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India’s passenger vehicle (PV) industry sustained its strong upward trajectory in November 2025, with domestic wholesales crossing the 4.2 lakh mark, buoyed by GST rationalisation, festive demand and continued consumer preference for SUVs, premium models and electric vehicles. Industry estimates place PV wholesales between 4,20,000 and 4,25,000 units for the month, up sharply from 3,52,000 units a year earlier — a growth of nearly 21%.

This marks the third consecutive month of strong momentum: official SIAM data shows domestic wholesales rising 4.4% year-on-year in September (3,72,458 units) and 17.2% in October (4,60,739 units), supported by a combination of GST cuts, attractive festive offers and resilient retail sentiment.

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Hyundai, Tata, Mahindra, Toyota Sustain strong momentum

Hyundai Motor India Limited (HMIL) posted 50,340 domestic units, up 4.34% y-o-y, while total sales including exports reached 66,840 units. The newly launched Venue — the company’s first software-defined SUV — has already garnered over 32,000 bookings in a month.

HMIL COO Tarun Garg credited the momentum to “GST 2.0 reforms” and said the company remains committed to strengthening India’s role as a manufacturing hub.

Tata Motors’ domestic PV volumes surged 22.04% to 57,436 units, driven by strong demand for the Nexon and Punch, both among India’s top five best-sellers. EV sales grew 52.1% to 7,911 units, reflecting the brand’s growing electric footprint.

Mahindra & Mahindra (M&M) recorded 56,336 units, a 21.88% rise, maintaining its strong SUV-led run. M&M CEO Nalinikanth Gollagunta stated, “We achieved SUV sales of 56,336 units, a growth of nearly 22%. We celebrated one year of our electric-origin SUVs and launched India’s first authentic electric-origin 7-seater, the XEV 9S, along with the BE 6 Formula E Edition.”

Toyota Kirloskar Motor’s domestic wholesales touched 30,085 units, up 19.46%, with total volumes rising 28% y-o-y. The company's VP Varinder Wadhwa noted that GST reforms and the festive season continued to drive strong traction across segments.

Industry Outlook

With GST on SUVs cut from 50% to 40% and on small cars from 28% to 18%, affordability improved across segments, helping manufacturers maintain high dispatch volumes even after the festive season. Premiumisation trends, strong export performance, and swelling order backlogs — especially for top SUV brands — indicate that the sector is well-positioned to carry this momentum into the next quarter.