Mahindra & Mahindra emerged as India’s second largest passenger vehicle maker in calendar year 2025, marking a significant reshuffle in the long-standing industry order. As per Vahan registration data till December 25, Mahindra recorded around 5.81 lakh registrations during the year, a sharp rise from 4.90 lakh units in 2024. This performance allowed it to move ahead of both Tata Motors and Hyundai for the first time in a full calendar year. Maruti Suzuki retained its clear lead with registrations of about 17.50 lakh units, but the battle for the next positions saw intense competition through most of the year.
SUV-Focused Portfolio Drives Volume Growth
Mahindra’s rise in 2025 was closely linked to sustained demand for its SUV-only portfolio, which aligns well with the Indian market’s growing preference for utility vehicles. Its total registrations between January and November stood at 5,74,657 units. This shows an 18 percent year-on-year increase for the period, making it the biggest gainer among all carmakers. Models such as the Scorpio, Bolero, Thar and XUV family delivered steady monthly volumes across regions. The Scorpio duo alone contributed 1,61,103 units, accounting for about 28 percent of Mahindra’s total sales. Meanwhile, the Bolero range added over 93,000 units, driven largely by demand in semi-urban and rural markets.
Thar & New Launches Strengthen The Line-Up
A key highlight of 2025 was the rapid growth of the Thar brand. Combined sales of the three-door Thar and the five-door Thar Roxx were a little over 86,000 units in 2025, and the Thar line remained one of Mahindra’s strongest nameplates alongside the Scorpio and Bolero. The newer Thar Roxx is estimated to account for nearly two-thirds of this volume. The compact 3XO SUV also posted healthy numbers with over 90,000 units, while the XUV700 contributed more than 80,000 units. Together, these models helped Mahindra maintain momentum even as competition intensified in the midsize and compact SUV segments.
EV Push & Competitive Landscape In 2025
Mahindra also benefited from incremental volumes from its electric SUVs. The BE 6 and XEV 9e together added a little over 30,000 units in 2025, giving EVs a mid‑single‑digit share of Mahindra’s total registrations. This early traction in the EV space supported overall growth, even though internal combustion SUVs remained the mainstay. In comparison, Tata Motors is expected to finish close behind with about 5.52 lakh units, narrowly ahead of Hyundai Motor India at around 5.50 lakh units. Hyundai’s slip to fourth highlights how quickly market positions can change when product cycles and demand trends shift. Mahindra’s 2025 performance shows the impact of a focused product strategy.
