Slowdown hits both commercial and passenger segments as macro pressures weigh on volumes
MUMBAI, 8th August 2025: Tata Motors Group reported a 9% year-on-year decline in global wholesales in the first quarter of FY26, as volume softness continued across both commercial vehicles and passenger cars, including its premium Jaguar Land Rover (JLR) business.
The automaker delivered 299,664 units globally between April and June 2025, compared to 3,29,500 units in Q1 FY25, marking a second straight quarterly contraction in volume after a 3% drop in the previous quarter (Q4 FY25).
In the commercial vehicle segment, wholesale for Tata Motors and Tata Daewoo fell to 87,569 units, down 6% year-on-year, as freight demand and infrastructure-linked purchases slowed amid global macroeconomic uncertainty.
Passenger vehicle (PV) wholesales, which include Tata’s growing electric vehicle portfolio, declined more sharply, falling 10% to 124,809 units in Q1 FY26. This follows a 6% year-on-year decline in Q4 FY25, suggesting a continuation of weaker retail momentum or recalibrated channel inventory in key markets.
The group’s luxury arm, Jaguar Land Rover, which has long served as a margin driver, also saw volumes drop. JLR’s global wholesales stood at 87,286 units, down 11% from the year-ago quarter. Land Rover accounted for the lion’s share with 84,947 vehicles, while Jaguar contributed a modest 2,339 units—reflecting ongoing portfolio streamlining and the transition toward electrified models.
While Tata Motors has been making gains in India’s domestic EV market, where its models like the Nexon EV and Tiago EV remain market leaders, the global wholesales data suggest external headwinds and product transition cycles are weighing on total shipments, particularly in export-dependent and premium categories.
In Q4 FY25, Tata Motors reported 366,177 global units, down 3% from the same quarter the previous year, with similar declines across its commercial and passenger segments. The steeper dip in Q1 FY26 points to a deepening demand recalibration across geographies, despite localised growth in pockets like India’s electric PV segment.
