TVS, Bajaj Auto and Ashok Leyland post double-digit July sales growth

TVS Motor reported 629,675 units sold in July, up 38% year on year, while Bajaj Auto sales rose 30% to 470,000 units and Ashok Leyland sales climbed 30% to 19,590 units. TVS electric two-wheeler volumes surged 158%.

— Source publishedMon, 3 Aug, 2026, 09:25 IST·First seen Mon, 3 Aug, 2026, 10:03 IST·Source NDTV Profit

What happened

Ashok Leyland, Bajaj Auto and TVS Motor reported strong July sales growth, driven by domestic demand, commercial vehicles, exports and EVs. TVS electric

Key facts

  • Ashok Leyland July total sales: 19,590 units, up 30% YoY
  • Ashok Leyland domestic sales: 17,980 units, up 33%
  • Ashok Leyland M&HCV sales: 12,270 units, up 29%
  • Ashok Leyland LCV sales: 7,320 units, up 32%
  • Bajaj Auto July total sales: 470,000 units, up 30% YoY
  • Bajaj Auto two-wheeler sales: 390,000 units, up 31%
  • Bajaj Auto commercial-vehicle sales: 85,958 units, up 23%
  • Bajaj Auto domestic sales: 220,000 units, up 20%; exports: 250,000, up 39%
  • TVS Motor July sales: 629,675 units, up 38% YoY
  • TVS Motor domestic two-wheeler sales: 437,394 units, up 42%
  • TVS Motor electric two-wheeler sales: 60,934 units, up 158%

Why this matters

TVS’s rapid electric two-wheeler expansion strengthens the strategic value of EV technology, battery supply and charging partnerships as legacy manufacturers scale alongside core vehicle demand.

What to watch

  • Monthly retail registrations versus wholesale dispatches and dealer inventory days.
  • Festive-season booking trends, rural demand indicators and two-wheeler financing approval rates.
  • TVS EV volumes, realized pricing, incentive intensity and new model launches.
  • Export demand, especially in key Bajaj Auto markets, and currency conditions.
  • Freight rates, infrastructure spending and fleet replacement orders for Ashok Leyland.
  • Commodity prices, battery-cell costs and any change in EV subsidy policy.
  • TVS is likely to expand EV dealership coverage, model availability and financing offers ahead of the festive season.
  • Bajaj Auto may emphasize premium motorcycles, exports and CNG/EV launches to defend growth against rising domestic competition.
  • Ashok Leyland is likely to pursue fleet financing, replacement demand and dealer inventory replenishment as freight and infrastructure activity remain supportive.
  • Competitors may increase EV discounts and launch activity, raising customer-acquisition costs across the two-wheeler market.