The first day of the new year has come with a slew of unexpected numbers for the automotive industry in India. In December 2024, automakers reported a wide variation in their wholesales ranging from strong robust double-digit growth to flat growth to even negative sales in the domestic market.

The country’s largest passenger vehicle manufacturer Maruti Suzuki India reported sales of 130,117 units in December 2024, up 24 percent YoY, as against 104,778 units for the same period last year.

Hyundai Motor India clocked 42,208 units for the same period, down 1.3 percent YoY, which it said was on the back of strong headwinds faced by the industry.

Tarun Garg, Whole-time Director and Chief Operating Officer, Hyundai Motor India, said, “HMIL has managed to sustain sales momentum in 2024, despite strong headwinds faced by the industry at large. Achieving highest ever domestic sales three years in a row, reflects customers’ preference for brand Hyundai as their trusted smart mobility solutions provider. Introduction of the innovative Hy-CNG Duo technology in 2024 resonated well with buyers, translating to the highest-ever CNG contribution of 13.1 percent to HMIL’s domestic sales in CY 2024, against 10.4 percent in CY 2023. By achieving highest ever yearly domestic sales of 1,86,919 units, Hyundai Creta continued to strengthen HMIL’s position as an SUV leader, helping HMIL accomplish highest ever domestic SUV contribution of 67.6 percent in CY 2024. We are confident that the upcoming Creta Electric, will further expand the appeal of this undisputed, ultimate SUV.”

Mumbai-based SUV maker Mahindra & Mahindra has constantly witnessed strong growth momentum on the back of its product offensive. The company clocked wholesales of 41,424 units, which was 17 percent higher YoY, as compared to 35,174 units for the same period last year.

Veejay Nakra, President, Automotive Division, Mahindra & Mahindra, stated, “We sold 41,424 SUVs, a growth of 18 percent and 69,768 total vehicles, a growth of 16 percent in December. The year ended on a high, as we became the only Indian auto company to attain the Dow Jones Sustainability Index (DJSI) world leader status within the Auto Sector. The DJSI ranking is one of the most respected global benchmarks for ESG performance, covering over 13,000 companies across various industries and we are ranked 1st among all global auto OEMs.”

Toyota Kirloskar Motor on its part sold 29,529 vehicles, which was 29 percent higher than 22,867 units sold for the same period last year.

Sabari Manohar, Vice-President, Sales-Service-Used Car Business, Toyota Kirloskar Motor, said, "We are immensely proud to close 2024 with a record-breaking performance, achieving an impressive 40 percent year-on-year growth. The SUV and MPV segments being key contributors grew at 20 percent over the same period last year. We are also observing a growing shift of consumer preferences towards vehicles offering sustainability, value proposition of dependability quotient, enhanced safety and better resale value which is boosting our sales.”

JSW MG Motor India’s bet on electric vehicles seems to have started to pay off. The company reported a 55 percent growth (albeit a low-year ago base) in December 2024 with sales of 7,516 units, as against 4,484 units last year.

Interestingly, the company witnessed 70 percent of its sales coming from its electric vehicle portfolio with the Windsor EV alone contributing sales of 3,785 units.

“The Windsor EV emerged as a market leader, despite market challenges. Our innovative Battery-As-A-Service offering and customer-centric mobility solutions continue to shape the future of India’s automotive landscape. Going forward, we will maintain our growth momentum while driving continuous disruption and innovation,” the company said in a statement.

Nissan Motor India reported sales of 2,118 units in the domestic market, which was down 1.5 percent as against 2,150 units sold for the same period last year. On the other hand, the company also announced that its popular Magnite SUV has crossed 10,000 booking milestone at the start of the new year.

Saurabh Vatsa, Managing Director, Nissan Motor India, said, “The year 2024 marked a transformative phase for Nissan in India as we embarked on the turnaround and introduced new models like the 4th Generation Nissan X-Trail and the new Nissan Magnite. This historic best sales performance in December also reflects the continued trust and enthusiasm of customers for our vehicles in both domestic and international markets. Our recent network expansion into cities like Nashik and Gorakhpur, along with the goal of achieving 300 touchpoints by the end of this fiscal year, reflects our focus on enhancing customer reach and experience across the country.”

“We remain committed to our dealers, partners and stakeholders in India and are focused on delivering the India turnaround plan. We are optimistic about building on this momentum to deliver even more value to our customers in the year ahead,” added Vatsa.

Volvo Eicher Commercial Vehicles reported a flat growth of 7,545 units as against 7,468 units it sold in the same month last year.

