Mumbai-headquartered automotive major Mahindra & Mahindra has announced its financial results for FY2025 with revenue of INR 1,592 billion, up 14 percent YoY and a net profit of INR 129 billion, up 20 percent YoY.

The robust financial performance was underpinned by strong automotive sales across key segments. Mahindra stated it continue to top the SUV sales with a revenue market share of 22.5 percent. Furthermore, the OEM held the top spot in the Light Commercial Vehicle (LCV) segment under 3.5 tonnes, commanding a market share of 51.9 percent. The Tractor division also achieved its highest ever full-year market share at 43.3 percent.

Going forward, the company continues to maintain an optimistic outlook for SUV and EV sales. The company has announced that it will unveil a new platform 'Vision' on 15 August 2025, which will further expand its product portfolio.

Furthermore, Mahindra is set to increase its manufacturing capacity for XUV 3X0 and Thar Roxx by 3,000 units, a new platform capacity in Chakan for 120,000 units per annum and a new greenfield facility by FY2028, which will primarily focus on the passenger vehicle segment. The company is also looking at different states and the kind of incentives it gets, before finalising the location.  

“Our current capacity utilisation on the SUV side is almost over 90 percent with Scorpio very close to capacity, Thar Roxx and 3X0 fully on capacity and Bolero is lesser in capacity,” said Rajesh Jejurikar, Executive Director & CEO – Auto and Farm Sector, Mahindra & Mahindra.

Furthermore, the company’s born electric platform, which has spawned the BE 6 and XEV 9e has recently crossed the 6,300 sales mark. At present, the EVs have around 40,000 bookings with an average waiting time of 4-5 months.

Jejurikar explained that an EV customer usually sees around 2 hours of discussion time at the dealership, which is significantly higher than that of an ICE-vehicle customer.

“There's also work to be done by way of enabling charging infrastructure to be facilitated, set up, which means working with their societies or their office complexes wherever they want the charger and all of that needs to be coordinated well and then there's an installation process to be done at home. We have seen that this process is very important to customers to make sure that the experience is very seamless. As we think about ramping up, this is an added thing over and above the input quality which of course is a very important parameter because there is a lot of high tech and so we want to be very calibrated in the way we ramp up. As we have said earlier, that even though we have capacity, we are not operationalising all of that,” added Jejurikar.

A significant highlight was the positive performance of Mahindra's EV division. The company reported being EBITDA positive in the first quarter of the fiscal year within its EV segment, even without considering certain incentives (PLI). This achievement was attributed to a favourable variant mix. While celebrating this milestone, the company cautioned that achieving EBIT margin positivity in the EV sector is anticipated to take several quarters, potentially extending to a year or 18 months. This timeline reflects the ongoing investments required to scale up their EV operations, for which incentives are intended to provide support. The company anticipates that significant EBITDA positivity in the EV segment will become more pronounced as production volume increases.

On the other hand, responding to slowdown in the passenger vehicle sales, Jejurikar stated, “I think there are several enablers which will start kicking in – government spending, infrastructure spending, all of that which will lead to demand picking up. The smaller segments will start gaining out of the income tax benefit that will start kicking in from the front. We think that will be an enabler as well as interest rates come down over time, I think that will be another positive enabler. I do think that over the next few months, the sentiment will start kicking up. But it's a world with a lot of uncertainty at the moment. Multiple things are happening around the world so we don't see any uncertainty that comes out of that.  But, overall I think many macroeconomic factors are positive.”

Dr Anish Shah, Managing Director, Mahindra & Mahindra, added, “I just want to reflect on the numbers – both revenue growth and bank growth – where the stress isn't particularly visible. Yes, there is some level of commercial urban stress, but from our product standpoint, we haven't seen significant impact. Even when we look across other businesses, overall, the picture remains positive. The recent actions around liquidity and interest rates should start to drive greater demand and improved functionality. So, on balance, I’d say we aren’t seeing substantial urban stress at this point – perhaps a slight slowdown or a temporary blip, but nothing major. I believe that's something we’ll bounce back from.”

Looking beyond the domestic market, Mahindra expressed considerable optimism regarding its expansion in North America. The launch of the OJA tractor series in the North American market is reported to be gaining significant traction. Specifically, in the less than 110 horsepower tractor segment, where Mahindra has a strong presence, their retail market share has reportedly surged from 3 percent to 10 percent over the past four months. This sub-110 horsepower category constitutes a substantial 40 percent of the total market volume. This significant growth in their key segment underscores the strategic importance of the OTA series and justifies the investments made in its creation.

Responding to a question regarding potential entry into the insurance market, a Dr Shah stated that this has been under consideration for several years. While acknowledging the complementary nature of their existing business and the large market size, he indicated that any entry would be contingent on identifying a suitable approach that ensures successful returns. But no immediate plans for entering the insurance sector were announced.

Going forward, Mahindra is said to be open to new partnerships and acquisitions.

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Kia India has announced that more than 100,000 customers have renewed their paid subscriptions for Kia Connect. The automaker has achieved a retention rate exceeding 30 percent following the expiry of the initial three-year complimentary period.

Since its introduction in 2019, the platform has evolved from its original 'UVO' branding to the current Kia Connect 2.0. Globally, the manufacturer reports an enrolment rate of approximately 97 percent. In India, the company has surpassed 500,000 total sales of connected vehicles.

The platform provides over 100 features across five categories – navigation, remote control, safety & security, vehicle management and convenience.

