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Bajaj Auto Launches ‘WEGO’ Electric 3W Range Starting at Rs 3.11 Lakh

Arunima Pal — Tue, 14 Apr 2026 18:36:57

Bajaj Auto Ltd. on Tuesday launched a new portfolio of electric three-wheelers under the ‘WEGO’ brand, marking its entry with a multi-variant lineup across passenger and cargo segments.

The WEGO range includes passenger models across the P50, P70 and P90 series, along with cargo variants under the C90 series. The company said the portfolio offers a maximum certified range of up to 296 km, depending on the model.

The range starts at Rs. 3.11 lakh (ex-showroom Delhi) and goes up to Rs. 4.48 lakh for higher-end variants. All models come with a five-year warranty and access to the company’s sales and service network of over 1,500 touchpoints.

In the passenger segment, the P50 series (P5009, P5012) is aimed at intra-city and contract carriage operations, offering ranges of 213 km and 272 km. The P70 series (P7009, P7012) is positioned for shared commuting, with ranges of 182 km and 259 km. The higher-capacity P90 series (P9018) is designed for longer-distance and semi-urban use, with a range of 296 km.

Cargo variants C9009 and C9012 are intended for last-mile goods transport, offering ranges of 149 km and 207 km, respectively.

The vehicles are powered by an electric drivetrain with a two-speed automatic transmission, regenerative braking and a battery management system. Features include Bluetooth connectivity, a digital LCD display, hill hold and climb mode.

According to the company, the new platform is intended to address varying requirements across urban, semi-urban and rural mobility use cases, including passenger transport and cargo movement.

EV Share of 3-Wheeler Sales Jumps to 61%, CNG Falls to 24% in FY2026

Ajit Dalvi — Sat, 04 Apr 2026 13:19:35

The smart growth of India’s electric 3-wheeler industry, which continues to witness the fastest transition from conventional fuels to electric mobility amongst all vehicle segments, continues to eat into the CNG-powered 3W market. In FY2026, e-3W sales hit a record 830,819 units as compared to CNG 3Ws whose sales at 327,958 units (down 4% YoY) have dropped to their lowest level since FY2024 when they registered their highest sales.

The electric 3W segment’s record retail sales in FY2026 have given the category a 61% market share – an additional 4% YoY – while that of CNG 3Ws dropped to 24% from 28% in FY2025.

As per Vahan data for FY2026, of the total 1.36 million 3Ws sold in India across all powertrains (electric, CNG, diesel, LPG and petrol), zero-emission electric 3Ws account for the bulk of them – 61% – clearly establishing their stranglehold over this vehicle segment.

Furthermore, the e-3W sub-segment is also the one to register the highest YoY growth (see FY2026 vs FY2025 data table above). The 19% YoY growth in sales has given it an additional 4% market share, increasing from the 57% it had in FY2025.

In comparison, CNG three-wheelers have lost exactly the same level of market share that 3W EVs have gained: 4 percent. The 4% decline in CNG 3W sales in FY2026 meant that this sub-segment delivered 12,630 fewer units to customers YoY (FY2025: 340,588 units).

Among the impediments to better adoption of CNG three-wheelers have been regular price hikes of this fuel which increase the total cost of vehicle ownership, which is critical in this vehicle category which caters to both passenger and cargo transport. As of today (April 4, 2026), CNG costs Rs 81 per kg in Mumbai, which is a Rs 4 per kg rise from the Rs 77 per kg rate (on December 20, 2025). In comparison, a litre of petrol costs Rs 103.49 and diesel Rs 90.01.

When compared to electric 3Ws, CNG loses out on the zero-emission wallet-friendly alternative. EVs offer a much lower running cost per kilometre of around Rs 1.40 per kilometre with a 90-120km range on a full charge. Meanwhile, a CNG 3W has an estimated running cost of around Rs 1.40 per kilometre, which works out to a 140% increase compared to an e-3W.

Meanwhile, in FY2026, diesel-engined 3W sales (166,045 units) rose by 20% YoY. This sees the diesel 3W share improve marginally to 12% from 11% in FY2025. LPG-fuelled 3W sales (33,226 units) were down 1% YoY with the LPG 3W market share falling to 2 percent. Ethanol-fueled 3Ws (3,004 units) sold more than the 2,227 petrol-engined 3Ws (down 75% YoY), which is understandable given the wallet-busting cost of this fossil fuel.

Shifting market dynamics after BS VI kicked in sees diesel share whittle down to 12% from 41% in FY2021. E-3Ws now rule the market with a 61% share while CNG share has dropped to 24%.

Electric 3W Share at Its Highest in FY2026, CNG at Lowest Since FY2023

A deep dive into the 3W industry’s sales since FY2020 reveals some interesting takeaways. Total 3W sales across all powertrains have risen 68% over the past seven years from 812,494 units in FY2020 to 13,63,278 units in FY2026.

The shifting market dynamics, particularly after BS 6 emission norms kicked in from April 2020, show that diesel which had the largest share – 41% – of the 3W market in FY2021 has whittled down to just 12% in FY2026. While expensive petrol was never a draw for 3W buyers, the combined electric and CNG share of 3Ws has risen from 41% in FY2020 to 85% in FY2026.

The rapid advance of the e-3W segment, can be seen from its speedy growth particularly since FY2023 when it crossed the 400,000 retail sales milestone for the first time and accounted for every second 3W of the total 785,094 units sold in India. Demand continued to rise over the next three fiscals and in FY2026 the e-3W industry doubled its FY2023 volume to surpass the 800,000 milestone for the first time.

In comparison, the CNG-powered 3W segment which registered its highest sales in FY2024 (356,284 units) for a 30% share of the 1.16 million 3Ws sold, sees its share of the overall 3W market progressively reduce to 28% in FY2025 and to 24% in FY2026.

The CNG 3W segment’s performance in the past fiscal gives it the lowest share (24%) since FY2023 when it contributed to 31% of the 3W industry sales of 785,094. Will electric 3Ws continue to take away buyers from the CNG segment in FY2027? Watch this space as we bring you the latest sales updates and analyses.

ALSO READ: Mahindra, Bajaj and TVS power electric 3W sales past 800,000 for the first time in FY2026

Record 1.4 million electric 2Ws sold in FY2026, command 57% share of India EV market

Luxury electric car and SUV sales jump 61% to a new high of 5,404 EVs in FY2026

Mahindra, Bajaj and TVS power electric 3W sales past 800,000 for the first time in FY2026

Ajit Dalvi — Fri, 03 Apr 2026 12:15:24

Having missed the 800,000 retail sales milestone by a whisker in CY2025, India’s electric 3-wheeler industry has charged past that big number for the first time in FY2026. As per the e-3W sales registration data on the Vahan portal, 830,819 units were delivered to customers in FY2026, which marks strong 19% YoY growth (FY2025: 698,914 units).

