Bajaj Auto Outsells Mahindra in Electric 3Ws For The Third Time This Year in May, TVS Shines

Similar to the electric 2-wheeler and passenger vehicle segments, there is an intense battle for leadership underway in the electric 3-wheeler segment, albeit in a much stronger manner. Longstanding market leader Mahindra Last Mile Mobility (MLMM) has seen a feisty challenger in Bajaj Auto, which entered this segment in June 2023. The third position on the podium now belongs to TVS Motor Co, which plugged into the e-3W industry in January 2025. 

As they have been in the past year, retail sales in May 2026 continued to be dominated by these three legacy OEMs, which have diversified into e-mobility. As per the retail sales statistics on the Vahan portal, May saw new e-3W registrations of 71,865 units, up 9% YoY (May 2025: 66,185 units). This is the fourth highest monthly sales for India e-3W Inc after December 2025 (88,701 units), November 2025 (84,172 units) and January 2026 (76,046 units). Let’s take a quick look at the Top 10 e-3W OEMs from the 650-strong field. 

May 2026, with 71,865 electric passenger and cargo 3Ws, is the fourth-highest monthly retail sales in India. 

In May 2026, Bajaj Auto, which is also the world’s largest 3-wheeler manufacturer and exporter, registered its highest monthly sales of e-3Ws. At 11,904 units, the increase is 87% YoY (May 2025: 6,373 units) and gives the company a 17% market share compared to 10% a year ago. This record performance gives Bajaj Auto a lead of 735 units over MLMM (11,169 units) and marks the third instance of the Pune-based 3W major outselling the Mahindra EV arm. Bajaj had earlier outsold MLMM in January and February 2026. The company, which has the GoGo brand of passenger and cargo e-3Ws, forayed into the 40,000-units-per-month volume e-rickshaw passenger and cargo sub-segment with its Riki model in November 2025 and, more recently, expanded its passenger model portfolio with the Wego P9018, claimed to be India’s longest range (296km) e-3W. For the first five months of CY2026, Bajaj Auto (48,636 units) has a lead of 2,456 units over MLMM, as per Vahan. 

Mahindra Last Mile Mobility though, is fighting back. The company, which had regained its lead over Bajaj Auto in March and April 2026, sold 11,169 units in May 2026. This is a strong 69% YoY growth and gives MLMM a 16% market share compared to 10% in May 2025. For the January-May 2026 period, MLMM (46,180 units) has a 13% e-3W market share. MLMM’s retail sales in May 2026 are its second-best monthly performance after October 2025 (11,870 units). 

As the first legacy OEM to plug into e-mobility over a decade ago, MLMM has the largest e-3W portfolio, including the Treo, Treo Plus, Treo Zor, Treo Yaari, Zor Grand, e-Alfa Plus, e-Alfa Cargo and more recently the UDO. With the overall sales momentum expected to increase, expect MLMM to up the ante in the coming months. 

Combined sales of Bajaj Auto, MLMM and TVS (26,663 units) give these legacy OEMs a 37% share of the 71,865 e-3Ws sold in May. While all the legacy OEMs saw growth, four of the Top 10 companies saw a sales decline. 

TVS Motor Co, the latest legacy OEM to enter the e-3W market, holds onto the No. 3 rank it first achieved in January and maintained since then. In May, the company delivered 3,590 units, up 122% YoY (May 2025: 1,607 units) to achieve a 5% market share which is similar to that in April (3,296 units). This is TVS’ highest monthly sales since it entered the e-3W industry and reflects a positive market response to its King EV Max passenger and King Kargo HD EV models in a competitive market. In the January-May 2026 period, TVS has sold 15,093 units which gives it a 4% share. 

At No. 4 is the Delhi-based YC Electric Vehicles with 2,269 units, down 38% YoY. The advance of the top three legacy OEMs has impacted companies like YC Electric. This longstanding player has five models – Yatri Super, Yatri Deluxe, and Yatri for passenger transport, and E-Loader and Yatri Cart for cargo operations.

Dilli Electric Auto with 1,501 units was down 13% YoY last month. This Haryana-based company manufactures electric rickshaws (CityLife brand), a category which has come under attack from legacy players like MLMM, Bajaj Auto, TVS and TI Mobility, which are rolling out better-built and safer products. The impact of increasing competition in the volume e-rickshaw market can be seen in Dilli Electric Auto’s reduced market share. 

Saera Auto, another well-entrenched OEM for many years, is also feeling the heat of the legacy OEM competition. The Rajasthan-based company, which manufactures the nine-model Mayuri brand of electric rickshaws, sold 1,458 units in May 2026, down 27% YoY. 

Seventh-ranked Piaggio Vehicles sold 1,251 -3Ws last month, up 20% YoY (May 2025: 1,043 units). JS Auto (1,156 units, up 15%), Mini Metro (1,046 units, down 12%) and Zeniak Innovation (956 units, up 23%) wrap up the Top 10 list for May. 

Compared to electric 2Ws and passenger vehicles, electric 3Ws have the highest level of penetration. In May 2026, of the total 111,523 3Ws (across fuels) sold in India, e-3Ws (71,865 units) accounted for a 64% share compared to 61% a year ago. In comparison, the penetration level for CNG 3Ws (24,093 units, down 5% YoY) dropped marginally to 22% from 23% in May 2025. 

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