Recording a 353 percent increase in the revenue for the first quarter of FY2021-22 at INR 29,510 million in comparison to the revenue generation of INR 6,510 million in the corresponding quarter of FY2020-21, Ashok Leyland is confident of a strong demand emerging post the second Covid-19 wave. Clocking export volumes of 1,437 units in the first quarter of FY2021-22, up 254 percent when compared to the export of 405 units in the first quarter of FY2020-21, the commercial vehicle manufacturer is concentrating on vaccination and the adherence of safety protocols to try and ensure that all its stakeholders stay protected from a potential third wave. Experiencing a 1,041 percent growth in domestic M&HCV volume in the first quarter of FY2021-22, which is almost twice than that of the industry growth volume at 562 percent during the same period, the company has reported a net loss of INR 28,20 million in the first quarter of FY2021-22 as against a net loss of INR 38.90 million in the corresponding quarter of FY2020-21. Selling 8,690 LCVs in the domestic market in the first quarter of FY2021-22, up 224 percent as compared to the sale of 2,686 LCVs in the corresponding quarter last fiscal, Ashok Leyland is closely observing the way the freight rates are shaping up. It is confident that freight rates will improve with higher availability of commercial vehicles once the Covid-19 subsidies and uncertainty fades. “We are hoping for the volumes to grow higher as the market gets better,” mentioned Mahadevan. “July (2021) has been a growth month,” he added. Stressing that they have had eight months of degrowth, Mahadevan said, “Economic growth will induce growth in CVs.”

CV trends
Working on a strategy for a robust domestic and exports growth, the commercial vehicle major is appointing dealers in Africa. Looking at gaining good traction in South East Asia, Ashok Leyland will launch new products in the LCV segment even though not in the immediate quarter. Buoyed by the international markets opening up and experiencing export thrust, the company is said to be testing an electric version of its LCV platform on which the Bada Dost is based in the UK. This vehicle is expected to be launched at the end of this fiscal or in the first half of the next fiscal. Of the opinion that electric vehicles are catching up, especially at the local point of use, on the encouragement of the governments, Mahadevan averred, “It is more to do with buses, but trucks will catch up.” Seeing a trend of petrol commercial vehicles in the low-tonnage segment of sub-1 tonne to 1.5 tonne, Mahadevan drew attention to the push on CNG. “We are ready in the LCV and ICV (segment),” he added. Of the firm belief that diesel vehicles will continue and the IC engine will coexist and not die overnight, Mahadevan said, “We are ready to cater to higher demand.” 
 

Watching closely how freight operators are able to pass on the fuel price hike to their end customers, Ashok Leyland is hoping that bus commute will pick up. A 40,000 units per annum market, according to Mahadevan, buses have been severely affected due to the Covid-19-led disruption. Delivering 40 electric buses to the city of Chandigarh recently (from where it has bagged an order to build and maintain e-buses with quick charging technology), Ashok Leyland is expecting pent-up demand to show up once normalcy returns. Also expecting demand to show up because of the need to ferry people without sacrificing social distancing norms, Mahadevan drew attention to their work towards further strengthening their position in the bus and LCV market segments. With the talk of schools reopening in regions where the Covid-19 infections are down, and the relaxation in Covid-19 norms in some region allowing more employees to return to their offices, bus demand is expected to improve post witnessing a sudden downfall mid-last year. Through the establishment of Switch Mobility, Ashok Leyland is keen to experience a speedier ride in the ‘cleaner and greener’ bus space. 
 

Managing costs and productivity 
Eyeing international markets like the US, Europe and Japan, the company, through the Switch Mobility subsidiary, has worked with a few consultants to make sure that its data points and numbers are on par with the current situation. Under Switch Mobility, it is developing new products to present an advantage of unique position in terms of value and premium positioning. For its Switch Mobility subsidiary that includes the erstwhile Optare of UK, Ashok Leyland has managed to get USD 18 million worth of investment from Dana Incorporated (Dana), a US-based manufacturer of drivetrain and e-propulsion systems. To do de-bottlenecking once enough demand is evident, Ashok Leyland, investing sufficiently in terms of capex, is confident of seeing early growth sprouts in LCVs. Therefore, if it were to do immediate capex investment, it would be in LCVs. Discussing with scrappage centres post the announcement of the scrappage policy, Ashok Leyland, the second-largest CV maker in the country, is witnessing good traction from its other business verticals like defence, power solutions and aftermarket. They are contributing to its top line. 
 

