Mahindra Last Mile Mobility sold 36,816 EVs, garnered 14.6% market share in FY23
Suman Mishra, CEO of LMM said, In FY23, we continued our market leadership in electric 3-wheelers with the highest market share.
Mahindra Last Mile Mobility (MLMM), a division of Mahindra & Mahindra, on Monday claims to have cemented its position as a top player in the electric three-wheeler manufacturing during FY23, registering 36,816 unit sales with a market share of 14.6%. The company had sold 17,522 units in FY22 and had a market of 7.6%, the company said.
As per Mahindra Last Mile Mobility statement, in FY23, it added Zor Grand to its product portfolio which contributed alone with an orderbook of over 23,000 units. Additionally, the company's electric portfolio consists of the Treo range of vehicles, and the Alfas – Mini and Cargo. On an overall basis, it has sold over 1 lakh units of three-wheeler to date.
Suman Mishra, CEO of LMM said “In FY23, we continued our market leadership in electric 3-wheelers with the highest market share. In June ‘23, we also reached the milestone of one lakh EV sales reflecting our deep experience and leadership in this space. We continue to work to provide innovative, sustainable, and affordable last mile mobility solutions, which help enhance the lives of our valued customers, while contributing to the country’s carbon emission goals.”
The company added that the Li-ion powered Mahindra Treo continues to be the leading electric auto while its cargo version, the Treo Zor and Zor Grand, lead their segment with a 32% share. Recently, the milestone 50 000th Mahindra e- Alfa was rolled out from the Haridwar plant. LMM has also announced an additional line for its Treo auto at its Haridwar facility while work on the expansion of the Zaheerabad plant has also started. The latter will manufacture electric 3- and 4-wheelers for last-mile mobility.
In a bid to scale up electric three-wheelers and small commercial vehicles (SCVs) that are more affordable, World Bank arm IFC sid in March earlier this year, that it was investing Rs 600 crore in a new last mile mobility (LMM) company - a wholly owned subsidiary of Mahindra & Mahindra that will be newly incorporated.
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