Bajaj Auto reported a negative growth of 19 percent with sales of 1,28,335 two-wheelers as against 1,58,370 two-wheelers it sold last year.

For Tata Motors, while the PV wholesales was in the green, the CV sales were in the red.

In December 2024, Tata Motors sold 44,230 passenger vehicles, up 1.7 percent, as against 43,470 units sold last year. On the other hand, the CV sales came at 32,369 units, down 0.9 percent, as against 32,668 units sold for the same period last year.

Girish Wagh, Executive Director, Tata Motors Ltd. said, “Sales in December 2024 were around 24 percent higher than those recorded in November 2024. Propelled by a resurgence in construction and mining activities post-monsoon, plus the festive season demand. Looking ahead, we expect demand to improve in Q4 FY25 across most segments of the CV industry. The key aspects to watch out in 2025 will be government’s focus on infrastructure spend, and growth in end use segments, which will augur well for the commercial vehicles industry.”

Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said, “The PV industry posted moderate growth in CY24 and is expected to touch a sales volume of 4.3 million units, with strong growth in the SUV segment and sustained traction for emission-friendly powertrains. In Q3 FY25, the industry saw a strong revival, driven by increased retails in the festive season. For Tata Motors, CY24 was the fourth consecutive year of highest-ever annual sales with 565,000 units sold. We registered strong growth in our SUV portfolio with successful product introductions built on our proven multi-powertrain strategy. CNG volumes grew a substantial 77 percent with over 120,000 CNG vehicles sold in CY24. SUV volumes grew a robust 19 percent, with Punch selling over 200,000 units to emerge as the highest selling car model in India in CY24. Looking ahead, we remain optimistic about the outlook for the PV industry. With multiple product launches, innovations and a strengthened multi-powertrain strategy, Tata Motors is well poised for further growth in CY2025.”

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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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Volvo Group, Daimler Truck and Toyota Motor Corporation have signed a non-binding Memorandum of Understanding (MoU) to cooperate within the fuel cell joint venture, cellcentric.

As per the understanding, Toyota intends to acquire an equal shareholding in the entity alongside the two founding partners. The collaboration aims to accelerate the development, production and commercialisation of fuel cell systems for heavy-duty vehicles and stationary applications.

Toyota and cellcentric plan to jointly manage the production of fuel cell unit cells, which serve as the core component of the power systems, along with related control elements and architecture.

The partners intend for cellcentric to operate as an autonomous centre of competence. While the three companies will collaborate on the underlying technology and hydrogen infrastructure, they will remain independent competitors in all other areas of their respective businesses.

The agreement focuses on achieving the scale required to make hydrogen a viable energy source for decarbonising the transport sector. The partners aim to support the broader hydrogen value chain, aligning with the objectives of the European Green Deal and the Hydrogen Society Act in Japan.

The transaction is not expected to have a significant impact on the financial position of the Volvo Group. The final legally binding agreement remains subject to approval by relevant boards and regulatory authorities.

Martin Lundstedt, President and CEO, Volvo Group, said, “We are thrilled to explore this collaboration with Toyota, so that we through cellcentric can accelerate and create critical mass for hydrogen applications. This is an important signal to customers, suppliers, and others in the ecosystem. Given the importance of accelerating the transformation into net-zero transportation, the need of great companies coming together and collaborating is more important than ever. Welcoming Toyota onboard will be a big leap towards realising decarbonisation of our industries.”

Karin Radstrom, President & CEO, Daimler Truck, said, “We are proud that Toyota plans to join cellcentric as a shareholder. This will enable us to strengthen development and further scale hydrogen technology, which we believe must complement battery-electric drives in decarbonising transport.”

Koji Sato, President and CEO, Toyota Motor Corporation, noted, “We are deeply grateful for the opportunity to soon be joining Daimler Truck and Volvo Group as partners in building a hydrogen society. Cellcentric which possess deep expertise in commercial fields together with Toyota ‘s over 30 years of fuel-cell development in the passenger car sector, can combine their strengths to deliver one of the world-leading fuel cell systems for heavy commercial vehicles. Toyota will continue to contribute to realising a hydrogen society alongside like-minded partners.”

Nicholas Loughlan, Managing Director, cellcentric, added, “We are extremely proud that Toyota is intending to join as a shareholder of cellcentric - a great sign of trust in our company from one of the world‘s leading automotive companies. Together, in this new set-up, we look forward to seizing the opportunity to significantly improve our company across the entire value chain.”

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