Like the electric 2-wheeler (1.40 million units, up 22%) and passenger vehicle (199,333 units, up 83%) segments, which have registered their highest-ever fiscal year sales, demand for zero-emission passenger and cargo e-3Ws also rose to a new high. As is known, the e-3W segment continues to witness the fastest transition to electric mobility, mainly driven by legacy ICE OEMs which have diversified into zero-emission vehicles. In FY2026, the share of e-3Ws in overall 3W sales rose to 61% compared to 57% in FY2025. And the record 830,819 units gave the segment a 34% share of India EV Inc’s record 2.45 million units, the second highest after the e-2W segment’s 57% share.

Retail sales in FY2026 saw a sharp spike in November (83,663 units, up 32%) and December 2025 (88,276 units, up 49%) with the year-ending month turning out to be the highest monthly sales yet for the e-3W industry. This was because December 31, 2025 was the closure of the subsidy for the L5 e-3W category under the PM E-Drive Scheme as the target (288,000 units) was achieved ahead of time and the incentivization under the scheme closed after December 26. The L5 category includes both passenger and cargo e-3Ws, powered by motors rated above 0.25 kW and with a top speed of over 25kph.

December 2025 (88,276 units, up 49%) saw the segment achieve its highest monthly sales to date. In FY2026, e-3Ws had a 34% share of India EV Inc’s record sales of 2.45 million zero-emission vehicles.

India e-3W Inc’s robust performance was driven by three legacy OEMs – Mahindra & Mahindra, Bajaj Auto and TVS Motor Co – along with a few other companies from amongst the 680-player market. Let’s take a closer look at the top six best-selling e-3W OEMs who accounted for 36% (300,647 units) of the retail sales in FY2026.

No. 1 – MAHINDRA LAST MILE MOBILITY

FY2026: 101,905 units, up 46%. Market share: 12%

FY2025: 69,625 units, up 15%. Market share: 10%

FY2024: 60,619 units. Market share: 9.57%

Mahindra Last Mile Mobility (MLMM), the e-3W arm of the SUV major Mahindra & Mahindra, maintains its leadership with its best-ever retail sales of 101,905 units, up 46% YoY (FY2025: 69,625 units). This stellar performance, which translates into an additional 32,280 units YoY, makes MLMM the first OEM to surpass 100,000 sales in a single fiscal year.

In terms of market share, MLMM has hit a new high of 12% in FY2026, up from the 10% in FY2025 and 9.57% in FY2024. As the first legacy OEM to plug into e-mobility nearly 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. As per the company, it commands a strong presence in the L5 category, with a market share of 39.7 percent.

MLMM clocked five-figure monthly sales for the first time in October (11,861 units) and followed it up with 10,783 units in November 2025. In FY2026, sales rose quarter on quarter in Q1 (19,557 units), Q2 (26,887 units) Q3 (30,759 units) but dropped in Q4 (24,702 units) for a total of 101,905 units. This gave MLMM a decisive advantage of 12,301 units over its arch rival Bajaj Auto which it outsold in 10 of the past 12 months.

No. 2 – BAJAJ AUTO

FY2026: 89,604 units, up 76%. Market share: 11%

FY2025: 50,851 units, up 366%. Market share: 7%

FY2024: 10,897 units. Market share: 2%

In less than three years since it diversified into the e-3W market, India’s No. 1 three-wheeler manufacturer and exporter has achieved a strong foothold in this segment of the EV industry. The Pune-based Bajaj Auto’s advance has been rapid as seen in the 89,604 units (up 76% YoY), sold in FY2026 and an increase of 38,753 units compared to FY2025 (50,851 units).

This strong performance in a competitive market scenario sees Bajaj Auto maintain its No. 2 OEM podium position, behind Mahindra. Interestingly, Bajaj sold more e-3Ws than MLMM in January (8,509 units vs 7,491 units) as well as in February 2026 (8,731 units vs 7,882 units). However, March saw Mahindra (9,328 units) go ahead of Bajaj Auto (9,050 unit) by 278 units.

Bajaj Auto posted consistent quarter-on-quarter growth throughout the fiscal: Q1 FY2026 (18,280 units), Q2 (20,708 units), Q3 (24,326 units) and Q4 (26,290 units). 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. These strategic moves have provided additional volumes each month and Bajaj Auto’s growth trajectory is reflected in its rising market share: from 2% in FY2024 to 7% in FY2025 and now to 11% in FY2026.

No. 3 – YC ELECTRIC

FY2026: 36,807 units, down 18%. Market share: 4%

FY2025: 44,624 units, down 4%. Market share: 6%

FY2024: 42,749 units. Market share: 7%

The Delhi-based YC Electric Vehicles continues to feel the heat of the much-increased competition in the market, particularly from legacy OEMs. This longstanding player, which has five models – Yatri Super, Yatri Deluxe, and Yatri for passenger transport, and E-Loader and Yatri Cart for cargo operations – sold 36,807 units in FY2026, down 18% YoY (FY2025: 44,624 units). This, resultantly, sees the company’s e-3W market share fall to 4% from 6% in FY2025 and 7% in FY2024.

No. 4 – TVS MOTOR CO

FY2026: 27,831 units, up 1541%. Market share: 3%

FY2025: 1,696 units. Market share: 0.24%

TVS Motor Co, the latest legacy ICE three-wheeler OEM to enter the electric three-wheeler market, has already made a mark for itself. As per Vahan retail statistics, the Chennai-based auto major delivered 27,831 units to its customers in FY2026, up 1541% YoY on a low year-ago base (FY2025: 1,696 units). This gives TVS a market share of 3% from 0.24% a year ago and fourth rank amongst nearly 700 players.

The company has seen a good customer response to its King EV Max passenger and King Kargo HD EV models in a competitive market. It opened FY2026 with 1,207 units in April 2025 and closed the fiscal with 2,885 units in March 2026, with monthly retails crossing the 2,200-unit mark nine times in the past fiscal year.

