In April 2023, Electric 3-Wheelers Have A Growth Of 73% Year on Year to over 37,500 Units

Two- and three-wheeled EVs, the most affordable vehicles in the zero-emission market, account for 60% and 34% of the total 109,283 EVs sold in April 2023, respectively.

Electric vehicle retail sales increased 41% year on year in April 2023, the first month of the new fiscal year 2024, to 109,283 units (April 2022: 77,493 units). According to data from Vahan, April is the ninth month in a row that totals EV sales in India have surpassed 100,000 units. While April 2023 retail sales are up from January (20,709 units) and February (20,039 units), they are down 28% from March (20,541 units).

As previously reported, the domestic EV industry had over 11,81,734 retail sales in FY2023, a 155% increase over FY2022 (4,58,757 units), and crossed the million mark for the first time. As a result, it accounted for 30.37% of total India Auto Inc sales with 3.89 million units.

Two- and three-wheeled EVs are the most affordable vehicles in the zero-emission market. Two and three-wheeler account for 60% and 34% of the total 109,283 EVs sold in April 2023, respectively.

Electric passenger vehicles, which are seeing increasing demand as consumers migrate to electric transportation for personal use, accounted for 5,147 units and 4.70% of EV industry retails last month. Let's take a closer look at how each sub-segment did, as well as the overall retail for the company.

Electric 3-Wheelers segment Have A Growth Of 73% Year on Year to over 37,500 Units

Three-wheeled EVs firm sold a total of 37,500 units, a 73.40% increase in April 2023 whereas 21,626 units were sold in April 2022. This sub-segment, which currently includes over 330 companies and is still growing, is experiencing strong double-digit growth as a result of continuous demand for passenger transportation as well as from last-mile operators for e-commerce applications, food delivery, and other applications.

Mahindra Last Mile Mobility maintains a 9% market share

Mahindra Last Mile Mobility leads the market in FY2023 with over 35,000 units and a 9% share. The firm has started FY2024 on a high note, with 3,487 units sold in April 2023. The corporation keeps its 9% market share and is boosting output. The Haridwar plant started a new line of Treo e-three-wheelers.

Also Read: Mahindra Introduces New Bolero MaXX Pik-up Range Starting at Rs. 7.85 Lakh

MLMM, which sells six electric vehicles (EVs) - the Treo, Treo Yaari, and e-Alfa Mini for passenger transport and the Zor Grand, Treo Zor, and e-Alfa freight for goods transportation. All the vehicles have a low cost of ownership and give more revenue.

According to the business, the Zor Grand freight EV, which was introduced on August 30, 2022, save up to Rs 600,000 in ownership costs over a five-year period when compared to a diesel-engined cargo three-wheeler and up to Rs 300,000 when compared to a CNG cargo three-wheeler.

YC Electric, the No. 2 e-three-wheeler OEM in FY2023, maintained its position in April with 2,773 units. The company offers 5 e3w. The benefits of the YC Electric vehicle are less initial product costs.

For passenger transport, the company offers Yatri Super, Yatri Deluxe, and Yatri. For cargo operations, the company offers, E-Loader and Yatri Cart.

The price range of YC Electric vehicles for passenger EVs starts from Rs 125,000 to 170,000. The price range of YC Electric vehicles for cargo EVs starts from Rs 130,000 to 165,000.

Saera Electric (1,818), Dilli Electric (1,716), Piaggio Vehicles (1,405), and Mini Metro (1,006) have sold more than 1,400 units.

Top 05 E3W OEMS in April 2023

Electric buses: 79 units, a 52% decrease year on year

PM Electro Mobility sells 16 units, while Olectra Greentech sells 27

In April 2023, Olectra Greentech leads with 27 units, followed by PM Electro Mobility with 16 units. With 13 units each, JBM Auto and Ashok Leyland's EV branch (Switch Mobility) are tied for third position. Mytrah Mobility was the only other OEM with 10 units in last month's retail.

In comparison to the 165 electric buses sold in April 2022, the number has dropped 52% to 79 vehicles a year later, most likely due to Tata Motors' failure to participate in any new acquisition tenders from the Central and State governments.

Electric Buses Retail Sales in April 2023

Conclusion

India is transitioning from IC engine vehicles to EVs, with EVs expected to account for 30% of its mobility needs by 2030. The FAME program, governmental subsidies, and an expanding portfolio of products across vehicle sub-segments are driving domestic industry growth.

Increasing consumer awareness of the importance of using eco-friendly transportation, as well as the wallet-friendly nature of EV ownership costs in the long term, is proving to be a significant driver of electric mobility adoption. This is happening even as the private sector contributes by building additional EV charging infrastructure around the country.