With the onset of EVs, India’s top two companies, Mahindra & Mahindra (M&M) and Tata Motors, are leading the charge. With growing consumer demand for sustainable vehicles, both companies have made significant moves to strengthen their portfolios. But who’s truly dominating the SUV and EV war in FY 24-25? Let’s break down the numbers and strategies.
M&M or Tata Motors: Who Holds the Edge?
In the tale of the two companies dominating the Indian EV market, let’s see and analyse the stats of the companies, and how they are performing in competition.
The SUV Segment
M&M has emerged as a leader in the SUV market. In February 2025, the company reported domestic SUV sales of 42,401 units, marking a 19% year-on-year growth. The rise in sales highlights M&M’s strong brand image and its focus on building rugged, high-performance SUVs like the Scorpio-N, Thar, and XUV700. The positive trend has also influenced M&M share price, highlighting investor confidence.
In comparison, Tata Motors faced a setback in the segment. The company recorded 46,435 passenger vehicle sales in February 2025, reflecting a 9.43% decline compared to the same month last year. Despite successful models like the Nexon, Harrier, and Safari, Tata’s struggle seems to stem from supply chain disruptions and intensified competition.
Interestingly, M&M’s strategic focus on diesel variants and robust build quality appears to resonate well with Indian consumers, giving it a distinct advantage over Tata Motors in the SUV category.
The EV Space
Tata Motors has been a dominant player. In 2024, the company sold 61,496 EV units, a slight increase from 60,100 units in 2023. However, its market share dropped from 73% to 62% during this period due to rising competition. Tata’s EV range, led by models like the Nexon EV and Tigor EV, has raised the bar for both affordability and driving range.
In February 2025, Tata Motors sold 3,825 EV units, marking a 19% year-on-year increase. This dip could be attributed to increasing competition and the need for newer models with better range and features.
M&M, while relatively new to the EV game, has been ramping up efforts significantly. The launch of the XUV400 EV, designed to compete directly with the Nexon EV, has been well received. Moreover, M&M’s investments in battery technology and plans to launch five new EVs by 2026 highlight its long-term commitment to this segment.
Financial Performance
In Q3 FY25, M&M reported a net profit of ₹2,964 crore, a 19% increase year-on-year, driven by strong SUV sales and cost optimisation. Its revenue rose by 20% to ₹30,538 crore. This financial performance underscores M&M’s efficiency in managing production costs and leveraging high-margin SUV sales.
Meanwhile, Tata Motors recorded a consolidated net profit of ₹5,451 crore for the same quarter, which is a 22% YoY reduction in its profit margin. However, Revenue from operations increased by 2.7% YoY to Rs 1,13,575 crore, owing to a slight increase in overall sales.
The rising input costs and the need for substantial investments in EV technology pose challenges for Tata Motors. Concerns over these issues have been reflected in Tata Motors share price, which has seen fluctuations recently.
Conclusion
In the SUV segment, M&M appears to have an upper hand with its focused portfolio and rising sales. In the EV domain, however, Tata Motors still leads but is facing mounting pressure from competitors like M&M. The battle for dominance is far from over, and the next few years will be crucial as both companies expand their EV offerings and adapt to changing consumer preferences.
For investors, M&M presents a compelling case in the SUV market, while Tata’s established EV presence offers a promising, yet challenging opportunity.