No. 5 – SAERA AUTO

FY2026: 22,845 units, down 19%. Market share: 3%

FY2025: 28,229 units, down 6%. Market share: 4%

FY2024: 30,127 units. Market share: 5%

Rajasthan-based Saera Electric Auto, which manufactures the nine-model Mayuri brand of electric rickshaws, is ranked fifth on the e-3W ladder-board. The company sold 22,845 units in FY2026, down by 19% YoY (FY2025: 28,229 units). This total is down by 5,384 units on year-ago sales and by 7,282 units in FY2024. Like YC Electric and several other e-rickshaw makers, a sub-segment which is the largest monthly volume provider, Saera Auto too has been impacted by the growing presence of legacy OEMs and has seen its e-3W market share reduce to 3% from 5% in FY2024.

No. 6 – DILLI ELECTRIC AUTO

FY2026: 21,655 units, down 11%. Market share: 3%

FY2025: 24,207 units, down 7.51%. Market share: 3.5%

FY2024: 26,175 units. Market share: 4%

The Haryana-based Dilli Electric Auto sold 21,655 units in FY2026, down 11% YoY. This company manufactures electric rickshaws (CityLife brand), a category which is now under pressure as legacy players like MLMM, Bajaj Auto, TVS and TI Mobility target sales with better-built, safer products. The impact of increasing competition in the volume e-rickshaw market can be seen in Dilli Electric Auto’s reducing market share which at 2.60% in FY2026 is down from the 4% it had two years ago.

MAHINDRA AND BAJAJ TO CONTINUE BATTLE IN FY2027, TVS COULD BE THE NEW NO. 3 OEM

Competition always makes for exciting industry dynamics and FY2027 should see the exciting battle for market leadership continue at the top of the rankings. Mahindra Last Mile Mobility, the market leader for the past four years, will be looking to ensure it stays the market leader in this EV category which continues to witness the fastest and highest transition to e-mobility in India.

Clearly, the battle between MLMM and Bajaj Auto is underway in full earnest. The growing rivalry between these two OEMs has further increased in new product launches in the same month (February 2026) which had both Bajaj Auto and Mahindra Last Mile Mobility launch their latest e-3Ws – Bajaj P9018 and Mahindra UDO – in the passenger transport category.

Meanwhile, TVS Motor Co has in its first full year of sales, moved into the No. 4 position, behind YC Electric. Given its sustained growth compared to YC Electric’s continuing sales decline, it can be surmised that TVS Motor Co could move up one rank to be the new No. 3 e-3W OEM in FY2027.

A close look at the Top 60 e-3W OEMs in FY2026 (see data table below) reveals that 27 of them have seen a YoY sales decline. This is also reflective of the fact that e-3W buyers of passenger transport and cargo models across the individual as well as fleet operator categories are displaying a preference for models from well-established players which offer well-built, safer products as also the ease of ample service facilities across the country.

Will the strong growth witnessed in FY2026 continue in the new fiscal year? Given the sharpened focus on electric mobility, particularly after the Iran oil crisis, as well as the recent move by the government to extend the PM e-Drive Scheme for the e-3W segment (e-rickshaws and e-carts) to March 31, 2028, albeit with reduced incentives, one can be cautiously optimistic. Even a 10% YoY increase on FY2026’s large base will take the segment to beyond 900,000 units in FY2027.

ALSO READ: Record 1.4 million electric 2Ws sold in FY2026, command 57% share of India EV market

Luxury electric car and SUV sales jump 61% to a new high of 5,404 EVs in FY2026

TVS Motor Company Posts 25% Sales Growth in March 2026, Closes FY26 at 5.9 Million Units

Angitha Suresh — Wed, 01 Apr 2026 19:13:36

TVS Motor Company sold 519,400 units in March 2026, a 25% increase from the same month a year earlier, according to figures released by the company. The result came in line with analyst estimates of 520,000 units and brought the curtain down on a fiscal year in which the company shipped 5.9 million units — a 24% rise over FY25 — marking one of the stronger annual performances in the company's recent history.

Domestic two-wheeler sales for March reached 372,400 units, up 25% year-on-year, marginally short of estimates of 375,000 units. Export two-wheeler volumes came in at 125,800 units, a 23% rise, matching the forecast of 125,000 units. In aggregate, total domestic sales stood at 377,900 units, up 25% year-on-year, while total exports reached 141,400 units, also up 25% — both figures landing close to analyst expectations.

The iQube electric scooter continued to be a standout, selling 38,900 units in March, representing a 44% increase year-on-year and a 1% sequential rise from February 2026. The iQube has been a key pillar of TVS's electric vehicle ambitions, competing in a segment that has grown considerably more crowded over the past two years. Rivals including Ola Electric, Ather Energy, and Bajaj's Chetak brand have all expanded capacity and distribution aggressively, making the iQube's consistent volume growth notable in that context.

Three-wheeler volumes also recorded growth across both domestic and export markets. Domestic three-wheeler sales rose 54% year-on-year to 5,500 units, ahead of the estimate of 5,000 units, while export three-wheelers grew 43% to 15,700 units, also exceeding the 15,000-unit forecast. The three-wheeler segment, which includes both passenger and cargo variants, has been an area where TVS has steadily expanded its footprint in international markets, particularly across Africa and South Asia.

The March figures build on a period of sustained momentum for TVS. In February 2026, the company reported 31% year-on-year growth with total sales of 529,308 units. That month also included a record monthly export volume of 158,268 units, underscoring the company's growing international presence. TVS Motor operates manufacturing facilities in India and Indonesia, sells across more than 80 countries, and counts Norton Motorcycles in the United Kingdom among its group companies. It also has a presence in the European e-mobility market through TVS Ebike Company AG.

For FY26 as a whole, the 5.9 million unit tally at 24% growth reflects a broader recovery in two-wheeler demand in India that gained pace from FY24 onwards, driven by rural consumption, rising incomes, and a revival in entry-level motorcycle demand. TVS, which competes primarily with Hero MotoCorp, Bajaj Auto, and Honda Motorcycle & Scooter India, has been among the beneficiaries of this upcycle, gaining share in both the scooter and executive motorcycle segments.

Looking ahead, analysts expect the pace of growth to moderate. The company has guided for high single-digit volume growth in FY27, alongside continued market share gains. The more measured outlook reflects a higher base from FY26, as well as a broader industry expectation that the post-pandemic demand recovery has largely played out. The electric vehicle segment, however, remains a variable that could add to or detract from that trajectory depending on how quickly adoption accelerates and how competitive pricing evolves in the coming quarters.

