Automobiles – Monthly Update – Euphoria continues in January
Published on 03 Feb 2026
Jan’26 wholesale numbers reported by major OEMs showed sustained YoY growth after the GST 2.0 rate cut as overall sentiments remain positive. Festivals, marriage season, rural traction from robust rabi acreage and near completion of a good Kharif harvest, discounts on MY25 models, reduced interest rates amongst others were the driving factors. PV dealer inventory was at healthy levels with new model launches and deliveries; only Maruti Suzuki showed weak sales. 2Ws and 3Ws maintained strong momentum. Announcement/ anticipation of price hikes by OEMs also led to some pre-buying in Jan'26. Tractor volumes surged aided by government policies and subsidies. MHCV trucks outpaced LCV growth, while MHCV bus sales declined.
