By Priya Singh
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Updated On: 04-Jul-2023 07:32 AM
Mahindra Last Mile Mobility maintained its market leadership position in June, with 59% and 21% month-on-month growth in the passenger and commercial electric three-wheeler segments, respectively.
The electric three-wheeler market continued to develop steadily in June, with cumulative sales increasing by 72% year on year.
Electric three-wheeler sales increased incredibly in June 2023. According to Vahan Data, passenger and commercial electric 3-wheeler sales totalled 48,009 units at the end of the preceding month.
The electric three-wheeler industry, which includes both passenger and commercial three-wheelers, has seen substantial development as a result of continued demand for passenger transportation as well as from last-mile operators for a variety of other uses.
Mahindra Last Mile Mobility maintained its market leadership position in June, with 59% and 21% month-on-month growth in the passenger and commercial electric three-wheeler segments, respectively. MLMM, which extended 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.
Piaggio is rated second in the leaderboard, with a 30% MOM rise in the passenger category and a -27% MOM growth in the commercial electric three-wheeler segment.
Bajaj Auto made its debut in the electric three-wheeler market this month, selling 111 units and climbing to third place in the passenger electric three-wheeler leaderboard. The organization delivered an excellent performance.
E Royce Motors, on the other hand, is rated third in the commercial market, with a 67% MOM growth.
| SR.N. | Company Name | Sales in May | Sales in June | MOM Growth (%) |
|---|---|---|---|---|
| 1. | MAHINDRA MOBILITY | 512 | 620 | 21% |
| 2. | PIAGGIO VEHICLES | 403 | 295 | -27% |
| 3. | E ROYCE MOTORS INDIA | 160 | 267 | 67% |
| 4. | EULER MOTORS | 141 | 194 | 38% |
| 5. | ATUL AUTO | 110 | 192 | 75% |
| 6. | OMEGA SEIKI | 170 | 188 | 11% |
| 7. | ALTIGREEN PROPULSION | 146 | 168 | 15% |
| 8. | REEP INDUSTRIES | 95 | 151 | 59% |
| 9. | KUMARAN ENGINEERING | 131 | 33 | -75% |
| 10. | DILLI ELECTRIC AUTO | 14 | 14 | 0% |
| SR.N. | Company Name | Sales in May | Sales in June | MOM Growth(%) |
|---|---|---|---|---|
| 1. | MAHINDRA LAST MILE MOBILITY | 1,236 | 1,964 | 59% |
| 2. | PIAGGIO VEHICLES | 1,136 | 1,475 | 30% |
| 3. | BAJAJ AUTO | 0 | 111 | – |
| 4. | ATUL AUTO | 64 | 66 | 3% |
| 5. | DILLI ELECTRIC AUTO | 134 | 58 | -57% |
| 6. | KINETIC GREEN | 12 | 27 | 125% |
| 7. | CONTINENTAL ENGINES | 9 | 24 | 167% |
| 8. | YC ELECTRIC VEHICLE | 12 | 21 | 75% |
| 9. | MINI METRO EV L.L.P | 15 | 17 | 13% |
| 10. | OMEGA SEIKI MOBILITY | 10 | 15 | 50% |
The electric three-wheeler market continued to develop steadily in June, with cumulative sales increasing by 72% year on year. Despite the FAME II subsidy drop, this is the segment's strongest monthly sales to date.
The FAME scheme, governmental subsidies, and a wide range of products across vehicle segments are driving India's goal of EVs. The goal of India is to account for 30% of its mobility needs by 2030.
The domestic EV industry's sales rise in 2023 can be attributable to increased product availability, high petrol, diesel, and CNG prices, state subsidies, and FAME II perks.
It also helps that consumer awareness of the importance of environmentally friendly transportation is expanding. And, of course, the low long-term cost of ownership of EVs is a significant motivator.
Given the current rate of expansion, the EV industry is likely to make sustained improvement in the second half of the year. While there is no question that sales of e-two-wheelers will remain under pressure, with monthly sales hovering around 40,000-47,000 units, demand should pick up after September, when the holiday season begins.