Bajaj Auto Sells More Electric 3Ws Than Mahindra in January 2026, TVS in Third Place

Thirty-two months after it entered the electric e-wheeler market in India in June 2023, Bajaj Auto has for the first time sold more units (passenger and cargo models combined) in a single month than the market leader Mahindra & Mahindra. 

As per the retail sales (vehicle deliveries) data available on the Vahan portal, Bajaj Auto has sold 8,510 e-3Ws in January, 1,018 units more than Mahindra & Mahindra (7,492 units). As a result, January 2026 marks the first time that Bajaj Auto, which is India’s No. 1 three-wheeler manufacturer and exporter, has outsold the longstanding e-3W market leader M&M. 

January 2026 marks the first time that Bajaj Auto has topped e-3W sales. The 8,510 units give the company an 11% share of the 75,766 units sold in India last month while M&M has a 10% share. 

All-India e-3W retail sales in January 2026 at 75,766 units were up 26% YoY (January 2025: 59,930 units), which gives Bajaj Auto (8,510 units) an 11% share for the month, ahead of Mahindra (7,492 units) which has a 10% share. January retails mark the third time that Bajaj Auto has surpassed monthly sales of 8,000 units in the past four months after October (8,034 units) and November (8,766 units). What has helped accelerate Bajaj’s retail sales is the company’s recent entry into the 45,000-units-per-month volume e-rickshaw passenger and cargo sub-segment with the new Riki model. According to the company, early feedback from Riki buyers has been very positive and the company is scaling up production.

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 to take the No. 3 position for the first time in a month. In January 2026, TVS sold a total of 2,673 units which gives it a 3.52% share of the 75,766 units sold across India last month. In the first 10 months of FY2026, TVS sales are 22,497 units which makes for a 3% market share which indicates a good customer response to its King EV Max passenger and King Kargo HD EV models in a competitive market. 

Mahindra with 84,693 units in the first 10 months of FY2026 has a 12% share of the 700,921 e-3Ws sold in India and is ahead of Bajaj Auto by 84,693 units. 

Mahindra Last Mile Mobility in the lead in first 10 months of FY2026

Competition for the top spot always makes for exciting industry dynamics and one can expect e-3W market leader Mahindra & Mahindra along with Mahindra Last Mile Mobility to protect their turf against an aggressive Bajaj Auto. 

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, and e-Alfa Cargo. The company, as per Vahan data, has delivered over 285,000 e-3Ws since CY2017 with the 95,909 units in CY2025 being the highest annual sales and the 11,860 units in October 2025 being its highest monthly score yet. 

In the current fiscal, MLMM remains strongly in the lead. For the 10-month period of April 2025-January 2026, it has sold 84,693 units which gives it a 12% share of the 700,921 e-3Ws sold in India, up 20% YoY (April 2024-January 2025: 586,335 units). This gives MLMM a lead of 12,872 units over Bajaj Auto (71,821 units) which has a current e-3W share of 10% in FY2026 YTD. 

Over 80,000-unit sales in November-December have accelerated e-3W sales in FY2026.

India e-3W Inc headed for record 850,000 sales in FY2026

FY2026 is set to be the Indian electric 3W industry’s best-ever fiscal. In fact, at 700,921 units and 20% YoY growth, cumulative 10-month sales surpassed the 700,000 mark for the first time beating FY2024’s 699,000 units. What has helped power growth is two consecutive months of 80,000-plus sales in November 2025 (83,665 units) and a record December 2025 (88,276 units). 

Given the current strong momentum, expect the segment to easily add another 100,000 units in February and March, which would mean record retails of over 800,000 units in FY2026. 

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