CMV360 Weekly Wrap-Up | 27th April – 03rd May 2025: Strategic Developments in Commercial Vehicles, Tractor Market Trends, Electric Mobility Innovations, and Growth in India’s Automotive Sector

Welcome to the CMV360 Weekly Wrap-Up for April 27–May 3, 2025, bringing you the latest insights and developments in India's commercial vehicle and agricultural sectors.

This week, Mahindra made a significant move by acquiring a 58.96% stake in SML Isuzu for INR 555 crore, bolstering its position in the >3.5T commercial vehicle market. The deal is part of Mahindra's strategy to expand its market share and solidify its status as a full-range commercial vehicle player. Meanwhile, Daewoo entered the Indian lubricant market in partnership with Mangali Industries, introducing premium automotive lubricants designed for the country's unique needs.

On the sales front, VECV and Tata Motors reported mixed results, with VECV seeing growth driven by strong demand in the light and medium-duty segments, while Tata Motors faced challenges in the domestic market. Ashok Leyland also reported a slight decline in sales but saw growth in the LCV and export segments.

In the agricultural sector, Escorts Kubota announced a price hike for its tractors starting May 1, 2025, reflecting rising input costs. The company remains optimistic, with positive factors like the rabi harvest expected to drive future demand. Other tractor manufacturers like Mahindra, VST, and Sonalika also reported strong sales, showing positive momentum in the farm equipment market.

Stay with us as we dive into the key stories shaping India's commercial vehicle, agricultural, and mobility industries this week.

Mahindra Strengthens Commercial Vehicle Position with INR 555 Crore Acquisition of 58.96% Stake in SML Isuzu

​Mahindra has acquired a 58.96% stake in SML Isuzu for INR 555 crore to strengthen its presence in the >3.5T commercial vehicle segment. The deal includes an open offer for an additional 26% and is expected to close in 2025. Mahindra aims to boost its market share from 3% to over 20% by FY36, leveraging synergies and SML Isuzu’s 16% share in the ILCV bus market. The move aligns with Mahindra's goal of becoming a full-range CV player.

Daewoo and Mangali Industries Collaborate to Introduce Lubricants in India

Daewoo has partnered with Mangali Industries to launch premium automotive lubricants in India, tailored for local conditions. The products cater to passenger vehicles, trucks, tractors, and farm equipment, focusing on engine life, fuel efficiency, and sustainability. Backed by global expertise and local insight, Daewoo aims to meet India's rising demand for high-quality, eco-friendly lubricants. With this move, Daewoo enters the competitive Indian lubricant market, reinforcing its commitment to long-term growth and supporting the evolving needs of Indian drivers.

VECV Sales Report April 2025: 6,846 Units Sold; Sales Grew by 27.3%

​VECV reported a 27.3% sales growth in April 2025, selling 6,846 units, including EVs. Eicher Trucks and Buses led with a 27.8% rise, driven by strong domestic and export growth in light and medium-duty segments. Bus sales surged 61.6% domestically, though export bus sales dropped. Volvo Trucks and Buses also saw a 4.9% increase. Overall, VECV’s expansion reflects rising demand, improved product mix, and growing international presence, reinforcing its position in the Indian commercial vehicle market.

Tata Motors registered 27,221 Commercial Vehicle Sales in April 2025

​Tata Motors reported an 8% decline in total commercial vehicle sales in April 2025, selling 27,221 units compared to 29,538 in April 2024. Domestic sales dropped 10% to 25,764 units, mainly due to a sharp 23% fall in SCV cargo and pickup sales. HCV sales declined by 8%, while ILMCV trucks grew 8% and passenger carriers rose 4%. Notably, exports increased by 43%, reaching 1,457 units. The mixed performance signals shifting market dynamics and cautious domestic demand.

Ashok Leyland Sales Report April 2025: Reports 6.44% Growth in Export Sales

​Ashok Leyland recorded a 2.69% decline in total vehicle sales in April 2025, selling 11,580 units compared to 11,900 in April 2024. Domestic sales dropped by 3.11% to 11,018 units, mainly due to a 10% fall in M&HCV sales. While M&HCV trucks faced pressure, the LCV segment grew 6% domestically and 14% in exports, contributing to an overall export rise of 6.44%. This highlights steady LCV demand and export momentum despite softness in the heavy-duty segment.