Atul Auto Reports 14% Rise in March 2026 Total Sales on Export Surge

Angitha Suresh — Wed, 01 Apr 2026 12:44:00

Atul Auto Limited recorded total three-wheeler sales of 4,212 units in March 2026, a 14.05% increase from 3,693 units in March 2025, according to a regulatory filing submitted to BSE Limited and the National Stock Exchange of India on April 1, 2026. The disclosure was signed by Managing Director Neeraj J Chandra and filed in compliance with stock exchange listing requirements.

The growth was led by IC engine vehicles in the combined domestic and export segment, which rose 17.49% year-on-year to 3,513 units in March 2026, compared to 2,990 units in the same month last year. This suggests that export demand for the company's conventional three-wheelers remained strong through the end of the financial year. Electric vehicle sales in the combined segment, however, dipped marginally by 0.57% to 699 units from 703 units a year ago, indicating that EV momentum did not carry into the final month of the fiscal year.

On the domestic front, the picture was considerably more subdued. Total domestic sales for March 2026 stood at 3,404 units, a modest 0.38% rise over 3,391 units in March 2025 — effectively a flat performance month-on-month in terms of home market demand. Domestic IC engine volumes were nearly unchanged at 2,705 units versus 2,708 units a year ago, a decline of just 0.11%. Domestic EV sales, by contrast, showed a small positive movement, growing 2.34% to 699 units from 683 units, though the numbers remain modest in absolute terms.

The divergence between domestic and export performance for March points to a greater contribution from international markets in driving the overall volume growth. While the company does not break out export figures separately in this filing, the gap between domestic-only and combined figures implies export volumes of 808 units for March 2026, compared to 302 units in March 2025 — a significant jump that accounts for much of the headline growth.

For the full financial year FY 2025-26, combined domestic and export volumes reached 38,440 units, up 13.02% from 34,012 units in FY 2024-25, marking a solid year of overall growth for the company. IC engine vehicles were the primary driver of this annual performance, posting a 20.34% increase to 30,537 units from 25,375 units in the prior year. This growth in conventional vehicles more than offset a contraction in EV sales, which fell 8.50% over the full year to 7,903 units from 8,637 units in FY 2024-25.

Domestically, the full-year total came in at 32,923 units, a 6.98% increase over 30,776 units in FY 2024-25. IC engine domestic volumes grew 12.84% to 25,038 units over the year, a healthy expansion that reflects steady demand in the company's core markets. However, domestic EV sales declined 8.19% to 7,885 units from 8,588 units, mirroring the trend seen in the combined figures and raising questions about the pace of EV adoption in the three-wheeler segment more broadly.

Atul Auto is a Gujarat-based manufacturer of three-wheeler commercial vehicles, incorporated in 1986 and listed on both BSE (script code: 531795) and NSE (symbol: ATULAUTO). The company's registered office and manufacturing facility are located in Shapar (Veraval), Rajkot. It primarily serves the last-mile passenger and cargo transport segments with a range of petrol, diesel, CNG, and electric three-wheelers.

The EV figures in the filing include sales of L3 and L5 category electric vehicles by Atul Greentech Private Limited, a subsidiary of Atul Auto, up to January 14, 2026. After that date, those sales are accounted for separately and are no longer consolidated within the parent company's reported numbers. This change in accounting structure may have had a bearing on the reported EV volumes for the latter part of the financial year and should be considered when comparing figures across periods.

The decline in EV volumes both for the month and the full year reflects a combination of factors — including the subsidiary restructuring, potential competitive pressures, and possibly softer incentive-linked demand — that appear to have weighed on the segment during FY 2025-26. The company's overall trajectory, however, remains positive, with full-year combined volumes crossing 38,000 units for the first time, driven primarily by strong performance in its IC engine business both at home and in export markets.

iGO Wise Mobility and Daiots Arc Partner to Deploy Electric Trikes for Cold-Chain Logistics

Angitha Suresh — Mon, 16 Mar 2026 13:56:39

iGO Wise Mobility and Daiots Arc Private Limited have signed a strategic memorandum of understanding (MoU) to deploy a fleet of BeiGo X4 electric trikes for temperature-sensitive hyperlocal delivery, the companies announced on March 16, 2026. The agreement covers an initial induction of 100 vehicles, with a phased rollout targeted at reaching 1,000 standardised units across priority urban and semi-urban corridors in India.

The partnership aims to serve logistics operators handling time-critical, temperature-sensitive cargo — including groceries delivered to restaurants, battery packs, and health beverages such as neera — segments where maintaining product quality during transit is a commercial priority. iGO Wise Mobility will supply the vehicles, while Daiots Arc will provide AI-driven routing, IoT telematics, and predictive maintenance systems, forming what the companies describe as a turnkey, enterprise-grade offering.

The BeiGo X4 uses patented anti-topple tilting technology and is built for mid-mile and penultimate-mile urban routes, with a compact footprint intended to navigate dense city corridors. Its modular design allows for cold-chain mounting options, making it adaptable for cargo requiring consistent temperature control from dispatch to doorstep. iGO characterises the vehicle as combining car-like stability with a two-wheeler footprint — a combination the company says gives fleet operators an advantage in urban environments where larger vehicles face access and parking constraints.

"The BeiGo X4 is a rugged utility vehicle designed for demanding real-world logistics: high stability, payload adaptability, and operational productivity," said Sravan, CEO of iGO Wise Mobility. "Partnering with Daiots Arc lets us bring that capability to temperature-sensitive verticals where every delivery affects product quality and brand promise. Together we'll deliver not just goods, but a data-native fleet solution that shrinks spoilage, mitigates spillage, improves ETA accuracy and enhances the overall experience for customers."

Daiots Arc's platform currently operates in Visakhapatnam, Hyderabad, and Bangalore, managing fleets of scooters and low-speed electric karts for last-mile logistics. The addition of the BeiGo X4 — a three-wheeled vehicle the company characterises as a high-speed "2.5-wheeler" — is intended to address delivery use cases that require larger payloads moved at greater speed, a gap that existing smaller EV formats have not been able to fill for the company's enterprise clients.

Raju Bhulok, founder of Daiots Arc, said the partnership goes beyond a conventional fleet deal. "This is not another fleet and brand deal. This is a natural partnership forged around deep understanding of customer pain points and operational challenges on the ground in the logistics sector," he said. "While our AI-driven fleet intelligence system optimizes routing with scooters and low-speed eKarts currently, adding the unique BeiGo X4 form factor expands the possibilities and bridges the key gap where our customers demand big-size deliveries fast and cheap." Bhulok holds a Master's degree in Data Science from Regis University in Denver, Colorado, and previously served as a Senior Development Manager at Amazon, bringing over a decade of enterprise technology and operational experience to the venture.

