Mixed Fortunes for Carmakers as India’s Passenger Vehicle Sales Hold Firm in April 2025

India’s passenger vehicle (PV) segment saw a mixed performance in April 2025, with some carmakers reporting strong gains while others navigated slower demand amid broader economic headwinds. Despite a softer overall growth trajectory, the PV market to hold its ground, reflecting resilience, especially in the pockets of the market.

According to company filings and industry data, total dispatches from leading manufacturers in April reflected marginal year-on-year growth, driven primarily by robust performances from Mahindra & Mahindra and Maruti Suzuki .

Also Read: Passenger Vehicle Sales Poised for Historic Surge in FY26, Despite Slowing Growth: CRISIL | Republic World

Mahindra overtakes Hyundai, Tata

Mahindra & Mahindra (M&M) made headlines by overtaking both Hyundai and Tata Motors in monthly domestic sales—a rare feat. The automaker clocked 52,330 units in April, registering a robust 28% growth over 41,008 units sold a year ago. Strong demand for new launches like the five-door Thar and refreshed XUV lineup helped push the company into the second spot. 

Maruti Suzuki holds steady lead 

Maruti Suzuki continued to dominate the market, albeit with more modest growth. The company sold 179,791 units in April 2025, up 6.96% from 168,089 units in April last year. Domestic passenger vehicle sales rose marginally to 138,704 units, while sales to other OEMs—primarily Toyota—saw a sharp 80% jump to 9,827 units.

Toyota, Kia, and JSW MG ride the growth wave

Toyota Kirloskar Motor posted one of its best Aprils, with sales rising 33% year-on-year to 27,324 units. Kia India also put in a strong performance, selling 23,623 units in April 2025—an 18.3% increase over last year. JSW MG Motor India recorded 5,829 units in April sales, up 23% from 4,725 units a year ago. 

Hyundai and Tata Motors sales drop

Hyundai Motor India and Tata Motors continue to face headwinds. Hyundai experienced an 8.9% year-on-year decline, registering 44,374 units against 48,201 units in the previous year. Despite witnessing a downturn in April, Hyundai managed to log cumulative sales of over 9 million units in the domestic market.

Tata Motors witnessed a 6% drop in passenger vehicle sales, with 45,199 units (including EVs) sold, contributing to an overall 7% decline in its domestic portfolio. The company sold 47,883 units of PVs (including EVs) in the same month last year. 

Business Outlook

Analysts note that the PV market is now showing signs of cooling after two years of post-pandemic growth. With India's GDP growth forecast slowing to 6.5% for FY25 from 9.2% a year earlier, consumer spending on big-ticket items like cars is under pressure.

“Pent-up demand has mostly played out, and affordability is once again becoming a key concern—especially in the mass-market segment. Despite this, premium vehicle sales are holding firm, signaling a shift toward aspirational buying, said Puneet Gupta, Director, S&P Global Mobility. He added, “Looking ahead, automakers are cautiously optimistic. Any government moves such as interest rate cuts or tax reliefs could reinvigorate demand, particularly in the second half of the fiscal year.”