000 sales in a single fiscal year.

Meanwhile, the two newest Mahindra models – XUV 7X0 and XEV 9S – have got off to a robust start, what with the company having received 93,689 bookings across both SUVs as of January 14, 2026.

In FY2025, M&M (551,487 units) was ranked third after Maruti Suzuki (1.76 million units) and Tata Motors (569,245 units). In FY2026 YTD, M&M with 539,986 units is the No. 2 OEM, behind Maruti Suzuki (1.49 million units, up 3%) and ahead of Tata Motors (502,866 units, up 10%), Hyundai Motor India (477,435 units, down 4%), Toyota Kirloskar Motor: (301,067 units, up 18%) and Kia India (232,313 units, up 14%).

M&M clocked its highest sales in October 2025 (71,624 units). While the Scorpio (149,557 units, up 9%) remains the best-seller, the Thar brand (104,342 units, up 57%) has been the key growth driver.

Scorpio and Thar command 47% share of M&M sales

M&M’s vigorous growth in CY2025 and the current fiscal is the result of surging demand for some of its models, particularly the Scorpio twins, Thar Roxx, 3XO and the Born Electric SUV portfolio (XEV 9e and BE 6) which now stands expanded with the new XEV 9S.

In terms of model-wise share, the Scorpio N and Classic, with 149,557 units (up 9% YoY) and a 28% share, remain the best-selling SUV model per se in the April 2025-January 2026 period for M&M.

The two Thars (5-door Thar Roxx and 3-door Thar) are ranked second on the M&M model ladder-board with 104,342 units (up 57% YoY) and a 19% share. The Thar Roxx is estimated to account for the bulk of the sales, at around 65 percent. Together, the two Scorpios and two Thars command a 47% share of the 539,986 SUVs Mahindra has sold in the past 10 months.

The Bolero brand, which comprises the Bolero and Bolero Neo, has a 17% model-wise share with 90,485 units (up 16%, 78,029). The 3XO compact SUV, with an estimated 85,505 units and a 16% model-wise share, is ranked fourth in the M&M SUV stable. Sales of the flagship XUV700 (58,108 units) are down 26% YoY (April 2024-January 2025: 78,763 units), which gives it a 14% share at present. Add the 10,982 units of the new XUV 7XO, which is the recently launched facelifted avatar of the XUV700, and the overall flagship SUV’s numbers improve to 69,090 units in the past 10 months.

The M&M e-SUV portfolio has also made a good contribution to overall wholesales. The first two new BEVs – the BE 6 and the XEV 9e – have been joined by the new XEV 9S. Combined sales of the three Born Electric SUVs at 38,505 units gives them a 7% share of M&M’s 10-month sales. Add the XUV400 (2,121 units) and the share of e-SUVs to total sales rises to 7.50 percent. The Marazzo MPV (328 units) has a 0.07% share.

Will M&M sell over 60,014 SUVs in February 2026 to surpass the 600,00 milestone in February 2026 itself? Watch this space for the latest sales numbers and analysis.

ALSO READ: Thar Roxx Races Past 100,000 Sales In 16 Months

Tata Motors well set to sell 600,000 cars and SUVs, 100,000 EVs in FY2026

India’s Top 30 SUVs, MPVs in CY2025 – Hyundai Creta pips Tata Nexon to top spot