The MoU includes vehicle supply, centralized operations dashboards, enterprise service-level agreements, and standardised maintenance and remote diagnostics protocols aimed at maximising uptime across multi-city operations. The routing system is designed to account for thermal zones, battery state of charge, and localised weather conditions — factors that can materially affect delivery outcomes for temperature-sensitive goods. Pilot corridors will initially serve quick-commerce platforms, premium grocers, and health-drink distributors, the companies said.

The announcement comes against the backdrop of growing investment in electric last-mile logistics in India, where urban congestion, rising fuel costs, and stricter emissions norms have pushed fleet operators and their clients toward EV-based solutions. The quick-commerce segment in particular has seen a sharp increase in demand for reliable cold-chain delivery, as consumer expectations around freshness and speed continue to rise across major metros and tier-two cities.

Both companies say the pilot phase will be measured against defined performance indicators, including spoilage reduction, on-time delivery rates, and total cost of ownership — with the results intended to inform a broader national rollout. Standardised operational playbooks, tailored for high-frequency, low-volume premium deliveries, will also be developed during the pilot to support scaling.

iGO Wise Mobility is headquartered in Bangalore and focuses on high-tech, multi-wheel electric vehicles for urban logistics. Daiots Arc Private Limited is an EV fleet intelligence platform operating at the intersection of electric mobility, IoT infrastructure, and data science, with ambitions to build one of India's next-generation, technology-first EV fleet ecosystems.

Electric Three-Wheeler Retail Sales Fall 12% Month-on-Month in February 2026

Angitha Suresh — Fri, 06 Mar 2026 14:57:13

India's electric three-wheeler (E3W) retail sales declined 12.37% in February 2026 compared to January, according to data released by the Federation of Automobile Dealers Associations (FADA). A total of 66,398 units were retailed during the month, against 75,767 units in January 2026. Despite the monthly contraction, the segment posted a 25.09% increase on a year-on-year basis, compared to the 53,082 units sold in February 2025 — underscoring the segment's sustained growth trajectory over the past twelve months.

The E3W segment's share of the overall three-wheeler market stood at 56.7% in February 2026, slightly above the 56.4% recorded in February 2025, though below the 59.6% seen in January 2026. The narrowing of market share from January to February is consistent with seasonal retail patterns seen in prior years. The data was collated as of March 2, 2026, in collaboration with the Ministry of Road Transport and Highways (MoRTH), Government of India, and covers 1,459 out of 1,464 Regional Transport Offices (RTOs). Figures from Telangana (TS) are not included in the dataset.

Market Leaders Hold Ground

Bajaj Auto Ltd retained its position as the top-selling E3W original equipment manufacturer (OEM) with 8,728 units sold in February 2026. This represented a month-on-month (MoM) increase of 2.56% over January's 8,510 units, and a year-on-year (YoY) jump of 90.24% from the 4,588 units it sold in February 2025. Bajaj's consistent performance reflects its established distribution network and strong demand for its electric cargo and passenger three-wheelers across major cities.

Mahindra Group ranked second with 7,878 units, posting a MoM rise of 5.19% and a YoY gain of 34.05% over the 5,877 units sold in February 2025. The group's performance was led by its subsidiary Mahindra Last Mile Mobility Ltd, which accounted for 7,760 units — up 6.07% MoM and 32.29% YoY. Mahindra & Mahindra Limited, the parent entity's direct contribution, stood at 118 units, down 31.79% MoM but recording a significant YoY increase of 972.73% from a low base of just 11 units in February 2025.

TVS Motor Company Ltd secured the third position with 2,447 units in February 2026. While its sales fell 8.45% compared to January's 2,673 units, the company recorded one of the highest YoY growth rates among listed manufacturers at 691.91%, up from 309 units in February 2025. TVS has been scaling up its electric three-wheeler presence over the past year, making it among the fastest-growing players in the segment in volume terms.

Mid-Tier Players Show Mixed Trends

Among mid-tier manufacturers, performance was varied. YC Electric Vehicle, which had been among the top-five sellers in recent months, saw its sales fall to 1,952 units in February — a 19.17% MoM decline from 2,415 units in January — and a sharper 42.13% YoY drop from 3,373 units in February 2025. The decline places YC Electric Vehicle among the few listed OEMs to have contracted on both a monthly and annual basis.

Dilli Electric Auto Pvt Ltd sold 1,591 units, down 16.96% MoM and 6.96% YoY, while Saera Electric Auto Pvt Ltd retailed 1,573 units, recording a 2.54% MoM decline and a 24.19% fall compared to February 2025. Piaggio Vehicles Pvt Ltd, one of the older players in the three-wheeler market, bucked the broader monthly trend with a 4.43% MoM increase to 967 units, though it remained down 17.35% on a YoY basis.

Omega Seiki Pvt Ltd similarly posted a modest MoM gain of 3.77% to 908 units, although it remained 17.90% below its February 2025 levels. Mini Metro EV L.L.P sold 912 units — a 9.61% MoM drop but a near-flat 0.65% YoY decline — making it one of the more stable performers in the segment over the annual period. J.S. Auto (P) Ltd was similarly resilient, dipping just 1.41% MoM to 1,117 units while posting a 37.56% YoY gain.

Notable Monthly Declines

Several manufacturers recorded sharp month-on-month contractions. Zeniak Innovation India Ltd fell 41.37% MoM to 1,420 units, despite posting a 111.94% YoY gain that reflects a strong recovery from the 670 units sold in February 2025. Jajodia Commodities Pvt Ltd recorded the steepest MoM fall among listed players, declining 35.38% to 758 units, though it remained 279% above year-ago levels.

Fede Industries Pvt Ltd dropped 30.55% MoM to 823 units, while Hooghly Motors Pvt Ltd declined 25.41% MoM to 1,265 units. Aahana Commerce Pvt Ltd fell 22.35% MoM to 1,070 units. Energy Electric Vehicles posted a 7.78% MoM decline to 818 units, and also slipped 4.22% on a YoY basis to record one of the smaller absolute contractions in the mid-range.

The sharp monthly declines across several players suggest that January's retail numbers may have been elevated by pre-festival stocking or end-of-quarter push by some dealers, with February seeing a natural correction.

