In an interaction with PTI, Rajesh Jejurikar, Executive Director and CEO, Mahindra & Mahindra (Auto & Farm Sectors), said the company’s success in 2025 was due to differentiated products such as Thar Roxx and 3XO.
He noted that the newly introduced XUV 7XO and electric model XEV 9S will help the company continue its growth path.”Last year we also introduced new versions of Bolero and Bolero Neo. So we think we have enough in the game to maintain our momentum because the customers are looking for novelty and every year we can create one or two things (products) that really hit the sweet spot and gain momentum,” Jejurikar said.
India’s passenger car wholesale business rose to a record 45.5 lakh in 2025, a growth of nearly 6 percent, as policy tailwinds in the second half helped the sector overcome a slow start.
The sector surpassed its previous peak of 43.05 lakh units in 2024, helped by record annual sales from market leader Maruti Suzuki India, Mahindra & Mahindra and Tata Motors Passenger Vehicles. A notable shift in the competitive landscape saw Mahindra & Mahindra and Tata Motors Passenger Vehicles surpass Hyundai Motor India to emerge as the second and third largest PV manufacturer by volume, pushing the South Korean automaker to fourth place.
SUVs continued to dominate demand, accounting for 55.8 percent of total PV sales in 2025, up from 53.8 percent in 2024, even as small cars showed the first signs of recovery following VAT reforms.
Mahindra and Mahindra retail sales rose to 5,92,771 units in 2025, a growth of 20 percent from 4,92,981 units in 2024.
Jejurikar said the GST reform has been a major factor in boosting car sales.
“We see the positive impact on light commercial vehicles (less than 3.5 tonnes) also. The segment was not growing for almost two to three years, but that suddenly reversed with the VAT rate reduction and pick-up in festive season sales,” he added.
The GST reform has provided the necessary impetus, which will boost the country’s economic growth, he noted.
“Given that gross domestic product is expected to grow by 7.5 to 8 percent, this will impact many of the segments in which we operate,” he points out.
Jejurikar noted that the company’s business model has seen success, becoming the second-largest automaker despite the average selling price of its models being on the high side compared to its competitors.
“I think this combination of being able to successfully obtain volume at high prices, which drives revenue and margins, is remarkable,” he added.
The carmaker on Monday launched the seven-seater XUV 7XO, the newer version of the XUV 700, at an introductory price ranging between Rs 13.66 lakh and Rs 24.11 lakh (ex-showroom).
Jejurikar said the model is expected to generate additional volumes for the company.
“The average sales of the XUV 700 are around 7,000 units per month. We expect an increase of at least 30 percent with the 7XO,” he added.
While expanding production, Jejurikar noted that the new capacity in Chakan would be added by 2027.
“A new greenfield factory is also being discussed and evaluated. Until then, we will have to adapt some of our individual product capabilities and existing factories,” he added.
On EVs, he said the automaker remains optimistic about sales growth for its product range this year.
Mahindra plans to sell around 7,000 electric vehicles by the end of this fiscal.
The Mumbai-based carmaker currently sells between 4,000 and 5,000 electric vehicles per month.
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