With the pace of vaccination picking up and positively setting in, Ashok Leyland is expecting a demand spike in commercial vehicles after the fear of a third Covid-19 wave is over. This, according to Mahadevan, could happen in the second half of this fiscal. Focusing on costs, productivity and middle level management, the commercial vehicle major is also concentrating on reducing its carbon footprint. Apart from announcing strategic steps to move towards net zero carbon mobility through Switch Mobility, Ashok Leyland, said Mahadevan, has formed an ESG committee of the Board. The committee will guide and propel the commercial vehicle manufacturer to achieve its sustainability agenda.
 

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German luxury brand BMW Group India has recorded its highest-ever Q1 sales, delivering 4,567 cars in the first three months of CY2026. This represents a 17 percent YoY increase, with every month in the quarter achieving record performance levels.

The Group maintains a 70 percent market share in the Indian luxury electric vehicle (EV) segment. In Q1, the company sold 1,185 BMW and MINI EVs, marking an 83 percent YoY growth. Currently, 1 in 4 vehicles sold by BMW in India is an electric model, with EV penetration reaching 26 percent of total sales.

The company’s electric portfolio includes 6 cars and 2 scooters, supported by a network of over 6,000 charging points nationwide. Initiatives such as Destination Charging and Smart E-Routing have been implemented to support the transition to luxury electric mobility.

As per the luxury brand, it observed growth across several specific vehicle categories:

• Long Wheelbase (LWB) Range: LWB models accounted for over 50 percent of total sales, with 2,256 units delivered, which marks 23 percent YoY increase.
• Sports Activity Vehicles (SAV) segment grew by 38 percent YoY, totalling 2,966 units and representing 65 percent of the group's car sales.
• MINI: The brand delivered 213 units, achieving 42 percent growth.
• BMW Motorrad: The motorcycle division delivered 1,216 units, led by demand for the G 310, S 1000 and GS series.

BMW Group India has planned 27 product launches for 2026, covering all-new models, facelifts and limited editions. Four models were introduced in Q1, including the BMW M2 CS and BMW X3 30, with a further eight launches scheduled for the second quarter.

Under its Retail.NEXT strategy, the group plans to expand its presence by adding 19 outlets across 18 cities this year. The current network comprises 97 touchpoints in 40 cities. Additionally, BMW India Financial Services financed 25 percent of the vehicles sold in Q1, offering products with assured buy-back values of up to 74 percent.

Hardeep Singh Brar, President and CEO, BMW Group India, said, “BMW Group India has entered 2026 in an extremely strong position. We have achieved our highest-ever Q1 sales, registering solid double-digit growth, despite macroeconomic and geopolitical headwinds. Our lead in India’s luxury electric mobility also continues thanks to the immense trust our valued customers have put in our electric offerings in terms of performance, EV ecosystem and technology. We are geared to a pulsating 2026 that will be marked by our most ambitious product offensive, with 4 already launched and 23 more to go. Sustaining this momentum into long-term success, our unwavering focus on customer experience, aftersales and brand connect will be taken to the next level. With each new car, we aim to deliver JOY to our customers who enable this success story for BMW Group India.”

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The Indian automotive retail sales has grown 13 percent YoY with 29.6 million vehicles sold across segments in FY2026, as compared to 26.1 million units a year ago. Barring the construction equipment segment (-12 percent YoY), all segments clocked a healthy double-digit growth as per the latest data shared by the Federation of Automobile Dealers Association (FADA India).