Strong Year-on-Year Performers

Despite the broader monthly pullback, the YoY data points to a segment in structural growth. Fede Industries Pvt Ltd led annual growth among listed OEMs with a 362.36% YoY increase to 823 units from 178 units a year earlier. Hooghly Motors Pvt Ltd rose 283.33% YoY to 1,265 units, while Jajodia Commodities Pvt Ltd climbed 279% YoY to 758 units. Aahana Commerce Pvt Ltd recorded a 177.92% YoY increase to 1,070 units from 385 units in February 2025.

These figures suggest that a number of smaller and emerging manufacturers have significantly expanded their production and distribution capacity over the past year, even if monthly volumes remain modest in absolute terms. The contrast between their YoY growth rates and MoM declines indicates that base effects continue to flatter annual comparisons for newer entrants.

The "Others" category — comprising the many manufacturers outside the top listed OEMs — accounted for 32,171 units in February 2026, down 16.37% MoM from 38,466 units in January, but up 12.77% YoY from 28,527 units in February 2025. This category continues to represent the single largest share of total E3W retail volumes, reflecting the fragmented nature of the market beyond the top-tier players. The size of the Others segment also points to the large number of regional and smaller-scale manufacturers that have entered the electric three-wheeler space in recent years.

The electric three-wheeler segment in India has expanded at a pace faster than most other vehicle categories, driven by demand for last-mile passenger and cargo mobility in urban, peri-urban, and rural markets. The lower cost of ownership relative to internal combustion engine (ICE) three-wheelers — aided by falling battery prices and government incentives — has accelerated fleet electrification among auto-rickshaw operators and goods carriers.

Government policy has played a role in shaping demand. The PM E-DRIVE scheme, along with FAME II subsidies during their operational phase, provided direct purchase incentives for electric three-wheelers. State-level EV policies in markets such as Delhi, Maharashtra, and Uttar Pradesh have further supported adoption through road tax exemptions and registration fee waivers. Several state transport undertakings have also placed bulk orders for electric three-wheelers for intra-city and feeder route operations.

The month-on-month decline in February is not unusual within the context of Indian automotive retail. Sales activity typically moderates in February relative to January, partly due to the shorter calendar duration of the month and inventory normalization at the dealer level following the post-harvest and year-opening demand cycle. The YoY comparison, which strips out these seasonal effects, presents a more consistent picture of the underlying demand trend — and by that measure, the segment continues to grow at a rate well above the broader three-wheeler market.

FADA collects vehicle retail registration data from RTOs nationwide and publishes monthly segment-wise reports in collaboration with MoRTH. The E3W retail data captures units registered at dealerships, as distinct from wholesale dispatches from manufacturers to dealers, making it a more accurate representation of end-consumer demand.

Three-Wheeler Retail Sales Rise 24% in February 2026

Angitha Suresh — Thu, 05 Mar 2026 09:42:50

Three-wheeler retail sales in India reached 1,17,130 units in February 2026, a 24.39% increase from 94,162 units in February 2025, according to data released by the Federation of Automobile Dealers Associations (FADA) on March 5, 2026. The result marks the best-ever February performance for the segment, continuing a run of strong monthly figures seen across most vehicle categories in the early part of calendar year 2026.

The passenger sub-segment led growth within the category, with 60,572 units retailed — up 36.01% year-on-year. E-rickshaws configured for passenger use accounted for 34,848 units, a more modest 7.75% rise compared to February 2025. Goods-carrying three-wheelers posted 14,335 units, reflecting a 32.34% increase, while e-rickshaws with cart (goods) came in at 7,268 units, up 13.90%. The personal-use sub-category, though small in absolute volume at 107 units, recorded the sharpest year-on-year growth in the segment at 50.70%.

On a month-on-month basis, overall three-wheeler sales declined 7.87% from January 2026's 1,27,134 units. This is consistent with the broader market pattern observed in February, which is a shorter calendar month and historically sees lower volumes across vehicle segments compared to January.

Rural markets continued to outpace their urban counterparts in the three-wheeler segment. Rural registrations rose 35.28% year-on-year, significantly ahead of the 13.20% growth recorded in urban areas. This pattern aligns with the broader rural demand story observed across multiple vehicle categories in February 2026, supported by improved agricultural incomes following favorable crop outcomes and greater rural liquidity.

In terms of OEM market share, Bajaj Auto retained its dominant position with 44,556 units sold and a 38.04% share of the segment, improving from 36.81% in February 2025. Piaggio Vehicles followed with 8,812 units and a 7.52% share. Mahindra & Mahindra sold 8,637 units (7.37%), while its subsidiary Mahindra Last Mile Mobility retailed 8,514 units (7.27%).

TVS Motor Company showed notable momentum, more than doubling its volume to 5,201 units from 2,429 units a year earlier, raising its market share from 2.58% to 4.44%. Smaller players such as Zeniak Innovation India and Hooghly Motors also recorded significant growth, though from a low base. On the other hand, YC Electric Vehicle and Saera Electric Auto saw their market shares decline year-on-year.

From a fuel-mix perspective, electric vehicles continued to dominate the three-wheeler segment. EVs accounted for 56.70% of three-wheeler retail sales in February 2026, compared to 56.37% in February 2025, reflecting the segment's well-established shift toward electric mobility, particularly in the passenger and last-mile delivery sub-categories. CNG and LPG-powered vehicles held a 28.28% share, while diesel accounted for 14.64%, an increase from 12.24% a year earlier. Petrol and ethanol variants remained marginal at 0.39%.

For the financial year to date, covering April 2025 through February 2026, cumulative three-wheeler retail stood at 12,53,658 units, representing 11.78% growth over the 11,21,513 units retailed in the same period of FY25. The segment's performance through the year has been supported by rising urban last-mile logistics demand, growing e-commerce activity, and expanding rural connectivity needs.

FADA collects vehicle retail data in collaboration with the Ministry of Road Transport and Highways, Government of India. The February 2026 figures were gathered from 1,459 out of 1,464 RTOs across the country and do not include figures from Telangana.

India Auto Sales Rise 25-36% YoY in February; FY26 Retail Growth Turns Firmly Double Digit

Kiran Murali — Sun, 01 Mar 2026 10:35:56

India’s automobile retail market recorded strong double-digit growth across segments in February 2026, with Vahan retail data showing year-on-year expansion ranging between 25% and 36% across key categories. The broad-based uptick has now pushed year-to-date FY26 growth into double digits for all major segments.

