Bajaj Auto Outsells Mahindra in e-3Ws for Second Month in a Row, TVS Ranked Third in February

The battle between the top two electric 3-wheeler OEMs in India has further intensified in CY2026. Bajaj Auto, the challenger to the longstanding market leader Mahindra & Mahindra and Mahindra Last Mile Mobility (MLMM), has outsold Mahindra for two months on the trot.

In January 2026, the Pune-based Bajaj Auto, which is the ICE 3W domestic and export market leader, went ahead of Mahindra for the first time since it diversified into the e-3W market in June 2023. While Bajaj sold 7,064 units (passenger and cargo models combined) compared to MLMM’s 6,321 units in January (revised Vahan stats as of March 4, 2026), February has seen Bajaj Auto repeat the act. Last month saw Bajaj deliver 6,934 -3Ws (up 73% YoY) to its customers, which makes for a 469-unit lead over MLMM’s 6,465 units (up 24% YoY).

This performance gives Bajaj Auto a 12% share of the 58,577 e-3Ws sold by 584 companies in February 2026, with MLMM a close second with an 11% share. Bajaj’s recent foray into the 45,000-units-per-month volume e-rickshaw passenger and cargo sub-segment with the new Riki model has helped improve monthly numbers and the company is understood to be scaling up production.

The growing rivalry between these two OEMs was seen in new product launches in February which had both Bajaj Auto and Mahindra Last Mile Mobility launch their latest e-3Ws in the passenger transport category. On February 9, Bajaj Auto launched the Wego P9018 equipped with the largest battery (17.7 kWh) amongst e-3Ws and claimed to have the highest certified range (296km) in its  category. Priced at Rs 441,000 (ex-showroom), the Wego P9018 aims to address evolving customer needs across urban, semi-urban and rural markets, according to the company. The Wego P9018 has a top speed of 45kph.

Three days later, on February 12, Mahindra Last Mile Mobility launched the stylish and aerodynamic Mahindra UDO (priced Rs 81,000 lower than the Bajaj Wego P9018) which boasts segment-first full monocoque construction. The UDO, designed for comfortable passenger transport, has a 11.7 kWh battery pack, a certified range of 265km, peak power of 10 kW and 52 Nm torque, and a top speed of 55kph. Offered at an introductory price of Rs 359,999 (ex-showroom), the UDO rolls out of the company’s Zaheerabad plant.

Mahindra Leads Bajaj by 10,842 Units in first 11 Months of FY2026

Competition always makes for exciting industry dynamics and Mahindra Last Mile Mobility is looking to ensure it stays the market leader in this EV segment which has witnessed the fastest and highest transition to e-mobility.

As the first legacy OEM to plug into e-mobility nearly a decade ago, Mahindra & Mahindra and MLMM have the largest e-3W portfolio including the Treo, Treo Plus, Treo Zor, Treo Yaari, Zor Grand, e-Alfa Plus, e-Alfa Cargo and now the UDO. 

While it has lost out on monthly retail sales to Bajaj in January and February 2026, MLMM retains its lead over the challenger in FY2026 YTD. As per the latest Vahan numbers for the April 2025-February 2026 period, MLMM with 78,674 units has a lead of 10,842 units over Bajaj Auto (67,832 units).

Meanwhile, in the first three days of March 2026, MLMM has sold 331 e-3Ws to Bajaj’s 290 units. Clearly, the battle is on in full earnest.

TVS Firms up No. 3 Position

Meanwhile, TVS Motor Co, the new electric 2W market leader in CY2025 and a recent entrant in the e-3W market, has moved up the ranks. In February, as it did in January for the first time, TVS has taken the No. 3 position. In February, TVS delivered 1,920 e-3Ws to its customers, up 560% on a very low year-ago base of just 291 units but down 11% month-on-month (January 2026: 2,159 units). This gives TVS a 3% market share for the past two months, which reflects a positive market response to its King EV Max passenger and King Kargo HD EV models in a competitive market.