Sales data for March 2026 points out to a robust 25.28 percent YoY growth with 2.69 million vehicles sold, as compared to 2.14 million units sold a year ago. The growth was seen across the two-wheeler segment (+28.69 percent YoY), three-wheelers (+10.52 percent YoY), passenger vehicle (+21.48 percent YoY), tractor (+10.87 percent YoY) and commercial vehicle (+15.12 percent YoY).

On the other hand, the e-rickshaw (passenger) and construction equipment industry reported a negative growth of 19.73 percent YoY and 16.17 percent YoY, respectively.

For FY2026, the two-wheeler sales came at 21.4 million units, an uptick of 13 percent YoY, as compared to 18.8 million units sold a year ago. Three-wheeler sales came at 1.36 million, up 12 percent YoY, as compared to 1.22 million units sold a year ago.

Interestingly, passenger vehicle sales grew by 13 percent YoY with 4.7 million units sold, as compared to 4.16 million units sold in FY2025. The tractor industry surpassed 1 million units with 1.05 million sold up 19 percent YoY, as compared to 882,825 units sold last year.  

C S Vigneshwar, President, FADA, said: “FY 2025-26 has been a landmark year for Indian auto retail — delivering an all-time high of 2,96,71,064 units with a broad-based 13.30 percent YoY growth that saw 5 of 6 vehicle categories set new annual records. This is not just a number — it represents the industry approaching the 3-crore mark, a milestone that would have seemed distant just two years ago. What makes this year particularly significant is that the growth was structurally sound, underpinned by improving affordability, widening mobility demand across urban and rural India, and a diversifying powertrain mix.”

He further pointed out that the sales performance for the year was not linear. “The first five months (April through August) were a period of measured momentum, with monthly growth ranging between 2 percent and 5 percent as the market navigated residual caution from the previous year’s sluggish inventory cycle, selective financing constraints and consumer wait-and-watch behaviour in anticipation of policy clarity. During this phase, enquiries remained tentative, conversions stayed uneven and the dealer community exercised understandable restraint,” he explained.

GST Rationalisation 

The FADA president highlights that the turning point arrived in September with the implementation of GST 2.0, which meaningfully reduced the effective tax burden on mass-segment two-wheelers, small cars, three-wheelers and select commercial categories – improved real affordability at a time when the consumer was already positioned to respond.

“From September onwards, we witnessed a clear inflection: the festive convergence of Navratri and Diwali in October delivered an all-time record monthly retail of over 4 million units, and the momentum carried through the remainder of the year. January, February, and March 2026 each registered strong double-digit YoY growth, validating that the upshift was not merely festive but structural,” he said.

The retail sales highlights in FY2026 for the automotive industry include – two-wheeler retails reaching pre-pandemic peaks. Passenger vehicles crossed the 4.7-million mark for the first time, growing by 13 percent. This was supported by a shift towards SUVs and alternative powertrains.

Tractor sales at record high surpassing million-unit mark for the first time due to a strong monsoon and improved farm economics.

Commercial vehicles too surpassed the million-unit mark with 11.74 percent growth, led by infrastructure demand.

Three-wheelers set a third consecutive annual record with 11.68 percent growth, where electric vehicle (EV) penetration now exceeds 60 percent.

The shift towards cleaner energy deepened throughout the year. Total EV retails reached 2.45 million units, a 24.63 percent expansion. EV market share rose to 6.54 percent in two-wheelers and 4.25 percent in passenger vehicles. CNG also strengthened its position, accounting for 21.98 percent of PV sales.

Inventory management for passenger vehicles improved, with stock levels correcting from over 50 days to approximately 28 days by March 2026. This healthily aligns wholesale dispatches with actual ground demand.

Outlook and Risks

The auto retailer body has maintained a cautiously positive outlook for FY2027, with 74.72 percent of dealers expecting growth for the full year. However, the industry is monitoring risks including the geopolitical situation in West Asia, which has caused supply disruptions for 53.2 percent of dealers. Rising fuel prices and potential logistics delays remain primary concerns for the near term.

