Hyundai Motor India, M&M post strong May sales; SUV demand drives growth
Synopsis
India's auto sector is holding firm. Mahindra & Mahindra's 20 per cent year-on-year sales surge in May — with exports jumping 37 per cent — and Hyundai's steady 9.1 per cent domestic growth signal that SUV-led demand is not a blip. Even supply chain headaches from manpower shortages at suppliers haven't dented the momentum — yet.
Key Takeaways
Hyundai Motor India sold 47,837 units domestically in May 2025 , up 9.1 per cent year-on-year .
Including exports of 13,300 units , HMIL's total sales reached 61,137 units , a 4.1 per cent overall rise.
Mahindra & Mahindra posted overall auto sales of 99,636 vehicles in May, up 20 per cent year-on-year .
M&M's domestic utility vehicle sales rose 11 per cent to 58,021 units ; exports surged 37 per cent to 5,000 units .
M&M CEO Nalinikanth Gollagunta flagged manpower shortages at select suppliers as an ongoing supply chain constraint.
Shares of both HMIL and M&M declined roughly 1.47–1.48 per cent on the BSE in early trade despite the positive sales data.
Hyundai Motor India Ltd (HMIL) and Mahindra & Mahindra (M&M) reported robust domestic sales figures for May 2025, reflecting sustained consumer appetite for utility vehicles and SUVs despite lingering supply-side constraints, according to data released on Monday, 1 June.
Hyundai Motor India May Sales
HMIL recorded domestic sales of 47,837 units in May, marking a 9.1 per cent year-on-year increase. When exports of 13,300 units are added, total sales reached 61,137 units, up 4.1 per cent compared to the same month last year. The numbers underline the Korean automaker's continued traction in the Indian passenger vehicle market, where its SUV-heavy lineup has found consistent demand.
Mahindra & Mahindra Leads with 20% Growth
Mahindra & Mahindra outpaced its peer with overall auto sales — including exports — of 99,636 vehicles in May, a 20 per cent year-on-year surge. In the utility vehicle segment, M&M sold 58,021 vehicles domestically, up 11 per cent from a year ago, with total utility vehicle sales including exports at 59,573 units.
Domestic commercial vehicle sales were equally strong, reaching 24,079 units — a 19 per cent year-on-year rise. Exports were a particular highlight, climbing 37 per cent year-on-year to 5,000 units in May.
Supply Chain Pressures Persist
Nalinikanth Gollagunta, CEO of the Automotive Division at M&M, noted that demand across the company's portfolio remained firm, but flagged that manpower shortages at select suppliers continued to pose supply chain challenges. This constraint, while not derailing growth, has been a recurring theme across the broader auto sector in recent months.
Stock Market Reaction
Despite the positive sales data, both stocks traded lower on the BSE in early trade. Shares of Hyundai Motor India declined as much as 1.48 per cent, hitting an intraday low of ₹1,900. The stock has a 52-week high of ₹2,889.65 and a 52-week low of ₹1,658.45.
Mahindra & Mahindra shares fell 1.47 per cent to ₹2,990, touching an intraday low on the BSE. The stock's 52-week high stands at ₹3,840, with a 52-week low of ₹2,896.30. The dip likely reflects broader market sentiment rather than any fundamental concern with the sales print.
What the Numbers Signal
The May data reinforces that domestic demand — particularly for SUVs and utility vehicles — remains a durable growth engine for Indian automakers. This comes amid an otherwise cautious macroeconomic environment, with rural demand showing signs of recovery and urban consumers continuing to upgrade to premium segments. The outperformance of M&M's exports, up 37 per cent, also signals growing international interest in Indian-made utility vehicles.
Point of View
But the more telling number is the 37 per cent export surge — it suggests the company is building a demand base beyond India's borders at a time when domestic growth, while solid, is still constrained by supply chain friction. The stock market's indifferent response to both companies' strong prints points to a broader valuation concern: the market may already have priced in the SUV supercycle. The real question for the sector is whether supply-side bottlenecks — particularly the manpower shortage at tier-2 suppliers flagged by M&M's CEO — will cap volumes in the months ahead, just as demand appears structurally intact.
NationPress
19 Jul 2026
Frequently Asked Questions
What were Hyundai Motor India's sales figures for May 2025?
Hyundai Motor India sold 47,837 units in the domestic market in May 2025, a 9.1 per cent year-on-year increase. Including exports of 13,300 units, total sales reached 61,137 units, up 4.1 per cent overall.
How much did Mahindra & Mahindra's auto sales grow in May 2025?
Mahindra & Mahindra reported overall auto sales — including exports — of 99,636 vehicles in May 2025, a 20 per cent year-on-year rise. Domestic utility vehicle sales grew 11 per cent to 58,021 units, while exports jumped 37 per cent to 5,000 units.
Why did Hyundai and M&M shares fall despite strong sales?
Shares of both companies declined roughly 1.47–1.48 per cent on the BSE in early trade on 1 June, likely reflecting broader market sentiment rather than any concern about the sales data itself. Such post-data profit-taking is common when positive results are already factored into valuations.
What supply chain challenges are Indian automakers facing?
M&M CEO Nalinikanth Gollagunta flagged manpower shortages at select suppliers as an ongoing constraint. While demand remains strong, these bottlenecks have the potential to limit production volumes if not resolved.
Which vehicle segments drove M&M's growth in May 2025?
Utility vehicles and commercial vehicles were the primary growth drivers for M&M. Domestic utility vehicle sales rose 11 per cent, commercial vehicle sales grew 19 per cent, and exports surged 37 per cent year-on-year in May 2025.
