Mahindra closed December 2025 with a sharply polarised performance. On one hand, its traditional SUV strongholds—Scorpio, Bolero and Thar—remained resilient, reinforcing Mahindra’s dominance in rugged, body-on-frame utility vehicles. On the other, mainstream monocoque products such as XUV700 and XUV400 saw dramatic corrections, while Mahindra’s new-generation electric and lifestyle platforms quietly gathered momentum.
December, traditionally a stabilisation month after festive demand, clearly separated Mahindra’s legacy strengths from its transition challenges—making this one of the most revealing months of FY2025.
Mahindra Model-wise Sales – December 2025
| Model | Dec ’25 | Dec ’24 | YoY Growth | Nov ’25 | MoM Growth |
|---|---|---|---|---|---|
| Scorpio | 15,885 | 12,195 | +30% | 15,616 | +2% |
| Bolero | 10,611 | 5,921 | +79% | 10,521 | +1% |
| XUV 3XO | 9,422 | 7,000 | +35% | 10,601 | -11% |
| Thar | 9,339 | 7,659 | +22% | 10,234 | -9% |
| XEV 9e | 2,154 | — | — | 1,423 | +51% |
| BE 6 | 1,481 | — | — | 1,314 | +13% |
| XUV 7XO | 971 | — | — | 0 | — |
| XUV 700 | 453 | 7,337 | -94% | 6,176 | -93% |
| Marazzo | 80 | 16 | +400% | 47 | +70% |
| XUV 400 EV | 59 | 1,296 | -95% | 404 | -85% |
Big Picture: What December 2025 Reveals About Mahindra
December confirms a critical reality for Mahindra:
👉 Its brand power is strongest where toughness, durability and lifestyle appeal matter more than price or technology refresh cycles.
Three clear themes define the month:
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Body-on-frame SUVs remain Mahindra’s sales backbone
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Mainstream monocoque SUVs are in a deep transition phase
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Next-gen EVs are small in volume but directionally encouraging
This is less about a slowdown—and more about a portfolio reset in motion.
Pillars of Strength: Scorpio and Bolero Hold the Fort
Scorpio: The Unshakeable Leader
With 15,885 units, Scorpio once again emerged as Mahindra’s top-selling model.
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+30% YoY growth
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Stable +2% MoM rise
Scorpio’s performance underscores:
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Enduring appeal in Tier-2, Tier-3, and rural India
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Strong brand equity as a “no-nonsense” SUV
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Insulation from GST-related price sensitivity due to perceived durability and resale value
Even as newer products enter the market, Scorpio continues to define Mahindra’s identity.
Bolero: Rural India’s Evergreen Choice
Bolero delivered one of the strongest growth stories of the month with 10,611 units.
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+79% YoY growth
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Flat MoM volumes, indicating a stable demand base
Bolero’s resurgence is driven by:
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Strong agricultural income cycles
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Government and institutional demand
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Lack of credible alternatives in the rugged rural-utility space
In many regions, Bolero functions less as a car and more as essential infrastructure.
Lifestyle & Compact SUVs: Growth With Mild Cooling
Thar: Lifestyle Appeal Remains Intact
Thar posted 9,339 units, showing:
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+22% YoY growth
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-9% MoM correction
The MoM dip reflects festive-season saturation rather than declining interest. Thar continues to enjoy:
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High aspirational value
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Urban lifestyle demand
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Strong presence despite higher effective taxation
Thar proves that emotion-led purchases remain resilient, even in price-sensitive environments.
XUV 3XO: Normalisation After a Strong Run
The XUV 3XO recorded 9,422 units, up 35% YoY but down 11% MoM.
This pattern mirrors:
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Strong acceptance in the sub-4-metre SUV category
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Normalisation after a high festive base in November
Importantly, XUV 3XO remains one of Mahindra’s most GST-efficient products, aligning well with the 18% slab and offering long-term volume potential.
The Big Correction: XUV700’s Dramatic Drop
XUV700: A Strategic Pause, Not a Collapse
The most striking data point in December is the XUV700’s plunge to just 453 units.
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-94% YoY
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-93% MoM
This is not a demand collapse—but rather:
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Production rebalancing
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Inventory correction after months of heavy dispatches
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Strategic focus shifting toward upcoming platforms
However, December clearly signals that the XUV700 is no longer Mahindra’s volume driver and will require renewed product or positioning updates to regain traction.
Electric Transition: Small Numbers, Big Signals
XEV 9e: Early Traction Builds
The XEV 9e posted 2,154 units, marking:
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51% MoM growth
While volumes are still modest, the strong MoM rise indicates:
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Increasing awareness
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Early adopter confidence
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Mahindra’s EV strategy finally moving from concept to execution
BE 6: Gradual Scaling
With 1,481 units and 13% MoM growth, BE 6 is following a measured ramp-up strategy. These numbers suggest Mahindra is prioritising quality of rollout over aggressive volume pushing.
XUV 7XO: A Quiet Entry
At 971 units, the XUV 7XO remains under the radar. Its performance in early 2026 will determine whether it becomes a niche offering or a mainstream EV pillar.
MPVs & Legacy Products: Marginal Roles
Marazzo: Statistical Growth, Minimal Impact
Marazzo’s 400% YoY growth looks impressive but comes off an extremely low base. At 80 units, it remains largely irrelevant in Mahindra’s current strategy.
XUV400 EV: Rapid Phase-Out Visible
With just 59 units, XUV400’s numbers confirm:
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Strategic deprioritisation
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Transition toward newer EV architectures
This effectively marks the end of XUV400 as a volume product.
Key Trends from Mahindra’s December 2025 Performance
1. Traditional SUVs Are Mahindra’s Strongest Moat
Scorpio and Bolero together contributed over 26,000 units, dwarfing newer platforms.
2. Lifestyle Still Sells
Thar’s consistency proves emotional appeal can offset higher pricing and taxation.
3. Monocoque SUVs Need a Reset
XUV700’s decline and XUV 3XO’s cooling suggest rising competition and portfolio overlap.
4. EV Strategy Is Finally Visible
While volumes are low, MoM growth across XEV and BE platforms is encouraging.
5. Portfolio Polarisation Is Real
Mahindra is effectively operating two businesses simultaneously—legacy ICE dominance and future-facing EV experimentation.
Strategic Implications for 2026
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Double Down on Scorpio & Bolero
These models are Mahindra’s most reliable cash generators. -
Reposition XUV700
Either through updates, pricing action, or clearer segmentation. -
Scale EVs Carefully
Early MoM growth suggests patience may pay off. -
Clarify Product Overlaps
Too many SUV nameplates risk internal cannibalisation.
Outlook: What to Expect in Early 2026
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Scorpio and Bolero will continue anchoring volumes
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Thar will remain aspirational but stabilise below festive highs
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EVs will gain incremental traction, not explosive growth
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XUV700’s trajectory will be the single biggest swing factor
Conclusion
Mahindra’s December 2025 performance is not about weakness—it’s about transition clarity. The company remains exceptionally strong where its DNA is deepest: rugged, aspirational SUVs built for Indian conditions. At the same time, December highlights the urgency of recalibrating its mainstream SUV and EV strategies.
As India’s auto market enters 2026 under a simplified GST regime and evolving consumer priorities, Mahindra stands at a crossroads—secure in its legacy strengths, cautiously stepping into its electric future. December shows that the foundation is solid; the next phase will depend on how boldly—and clearly—it executes the transition.