According to an analysis by Elara Securities, two-wheelers and passenger vehicles each grew 25% year-on-year in February. Tractors and medium and heavy commercial vehicles expanded 36%, three-wheelers (L5) rose 35%, while light commercial vehicles increased 27%, underscoring strength across both personal mobility and commercial demand.

In absolute terms, two-wheeler retails stood at 1.70 million units, passenger vehicles at 384,556 units, tractors at 87,104 units, MHCV at 43,718 units, LCV at 60,625 units, and three-wheelers (L5) at 74,905 units.

With February data included, FY26 year-to-date retail growth has turned firmly positive across segments. Two-wheelers are up 12% year-on-year, passenger vehicles 11%, tractors 19%, three-wheelers 16%, light commercial vehicles 12% and MHCV close to 10%.

“The industry has now moved into double-digit growth territory on a year-to-date basis across segments,” said Jay Kale, Analyst at Elara Securities, pointing to the breadth of the recovery across rural, urban and infrastructure-linked demand cycles.

Electric vehicle volumes continued to outpace the broader market in February. Electric two-wheeler retails rose 46% year-on-year to 112,000 units, with penetration improving to 6.6%, up 100 basis points year-on-year. However, FY26 year-to-date penetration stands at 6.2%, only 40 basis points higher than last year.

Passenger vehicle EV volumes grew 45% year-on-year to 13,659 units in February, taking penetration to 3.6%, up 50 basis points. On a year-to-date basis, PV EV penetration stands at 4.2%, up 170 basis points year-on-year.

According to Kale, for EV penetration to reach around 20% by FY30, annual increases of at least 350 basis points would be required, indicating that while EV volumes are growing robustly, the pace of penetration expansion remains below the trajectory needed to meet medium-term electrification targets.

With all major segments now delivering double-digit year-to-date growth, the February retail data suggests the industry is entering the final month of FY26 on a stronger and more broad-based footing.

Bajaj Auto EV EBITDA Hits Double Digit as Business Reaches 25% of Revenue

Darshan Nakhwa — Fri, 30 Jan 2026 18:29:50

Electric vehicles now account for 25% of Bajaj Auto’s total revenues, with the company’s EV portfolio delivering double-digit EBITDA margins, marking a clear shift from a new business opportunity to a profitable growth engine.

Speaking to the media post the Q3 FY26 earnings, Rakesh Sharma, Executive Director at Bajaj Auto, said the rapid scale-up across electric scooters and electric three-wheelers has fundamentally altered the economics of the business.

“Twenty-five percent of our domestic revenues are now EV,” Sharma said, adding that Bajaj Auto has emerged as one of the largest players in India’s electric mobility space.

The turnaround has been driven by operating leverage as volumes have ramped up across products, led by the Chetak electric scooter and the company’s electric three-wheeler portfolio. Bajaj Auto recently expanded the Chetak range with a new series, a move that has helped broaden the addressable market and accelerate volume growth.

“As we have achieved this scale, the portfolio has now gone into double-digit EBITDA. Just one year back, we were negative,” Sharma said, pointing to the profitability inflection in the EV business.

Strong Position in Electric Three-wheelers

Bajaj Auto has also consolidated its leadership in electric three-wheelers, a segment that has emerged as a key contributor to scale and margins. Sharma said the company currently holds around 33% market share in the e-auto segment, based on recent industry data.

The company expects demand to remain strong, particularly in last-mile and shared mobility applications, as customers increasingly recognise the total cost of ownership advantages of electric three-wheelers.

Supply-chain Risks Being Addressed

Alongside growth, Bajaj Auto has stepped up efforts to de-risk its EV business from supply-side disruptions, especially in critical materials such as rare earth elements.

Sharma said the company has begun addressing high dependencies in the supply chain, including heavy rare earths (HREs) and light rare earths (LREs), following recent global disruptions.

“Whenever such disruptions happen, the supply chain needs to address very high levels of dependency, and we are addressing them,” he said, noting that diversification and alternative sourcing are long-term efforts rather than quick fixes.

EVs Move Into the Mainstream

With EVs contributing a quarter of revenues, margins turning positive, and market leadership in electric three-wheelers, Bajaj Auto’s electric two- and three-wheeler business has moved firmly into the mainstream of the company’s operations.

Rather than chasing fixed targets for EV penetration, Sharma said the focus remains on maximising each business on its own merits and letting the revenue mix evolve accordingly.

Three-Wheeler Sales Reach Record High in Q3 2025-26 with 14% Growth

Shruti Shiraguppi — Tue, 13 Jan 2026 13:10:23

Three-wheeler sales in India reached their highest ever third-quarter performance with 2.15 lakh units sold in Q3 of 2025-26, marking a 14.0% growth compared to the same quarter last year, primarily driven by the passenger carrier sub-segment amid rising urban and semi-urban transportation demand.

The segment's robust performance extends beyond the quarterly figures, with the industry also recording its highest ever calendar year sales of 7.88 lakh units during January-December 2025, registering an 8.2% increase over the corresponding period in 2024. This milestone underscores the sustained momentum in the three-wheeler market across both domestic and international markets.

Domestic Market Performance

The three-wheeler segment has emerged as a critical component of India's transportation ecosystem, serving the essential mobility needs of millions across the country. The 14.0% growth in Q3 of 2025-26 represents a significant acceleration in a segment that has traditionally been a barometer of economic activity in tier-2 and tier-3 cities.

The passenger carrier sub-segment has been the primary growth driver within the three-wheeler category, reflecting the increasing demand for last-mile connectivity solutions in rapidly urbanizing areas. This sub-segment serves as an affordable and efficient transportation mode for daily commuters, particularly in areas where traditional public transport infrastructure remains limited or inadequate.

The calendar year performance of 7.88 lakh units sold between January and December 2025 marks a new peak for the industry, demonstrating consistent month-on-month traction despite seasonal variations typically observed in the automotive sector.

Key Growth Drivers

The three-wheeler segment's performance has been attributed to multiple converging factors that have created favorable market conditions. Increased economic activity across urban and semi-urban areas has generated higher demand for both passenger and goods transportation, with three-wheelers serving as a cost-effective solution for businesses and individual operators.

Rising movement of people and goods has become a defining characteristic of India's evolving economic landscape, with three-wheelers playing an instrumental role in facilitating this mobility. The vehicles serve dual purposes, addressing both personal transportation needs and commercial requirements for small-scale logistics and delivery services.

Strengthening personal and commercial mobility needs for meeting transportation requirements in urban and semi-urban areas have positioned three-wheelers as an indispensable part of the transportation matrix. These vehicles offer operational flexibility, lower ownership costs, and easier maneuverability in congested traffic conditions compared to larger commercial vehicles.

