India’s auto industry came off its festive-season highs in November 2025, posting steady, broad-based growth across passenger vehicles, two-wheelers and commercial vehicles. While October delivered one of the strongest retail months in recent years, thanks to Navratri–Diwali demand, November normalised to more sustainable volumes.
Passenger Vehicles
Passenger vehicle makers saw a more moderate November after a blockbuster October. Maruti Suzuki, which recorded 2,20,894 units in October, surpassed even that in November with 2,29,021 units, helped by a recovery in small cars and all-time-high exports of 46,057 units, recording a growth of 3.68%.
It was the only major automaker to post higher volumes in November than in the festive month. In comparison to this, in November 2024, the company had dispatched 1,81,531 units, including 1,44,238 domestic units and 28,633 exports. Maruti’s SUV portfolio in November 2024 was 59,003 units, recording a growth of 26.16 % YoY.
Other auto OEMs followed the typical seasonal pattern. Hyundai Motor India, which had delivered 69,894 units in October, delivered 66,840 units in November, marking a decline of 4.37% MoM. Domestic sales slipped from 53,792 units to 50,340, in line with post-festive cooling, though exports were at 16,500 units.
In November 2024, Hyundai delivered 61,252 units, including 48,246 domestic and 13,006 exports.SUVs contributed nearly 70% of Hyundai’s domestic sales in November 2024, with rural markets forming 22.1% of its total.
Tata Motors Passenger Vehicles also saw the expected moderation: after topping retail charts in October with 74,705 units (as per Vahan data), dispatches eased to 59,199 units in November. Even with the month-on-month decline, the company posted a healthy 25.6% YoY increase, anchored by EV demand.
Tata’s EV sales, which soared to 9,286 units in October on festive deliveries, settled at 7,911 units in November, marking a 52% YoY rise. Tata Motors PV domestic sales in November 2024 were 47,063 units, including 5,202 EVs.
Companies like Kia, Toyota, Skoda and Mahindra benefited from October’s peak; by contrast, Mahindra’s SUV volumes softened from 71,624 units in October, its highest-ever, to 56,336 units in November. The slowdown, however, did not dent year-on-year momentum, with SUVs still growing 22%.
Mahindra & Mahindra Ltd delivered 92,670 vehicles, marking a growth of 19% including exports. In the Utility Vehicles segment, the company delivered 57,598 vehicles, out of which 56,336 were delivered in the domestic market. They have also announced a new electric seven-seater SUV – XEV 9S.
Two Wheelers
TVS Motor, which delivered 5,43,557 units in October, delivered 4,97,841 units in November. The drop was expected after the festive rush in domestic markets.
What changed was the mix: November’s growth was powered by exports, which rose 52% year-on-year, helping TVS post a stronger YoY surge in November than in October. TVS delivered 3,05,323 domestic two-wheelers in November 2024, with motorcycles at 1,80,247 units and scooters at 1,65,535 units.
Royal Enfield delivered 1,00,670 units in November 2025. The sub-350 cc portfolio grew 27% YoY, even as >350 cc motorcycles felt the pressure of GST reforms, declining 6%.
At Bajaj Auto, domestic two-wheeler demand remained soft in November with a 1% decline, with sales standing at 2,02,510 units, but exports rose 8% YoY with 1,77,204 units delivered, resulting in overall 2W growth of 3%. When compared to the previous year same time, Bajaj’s domestic 2W sales were 2,03,611 units while exports rose to 1,64,465 units in November 2024.
Three-wheeler makers like Atul Auto also reflected this divergence. While its domestic EV three-wheeler sales dipped in November compared to last year, ICE vehicles and exports rose, keeping total volumes in positive territory.
Commercial Vehicles
Unlike passenger vehicles and two-wheelers, commercial vehicles strengthened further in November, outperforming their October prints. Ashok Leyland, which delivered 17,820 units in October, expanded to 18,272 units in November, marking a 29% YoY increase. Growth came evenly from both light commercial vehicles and heavy trucks.
The momentum was stronger for other commercial vehicle players as well. VECV delivered 7,652 units in November, up 37.3% YoY, supported by a massive 75% jump in exports. Tata Motors’ commercial vehicle business posted 35,539 units, up 29% YoY in November, reflecting accelerated fleet replacement after GST rate revisions.
Mahindra’s CV division also stayed buoyant. While October marked its strongest month ever across all segments, November saw continued double-digit growth: the company’s trucks and buses business grew 57% YoY to 2,232 units, driven partly by the newly integrated SML Mahindra.
Tractors
Tractor makers continued to benefit from a strong rural cycle. Escorts Kubota expanded volumes by 17.9% YoY in November to 10,580 units, despite the absence of festive demand. The company credited healthy reservoir levels, subsidies and consistent government support.
Mahindra’s tractor business, which saw robust demand in October, accelerated further in November with 44,048 units (+32% YoY), aided by higher MSPs, good kharif output and strong rabi sowing momentum.
What November tells us
November confirms a predictable shift. Passenger vehicles saw a normal seasonal cooldown; two-wheelers leaned on exports to maintain momentum; and commercial vehicles, unlike other categories, delivered a stronger month than October, riding on GST rationalisation and fleet demand.
Across categories, electric vehicles continued outperforming the broader market, while rural-driven segments such as tractors remained resilient.