Kia offers three tiers of renewals – Standalone, Basic and Premium – with flexible durations. Prices for a one-year subscription range from INR 1,890 to INR 4,690, while three-year plans range from INR 3,890 to INR 9,090.

The renewal trend is supported by hardware integrations such as the Connected Car Navigation Cockpit (CCNC) and software initiatives like Drive Green, which monitors sustainable driving practices.

Atul Sood, Senior Vice-President – Sales & Marketing, Kia India, said, “Crossing the milestone of one lakh Kia Connect subscription renewals reflects the growing trust customers place in our connected mobility ecosystem. The continued adoption beyond the complimentary period highlights the everyday value we deliver through enhanced convenience, safety, and control. We remain committed to advancing our digital platforms for a smarter, more connected driving experience.”

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German automotive major Volkswagen Group has detailed the progress of its ‘In China, for China’ strategy at Auto China 2026 in Beijing. The Group is expanding its portfolio with a focus on smart electric vehicles, including four world premieres from its Volkswagen, Audi and Jetta brands.

During 2026, the Group plans to launch over 20 new electrified vehicles (NEVs), encompassing battery electric models, plug-in hybrids and range-extender variants. Following this period, the company intends to introduce a new model approximately every two weeks.

The new product includes Volkswagen’s new member in the ID. UNYX category and the first all-electric model in the ID. Aura series. The latter utilises the locally developed CEA electronic architecture.

The Jetta brand will see an all-electric show car marking the transition toward electrification.

The exterior design of the AUDI E7X, the second production model under the Group’s China-exclusive sister brand.

Porsche will mark the global debut of a new model within the all-electric Cayenne family.

The Group’s software developments are focused on Level 2 Advanced Driver Assistance Systems (ADAS), including Navigation on Autopilot (NOA) for urban and highway environments. These systems are developed by CARIZON, the Group’s Chinese centre for autonomous driving, which is also working on proprietary System on Chip (SoC) hardware for future Level 3 and Level 4 capabilities.

Oliver Blume, CEO, Volkswagen Group, said, “Three years ago, we launched our ‘In China, for China’ strategy to fully tap into the potential of the Chinese innovation market. We decide, we act, and we deliver. The new models we are presenting at this year’s ‘Auto China 2026’ impressively confirm that the Volkswagen Group is making good progress on its path to becoming a global tech driver in the automotive industry. China plays a central role in this. Because the progress we achieve here strengthens our competitiveness worldwide.”

Ralf Brandstatter, Member of the Board of Management for China, added, “Our ‘In China, for China’ strategy is coming into its own. In less than 36 months, we have developed a completely new product portfolio for China. Starting in 2026, we will launch a new vehicle on average every two weeks. This is the Volkswagen Group’s largest-ever electric mobility offensive in China. The Beijing Auto Show underscores the consistency and speed of our realignment.”

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Tata Motors Passenger Vehicles, has reported its best-ever annual performance in FY2026 with wholesales of 641,587 units, up 15 percent YoY. This includes 631,387 units in the domestic market, up 14 percent, while exports came at 10,200 units, up 281 percent YoY.

For March 2026, the company’s sales came at 66,192 units, up 28 percent, while exports came at 779 units, up 204 percent YoY.

Interestingly, electric vehicles recorded its highest-ever quarterly sales of approximately 27,000 units, a 69 percent increase YoY. Annual EV volumes reached 92,120 units. On the other hand, sales of CNG vehicles crossed 170,000 units, up 24 percent YoY.

The Nexon and Punch models were the top-selling SUV models in the second half of the financial year. Recent launches, including the Sierra, a refreshed Punch and petrol variants of the Harrier and Safari, also saw continued customer traction.

The company expects the passenger vehicle industry to reach record annual volumes of approximately 4.7 million units, reflecting an 8 percent growth. Tata Motors emerged as the second-ranked player in the industry based on Vahan registrations during the second half of FY2026.

Shailesh Chandra, MD and CEO, Tata Motors Passenger Vehicles, said, “PV industry sales are expected to reach record volumes of around 4.7 million units for the year, reflecting 8 percent year on year (YoY) growth. The industry witnessed a strong rebound in the second half, posting double digit growth, supported by GST 2.0 implementation and a robust festive season. For Tata Motors Passenger Vehicles, FY26 has been a landmark year marked by multiple milestones. We achieved our highest ever annual sales volumes of over 640,000 units, delivering industry beating growth of 15 percent YoY and ended it with strong positive momentum. Looking ahead, industry momentum is expected to sustain, led by growth in SUVs, CNG and EV. At the same time, the industry will need to closely monitor geopolitical developments to mitigate potential supply-side risks.”

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Honda Cars India (HCIL), a leading manufacturer of passenger vehicles, has recorded domestic sales of 7,585 units in March 2026, up 5 percent YoY, as compared to the 7,228 units sold last year. The company also reported exports of 2,451 units for the month.

The sales growth was supported by demand for the Amaze and Elevate models. Honda Cars India intends to expand its vehicle lineup in the upcoming financial year, with the launch of its first battery electric vehicle (BEV) scheduled for the second half of the year.

Kunal Behl, Vice-President, Marketing & Sales, Honda Cars India, said, “Demand for all Honda models specially Amaze and Elevate continues to be strong with exciting promotions and product offerings which helped us achieve 5 percent growth during Mar 2026. We are excited to enter the new fiscal with plans to expand our lineup, including the launch of our first BEV in the second half. We remain highly optimistic that our strong focus on customer satisfaction will continue to drive growth and sustain positive momentum.”

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