Mumbai, May 3: Mahindra & Mahindra has claimed the top spot in the electric vehicle (EV) market, surpassing Tata Motors in revenue for the financial year 2026. The company’s electric vehicle sales skyrocketed by 344% compared to the previous year.
According to a report by ET, Mahindra achieved this remarkable milestone thanks to the launch of new electric SUVs. However, in terms of unit sales, Tata Motors remains the leader with 78,811 units sold, followed by JSW MG Motor India with 53,089 units, and Mahindra with 42,721 units.
Mahindra’s EV Sales Surge by 344%
Data from automotive consultancy firm Jato Dynamics indicates that Mahindra’s electric vehicle sales reached ₹15,089 crores, marking a 344% increase from the previous year. In contrast, Tata Motors saw a 72.6% growth, reaching ₹14,995 crores during the same period. JSW MG Motor secured the third position with a revenue of ₹10,194 crores. Mahindra has maintained its number one position in the SUV segment (ICE) for ten consecutive quarters.
84% Increase in Electric Vehicle Registrations
The financial year ending March 31, 2026, saw nearly 200,000 electric vehicles registered, an 84% increase from the 109,000 units sold in FY2025. Gaurav Vangal, Associate Director at S&P Global Mobility, noted that the rise in EV sales was driven by recently launched models such as the Maruti Suzuki e-Vitara, Mahindra XEV 9s, and Tata Punch EV, which were not available last year.
Vangal further stated that with the launch of new electric vehicles in the coming years, the adoption of EVs is expected to grow. He also highlighted that ongoing geopolitical tensions in the Middle East could positively impact consumer perceptions of electric vehicles as a viable option due to fluctuating crude oil prices. Currently, electric vehicles account for approximately 4% of new car sales in India.
In the upcoming months, Mahindra plans to introduce several new electric vehicles, including the Mahindra Vision S EV and BE 07. Similarly, Tata is set to expand its electric car portfolio with the Sierra EV and Safari EV.
My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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