Ad

Ad

Electric three-wheeler sales grew incredibly with a growth of 58% in October 2023.


By Priya SinghUpdated On: 03-Nov-2023 11:45 AM
noOfViews3,214 Views

Follow Us:follow-image
Shareshare-icon

ByPriya SinghPriya Singh |Updated On: 03-Nov-2023 11:45 AM
Share via:

Follow Us:follow-image
noOfViews3,214 Views

In October 2023, 56,818 electric three-wheelers were sold, representing a 58% increase year-on-year. Retail sales of 471,154 units increased by 72% from January to October 2023.

In October 2023, 56,818 electric three-wheelers were sold, representing a 58% increase year on year. Retail sales of 471,154 units increased by 72% from January to October 2023.

mahindra-treo-electric-rickshaw-sales-record-2.jpg

The two- and three-wheeler segments, which are the most affordable compared to four- and more-wheelers, are setting the pace in India's rapidly rising electric vehicle market. Among these segments, the electric three-wheeler market is leading the way in the transition to zero-emission mobility, with an impressive 58% year-on-year growth in October 2023, according to data from India's Vahan website. The October 2023 data, as well as the cumulative January-October 2023 retail sales, provide clear evidence of this.

When compared to fossil fuel or CNG-powered versions, the long-term cost-effectiveness of electric three-wheelers attracts both single-user buyers (autorickshaw drivers) and fleet operators.

According to sales data from India's Vahan website, a total of 56,818 electric three-wheelers were sold in October, up 58% year on year (October 2022: 35,906 units). This category has shown sustained growth, beginning CY2023 with 34,333 units and surpassing the 50,000-unit monthly sales mark for the first time in July with 53,746 units.

In October 2023, 56,818 electric three-wheelers were sold, representing a 58% increase year-on-year. Retail sales of 471,154 units increased by 72% from January to October 2023.

The e-three-wheeler sub-segment, which includes passenger-transporting e-rickshaws as well as cargo-carrying three-wheelers, is experiencing strong double-digit growth as a result of continued demand for passenger transportation as well as from last-mile operators for e-commerce applications, food deliveries, and other applications.

With every second three-wheeler now being sold as an electric model, it's evident that India's electric three-wheeler segment is not only setting the pace for the country's EV industry but also playing a pivotal role in promoting sustainable and zero-emission transportation solutions.

India's Ev 3-Wheeler October Sales

electric three wheeler october retail sales

Electric three-wheeler penetration is rapidly increasing. According to Vahan Data, overall three-wheeler sales in India were 104,712 units last month, with e-wheelers accounting for 54% of them. The EV proportion was 48% in January 2023 and 70,929 three-wheelers were sold.

E-three-wheeler cumulative 10-month sales of 471,154 units are up 72% year on year (January-October 2022: 274,245 units) and account for 53% of overall three-wheeler industry retails of 881,355 units.

Mahindra Last Mile Mobility (MLMM), the market leader in FY2023 with over 35,000 units, continues its market leadership with 5,099 units and retail sales of 43,958 units from January to October. The firm increased manufacturing capacity at its Haridwar plant in April with a new line for its Treo e-three-wheelers, presently sells six EVs: the Treo, Treo Yaari and e-Alfa Mini for passenger transport and the Zor Grand, Treo Zor, and e-Alfa freight for goods transport.

YC Electric Vehicles had its best monthly sales this year at 4,067 units, and a total of 33,143 units in the first ten months of this year. The Yatri Super, Yatri Deluxe, and Yatri are passenger vehicles, while the E-Loader and Yatri Cart are cargo vehicles.

Saera Electric Auto sold 3,133 units in October 2023 and 23,973 units in 10 months.

Piaggio Vehicles also had its greatest month-to-date retails in October: 2,202 units. Sales from January to October were 16,493 units.

Also Read: Electric three-wheeler sales increased incredibly in June 2023.

Eight other OEMs sold more than 1,000 units in the previous month. Dilli Electric Auto (2,186 units), Mini Metro (1,355 units), Champion Polyplast (1,259 units), Energy EV (1,120 units), Unique International (1,103 units), Allfine Industries (1,101 units), SKS Trade India (1,043 units), and JS Auto (1,016 units) are among the companies that have sold more than 1,000 units in the previous month.

Bajaj Auto, which has just recently entered this market, has sold a total of 2,080 vehicles in the last five months, with sales increasing month on month from 124 in June to 866 in October.

In India, 350,238 e-three-wheelers were sold in fiscal year 2022. At the current rate of growth, their sales in CY2023 are predicted to exceed 550,000 units, representing a significant 57% YoY increase.

The e-three-wheeler percentage of overall EV sales in October 2023 was 40%, up from 30% a year ago (October 2022: 35,906 units out of a total of 117,498 EVs). The cumulative 10-month retails of 471,154 units represent 38% of the total 1.23 million EVs sold in India between January and October of this year.

News


Mahindra Sales Report March 2025: Experienced Growth of 21% in Domestic CV Sales

Mahindra Sales Report March 2025: Experienced Growth of 21% in Domestic CV Sales

Explore M&M's sales report for March 2025! Mahindra's March 2025 sales grew by 21% in domestic and 163% in export....

01-Apr-25 09:22 AM

Read Full News
Daimler Buses Acquires 49% Stake in SINOS to Enhance Smart Charging Solutions

Daimler Buses Acquires 49% Stake in SINOS to Enhance Smart Charging Solutions

Daimler Buses strengthens its electrification strategy by acquiring a 49% stake in SINOS, enhancing smart charging solutions....

01-Apr-25 09:02 AM

Read Full News
SANY Launches India’s First Locally Manufactured Hybrid Mining Dump Truck

SANY Launches India’s First Locally Manufactured Hybrid Mining Dump Truck

The truck also features an intelligent control module and a 10-inch central control screen for navigation and operational monitoring....

01-Apr-25 08:30 AM

Read Full News
Eicher Trucks & Buses Hosts Second Women Transporters Delegation

Eicher Trucks & Buses Hosts Second Women Transporters Delegation

Eicher Trucks & Buses hosts women transporters, discussing logistics, EVs, and alternative fuels, promoting inclusion in the CV sector....

01-Apr-25 06:22 AM

Read Full News
Force Motors Secures Order Of 2,978 Vehicles For Indian Defence Forces

Force Motors Secures Order Of 2,978 Vehicles For Indian Defence Forces

One of Force Motors' defence vehicles is the Gurkha Light Strike Vehicle (LSV), known for its strong off-road performance, high ground clearance, and excellent water-wadi...

01-Apr-25 06:18 AM

Read Full News

Ad

Ad

web-imagesweb-images

Registered Office Address

Delente Technologies Pvt. Ltd.

M3M Cosmopolitan, 12th Cosmopolitan,

Golf Course Ext Rd, Sector 66, Gurugram, Haryana

pincode - 122002

Join CMV360

Receive pricing updates, buying tips & more!

Follow Us

facebook
youtube
instagram

COMMERCIAL VEHICLE BUYING BECOMES EASY AT CMV360

CMV360 - is a leading commercial vehicle marketplace. We helps consumers to Buy, Finance, Insure and Service their commercial vehicles.

We bring great transparency on pricing, information and comparison of tractors, trucks, buses and three wheelers.