India’s passenger vehicle wholesales cross record 5-lakh mark in October

Domestic passenger vehicle wholesales crossed five lakh units in October as festive demand drove record dispatches at major automakers, including Maruti Suzuki, Hyundai and Mahindra & Mahindra. The industry also benefited from improved affordability following lower borrowing costs and tax reforms

New Delhi: Domestic passenger vehicle wholesales breached a record 5-lakh mark in October, driven by a strong festive demand, with leading automakers such as Maruti Suzuki, Hyundai and Mahindra & Mahindra recording their highest-ever monthly sales.

Domestic passenger vehicle wholesale dispatches, comprising cars and SUVs, from factories to retail dealers, which constitute wholesales, are estimated in the range of 5.25-5.3 lakh units in October this year, against 4.6 lakh units in October 2025. This represents a growth of around 13-15 per cent, which comes on top of a high base in the same month last year.

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Market leader Maruti Suzuki reported domestic passenger vehicle dispatches of 2.12 lakh units in October, which represents growth of 20 per cent year-on-year. Tata Motors recorded 21 per cent growth to 73,894 units, while M&M posted a 2 per cent rise to record 73,338 units. Hyundai registered a 16.7 per cent increase in domestic wholesales to 62,799 units.

With Dhanteras and Diwali in the first half of November, October wholesales largely reflect dealers stocking up ahead of peak festive deliveries. October registrations, by contrast, are expected to decline against last year’s high festive base, as a significant share of festive deliveries shifts into November, said Gaurav Vangaal, associate Director for Light Vehicle Production Forecasting at Mobility Global.

October’s growth comes on a high base. In 2025, sales from mid-August to mid-September were subdued as buyers held off purchases, expecting a GST cut. After the lower rates took effect in the last week of September, demand rebounded, driving strong sales through the festive season and into October.

“Strong festive demand, coupled with healthy momentum in both domestic and export markets, helped us set this new sales record,” said Hyundai Motor India MD and CEO Tarun Garg.

Mahindra & Mahindra’s Automotive business President Velusamy R also noted that October was a landmark month for the company, with the festival season together with a refreshed portfolio keeping the demand strong.

The passenger vehicle industry has maintained robust growth momentum since GST rates were cut last year. Lower borrowing costs have also improved affordability, while recent income tax reforms have left consumers with more money to spend. In the first half of the current financial year, domestic passenger vehicle sales grew 28.3 per cent to 20.55 lakh units.