Mahindra Sales Report April 2025: Experienced Growth of 3% in Domestic CV Sales

​Mahindra reported a 3% growth in domestic commercial vehicle sales in April 2025, reaching 28,459 units, up from 27,606 units in April 2024. The LCV 2 T–3.5 T segment led the growth with a 9% rise, while the LCV above 3.5T and MHCV category also grew 10%. However, the LCV under 2T segment saw a 21% drop, and three-wheeler sales dipped by 1%. Export sales surged by an impressive 82%, climbing to 3,381 units. This performance underscores Mahindra’s strong international demand and steady domestic momentum despite a few segment-level challenges. 

Isuzu Unveils First Fully Electric D-Max Pickup at CV Show 2025

​Isuzu unveiled the D-Max EV at the 2025 CV Show in Birmingham, marking the first electric pick-up for commercial use in Europe. Powered by a 66.9 kWh battery, it offers a 263 km range, dual motors, and 4x4 capability. With a 1-tonne payload, 3.5-tonne towing, and advanced features like Eco Mode, ADAS, and wireless CarPlay, it combines performance with sustainability. The D-Max EV introduces a new De-Dion rear suspension for better handling and offers an 8-year warranty.

Escorts Kubota to Increase Tractor Prices Starting May 1, 2025

​Escorts Kubota will increase tractor prices from May 1, 2025, citing rising input and logistics costs. The price hike applies to all Escorts Kubota tractors but not to Kubota brand tractors. The exact percentage of the increase hasn't been disclosed, and it will vary based on the model, variant, and purchase location. This decision was shared through regulatory filings with the BSE and NSE. Escorts Kubota, with over 80 years of experience, continues to focus on agriculture and infrastructure development.

Escorts Kubota Tractor Sales Report April 2025: 8,148 Units Sold, Domestic Sales Down by 4.1%

​Escorts Kubota sold 8,729 tractors in April 2025, reflecting a slight 1.2% decline from last year. Domestic sales decreased by 4.1%, with 8,148 units sold, while exports rose by 67.4%, reaching 581 units. The company remains optimistic, citing positive factors such as a successful rabi crop harvest, higher crop prices, and adequate water levels in key reservoirs, which are expected to drive demand in the coming months. Escorts Kubota anticipates growth in both domestic and international markets.

VST Tractor April 2025 Sales Report: 317 Tractors and 2,003 Power Tillers Sold

​VST Tillers Tractors Ltd reported strong sales in April 2025, with a total of 2,320 units sold, marking a 94.79% increase from April 2024. Power tiller sales surged by 117%, reaching 2,003 units, while tractor sales grew by 52.40%, with 317 units sold. The impressive growth highlights rising demand for mechanized farm equipment and the company’s strong presence in the market. VST is expected to maintain this positive momentum in the coming months, reflecting increased adoption of farm machinery.

Mahindra Tractor Sales Report April 2025: 38,516 Units Sold, 8% Growth Recorded

​Mahindra sold 38,516 tractors in India in April 2025, marking an 8% growth from April 2024. Total sales, including exports, reached 40,054 units. Export sales rose by 25%, totaling 1,538 units. The strong performance was driven by a good harvest season, favorable crop prices, and the festival season. Mahindra's positive outlook is supported by strong retail momentum, good cash flows for farmers, and an expected above-normal monsoon, which is likely to further benefit the agricultural economy and tractor demand.

Sonalika Tractors Records 11,962 Sales in April 2025

​Sonalika sold 11,962 tractors in April 2025, marking a strong start to FY 2025–26. This includes both domestic and export sales. The company continues to focus on heavy-duty and high-performance tractors to meet the needs of farmers. With a "farmer-first" approach, Sonalika aims to enhance farm productivity through innovation and technology. The company’s positive performance in April reflects its commitment to supporting India’s agriculture sector and boosting efficiency with reliable tractor solutions.

Also Read: CMV360 Weekly Wrap-Up | 20th–26th April 2025: Key Developments in Sustainable Mobility, Electric Vehicles, Tractor Leadership, Technological Innovation, and Market Growth in India

CMV360 Says

This week’s updates highlight significant movements in India’s commercial vehicle and agricultural sectors. Mahindra’s acquisition of SML Isuzu strengthens its position in the CV market, while Daewoo’s entry into the lubricant space brings fresh competition. Sales reports from VECV, Tata Motors, and Ashok Leyland reflect shifting market trends. On the agricultural side, strong sales and positive outlooks from Escorts Kubota, Mahindra, and others signal continued growth. These developments underscore a promising future for both industries in India.