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July PV dispatches flat amid high inventory, festive season to boost demand
Retail sales for the PV industry have also remained muted, with around 3,28,000 units sold in July. Vahan registrations showed Maruti Suzuki leading with 1,28,423 units, capturing a 40 per cent market share. Hyundai Motor India reclaimed the second spot with 42,661 units and a 13 per cent share, after slipping to third in June. It was followed by Mahindra with 41,476 units (13 per cent share) and Tata Motors with 39,795 units (12 per cent share).
Industry experts believe that domestic sales performance will continue to be muted in the short term. "Dealership inventory levels remain elevated, prompting manufacturers to moderate vehicle dispatches. According to dealer feedback, customer enquiries have declined, and buyers are taking longer to finalise purchases," stated Anurag Singh, Advisor at Primus Partners.
India's largest PV maker, Maruti, saw flat growth of 0.2 per cent Y-o-Y, dispatching 137,776 units this month compared to 137,463 units last year. The company said it is not focusing on dispatches but on aligning them with retail sales, which saw a 7 per cent Y-o-Y growth. The top-selling model for the month was the Dzire, selling 20,895 units, followed by the Ertiga and WagonR with 16,600 units and 14,700 units, respectively.
Bucking the trend, Mahindra posted a 20 per cent increase Y-o-Y in its domestic dispatches, reaching 49,871 units compared to 41,623 units last year. The company revealed that the growth was supported by the recent launches of the XUV300 'RevX' series and the commencement of deliveries for the two variants of the BE 6 and XUV9e models.
'We are optimistic about the upcoming festive season, with Onam in Kerala and Ganesh Chaturthi in September likely to drive demand. Bookings in Kerala are already up 10 per cent in July, which is a strong festive indicator. A good monsoon and potential MSP hikes are also expected to support rural sentiment and further boost sales,' said Partho Banerjee, Senior Executive Officer, Marketing & Sales, Maruti Suzuki.
To offset muted domestic demand, Maruti is focusing on maximising exports. Rural growth has slowed from 10 per cent last year to 2-3 per cent, while urban demand shows improving bookings but deferred deliveries amid IT job concerns, AI-related uncertainties, and geopolitical factors.
Dealer stock is tightly calibrated at 36-37 days to avoid inventory build-up, with factory output aligned to retail growth rather than pushing wholesales. The company plans to continue calibrated dispatches through the festive season, maintaining a demand-driven supply strategy.
Hyundai Motor India posted a decline of 10 per cent Y-o-Y at 43,973 units for its dispatches compared to 49,013 units last year. Tarun Garg, Whole-time Director and Chief Operating Officer at HMIL, said, 'While the overall auto industry has seen some softness in recent months, we remain optimistic with the onset of the festive season and are fully geared up with robust supply and exciting product offerings.'
Tata Motors also saw a decline of 12 per cent, dispatching 39,521 units (including electric vehicles) in July compared to 44,725 units last year. However, the company marked its highest-ever monthly sales for electric vehicles, selling more than 7,000 units.
Toyota Kirloskar Motor also reported a marginal decline of 1.2 per cent Y-o-Y, as its monthly domestic dispatches stood at 29,159 units compared to 29,533 units last year.
Skoda Auto India domestic dispatches surged by 163 per cent Y-o-Y to 5,536 units this month compared to 2,103 units last year, as it is witnessing robust demand for its compact SUV, the Kushaq. Ashish Gupta, Brand Director at Skoda Auto India, stated, 'July set a strong pace for the second half of 2025, reinforcing our growth momentum in India. This growth reflects a strong response to our diverse product portfolio. Our SUVs—the Kushaq, Kodiaq, and Slavia sedan—are helping us expand into new markets and connect with more customers.'
JSW MG Motors reported its highest-ever monthly numbers, surging 46 per cent Y-o-Y. The company dispatched 6,678 units this July, up from 4,575 units last year. The company also launched its first two luxury products under the brand's new luxury sales channel, MG Select: the M9 Presidential Limousine and the MG Cyberster.
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