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Monthly Auto Volumes July 2026: Demand momentum sustains; CVs & PVs outperform…

ICICIdirect Research 07 Aug 2026 DISCLAIMER

India’s automotive OEMs posted healthy volume prints for July 2026 with volumes growing double digit on YoY basis across vehicle categories and OEMs.
Tata Motors PV set the bar high, outperforming in the PV space while Tata Motors CV led the growth charge in the CV segment. TVS motors outperformed in the 2W domain.
In the 2-W pack, TVS motors continued with its healthy growth growing ~37.5% at 6.03 lakh units (with 27% YoY growth in exports). While Eicher Motors (Royal Enfield) reported healthy growth of 34% YoY at ~1.2 lakh units. Bajaj Auto came with a 31% YoY growth supported by exports (domestic grew ~19% while exports grew 42% YoY).
In PV, Maruti Suzuki reported stellar volume growth of ~34% YoY at ~2.38 lakh units, while M&M saw a healthy growth of ~20% at ~60k units. Tata Motors PV’s EV volumes stood at 15,217 units (up ~114% YoY) amidst an overall volume growth of 59% YoY at ~64k units. Volume for Hyundai was at ~75K units (up 25% YoY) clocking its highest ever monthly volumes.
In CVs, Tata motors CV reported healthy volumes of ~40k units, up ~37% YoY. While volumes at VECV arm of Eicher Motors were up by ~16% YoY at ~8.2k units. Ashok Leyland volumes grew 30% at ~19.6k units.
In tractors, M&M reported volumes of ~34k units, up by ~20% YoY while Escorts Kubota reported healthy 22% growth at ~8.7k units.

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