FADA hence remains constructively cautious — structurally optimistic but operationally watchful for the next three months.

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Alpine has appointed Massimo Fumarola as Vice President Strategy & Product Performance, with effect from 1 April 2026. He will become a member of the Alpine Management Committee and report directly to CEO Philippe Krief. Fumarola replaces Sovany Ang, who is moving to a new position elsewhere within Renault Group.

Bringing more than three decades of international automotive experience, Fumarola has deep knowledge in product and portfolio strategy, project management, product development and premium brands. His career includes leadership roles at IVECO, CNH Industrial, Ferrari, Audi, Lamborghini and most recently as CEO of Morgan Motor Company, where he led that brand’s strategic turnaround.

Since joining Renault Group in 2025, he has served as Director of Renault Couture while also handling broader product and project management duties. In his new capacity, Fumarola will shape Alpine’s long‑term plans and product strategy, ensuring that brand identity, technological advances, market trends and future vehicle development remain closely aligned.

Holding a Master’s in Engineering of Industrial Technologies from Politecnico di Milano and an MBA from Cranfield University, Fumarola combines technical grounding with strategic leadership, international perspective and P&L experience. His background in high‑performance, premium and luxury vehicles will be crucial as Alpine pursues its goal of becoming a distinctive electric brand focused on performance.

Krief said, “First of all, I would like to thank warmly Sovany for her dedication, commitment and support over the last years, it has been a pleasure to collaborate with her and her team. While I wish her all the best, I will not forget her and she is now next door. I am now looking forward to working closer with Massimo. His solid expertise combining product, strategic vision and customer experience with high-end sportscars brands will certainly help us to deploy our new strategy and future product portfolio. Massimo is joining at an exciting time for the brand, as we are just starting to unveil our Alpine Performance Platform, which will be our strongest asset for our upcoming product range.”

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Agratas, the Tata group’s global battery business, has completed the steel frame at its Sanand site in India. This achievement brings the site significantly closer to operational readiness and confirms that the production is on track to begin in 2027.

The completed steel frame measures 700 metres in length, 150 metres in width and reaches 34 metres at its highest point, covering a built-up area of 105,000 square metres. More than 24,000 tonnes of steel were used in the main structure, while work on associated buildings advances in parallel. Tata Projects Limited is executing the project with support from Tata Consulting Engineers and multiple steel contractors. All steel and the majority of other materials have been sourced from across India, strengthening domestic supply chains and reducing import dependence, with sustainability integrated into the design and construction approach.

India has committed to net zero emissions by 2070 and set a target of 500 GW of non-fossil fuel energy capacity by 2030, requiring rapid acceleration in electric mobility and grid scale energy storage supported by a robust domestic supply of advanced battery cells. The Sanand facility will have an annual capacity of 20 GWh in its first phase, producing advanced battery cells for electric vehicles and energy storage applications once operational. This will enable a faster and more affordable transition away from fossil fuels while positioning India as a key player in the global battery value chain.

Beyond manufacturing, the Sanand plant is expected to generate widespread employment across production, maintenance, quality assurance, engineering and technical roles. Agratas is also investing in local workforce development, building a pipeline of skilled professionals to support India’s emerging battery ecosystem and its position in the global value chain.

Sudhir Ghalsasi, Vice President – Capital Delivery, Agratas, said, “This milestone reflects the scale, complexity and pace of execution at Sanand. In a dynamic and evolving environment, translating detailed designs into on-ground reality comes with its own set of challenges. What began as a vision is now taking shape through strong collaboration, disciplined execution and a shared commitment across teams. Together with our partners, we’ve turned our plans into tangible progress, building a future-ready facility that will deliver long-term value.”

Deepak Khare, Vice President – Manufacturing Operations, Agratas, said, “Completing the steel frame at Sanand marks an important step in our journey towards operational readiness. As we move forward, our focus is on building the systems, processes and capabilities required to deliver reliable, world-class batteries made in India for the world while developing a highly skilled workforce to support safe and high-quality manufacturing.”

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