Financial accessibility has emerged as another crucial factor supporting market growth. Easier financing options have made three-wheeler ownership more attainable for aspiring entrepreneurs and small business operators who view these vehicles as income-generating assets. Non-banking financial companies and banks have expanded their lending portfolios in this segment, offering tailored loan products with competitive interest rates and flexible repayment terms.

Increased replacement sales have also contributed to the growth momentum, indicating a maturing market where existing operators are upgrading their vehicles to newer, more efficient models. This replacement cycle reflects growing income levels among three-wheeler operators and the availability of technologically advanced vehicles with better fuel efficiency, comfort features, and compliance with updated emission norms.

Export Market Surge

The export segment of three-wheelers has demonstrated exceptional performance, outpacing domestic growth rates significantly. Three-wheeler exports posted strong growth of 70.1% in Q3 of 2025-26, with approximately 1.27 lakh units shipped to international markets compared to Q3 of the previous year.

For the full calendar year January-December 2025, three-wheeler exports reached 4.26 lakh units, posting a growth of 42.7% compared to the same period in 2024. This substantial expansion in export volumes reflects the growing acceptance of Indian three-wheelers in international markets.

Increased exports to Sri Lanka and African nations have contributed significantly to this growth trajectory. Sri Lanka, a traditional market for Indian three-wheelers, has seen rising demand as the country's economy gradually stabilizes and transportation needs increase. African nations, particularly in East and West Africa, have emerged as high-potential markets where three-wheelers are increasingly being adopted as affordable transportation solutions for both passenger and cargo movement.

The export success also highlights the competitive positioning of Indian three-wheeler manufacturers in global markets, where their products offer a compelling combination of affordability, fuel efficiency, durability, and ease of maintenance—attributes particularly valued in developing economies with similar infrastructure and usage patterns as India.

The three-wheeler industry's performance in Q3 of 2025-26 and across calendar year 2025 demonstrates the segment's resilience and growth potential, supported by favorable domestic economic conditions and expanding international market opportunities.

Murugappa’s TI Clean Mobility to Enter E‑Rickshaw Market, Investment Crosses ₹3,000 Cr

Autocar Professional Bureau — Fri, 09 Jan 2026 15:37:34

The Murugappa Group’s electric mobility arm TI Clean Mobility, has already invested close to Rs 3,000 crore into electric vehicles and will continue to deploy capital as required over the next two to three years, as it builds scale across multiple commercial EV segments.

Speaking on the sidelines of a dealership inauguration, Arun Murugappan, Executive Chairman of TI Clean Mobility and Tube Investments of India Limited, said the group remains committed to expanding its electric vehicle footprint beyond the platforms already under development.

“We have invested around Rs 3,000 crore in the electric mobility business so far. Going forward, as and when required, we will continue to invest,” Murugappan said, adding that the group is confident about the long-term opportunity despite the business being at a relatively early stage.

TI Clean Mobility currently operates across four electric platforms spanning small commercial vehicles, three-wheelers, tractors and heavy trucks. Manufacturing facilities for these platforms are already in place, with plants in locations such as Chennai and Manesar.

However, the company has adopted different go-to-market strategies across these businesses. While the tractor and heavy truck verticals are largely B2B-focused, the small commercial vehicle and three-wheeler segments follow a B2C dealership-led model.

“This makes it difficult to put one number on touchpoints across all four businesses,” Murugappan noted, explaining that dealership expansion is relevant mainly for the small commercial vehicle and three-wheeler operations.

117 Outlets, NCR & UP Priority

In electric three-wheelers, e-3W Montra Electric, has been expanding its retail footprint rapidly.

According to Jalaj Gupta, Managing Director, TI Clean Mobility, the company has now reached 117 three-wheeler dealerships across India, including 30 in North India and six in the Delhi NCR region.

“North India is one of the biggest three-wheeler markets in the country. States like Uttar Pradesh and Bihar are extremely important for us, and dealership expansion in these regions will continue,” Gupta said.

E-rickshaw Entry Confirmed, South to Remain Limited

Both Gupta and Deependra Sharma, CEO, e-3W Montra Electric, confirmed that the group will enter the electric rickshaw segment, with a market launch expected before the end of the current calendar year.

The product has been under development for some time, but the company chose to delay its entry into the segment. “It is one of the most unregulated and unorganised EV markets in the country. We waited for clearer norms before taking the decision,” Nair said.

The initial focus will be on North and East India, where e-rickshaws dominate last-mile passenger mobility. Uttar Pradesh, Bihar, Rajasthan and the Delhi NCR region together account for the bulk of India’s e-rickshaw volumes. In contrast, the segment has negligible presence in southern states, a trend the company does not expect to change materially in the near term.

Finance Remains a Bottleneck for Commercial EVs

Despite the Murugappa Group’s strong balance sheet and credibility, access to vehicle finance remains a challenge across commercial EV segments, executives acknowledged.

“Availability of finance continues to be a challenge across all four businesses. This is not unique to us. EV technology is still new, and lenders are taking time to get comfortable,” Gupta said, adding that the group has tied up with multiple financial institutions across its businesses.

As regulatory clarity improves and vehicle performance data builds up, TI Clean Mobility expects financing constraints to ease gradually, supporting faster adoption across its electric commercial vehicle portfolio.

Electric 3W Sales Hit a New High in CY2025 but Miss 800,000 Milestone by 2,271 Units

Ajit Dalvi — Mon, 05 Jan 2026 09:11:10

CY2025 turned out to be a repeat of CY2024 . . . a celebration of new sales heights but also a story of so near but yet so far. At 797,729 units, the Indian electric 3W industry registered its best-ever annual sales with 15% YoY growth (CY2024: 691,312 units). As in CY2024, when sales fell short of the 700,000 mark by 8,688 units, CY2025 was even closer to the 800,000 milestone. . . missing it by a whisker: just 2,271 units!

Given that the average monthly sales of Q4 CY2025 was 80,846 units or 2,694 units a day, just one more day would have helped achieve the 800,000 annual retail sales milestone for the first time. Nevertheless, this segment’s stellar performance has ensured that India remains the world’s largest e-3W market for the third year in a row, having beaten China in CY2023 for the first time.

Showing a higher level of maturity than the e-2W and e-PV segments, which have felt the heat of reduced GST on ICE vehicles since September, e-3W sales rose month on month in Q4 CY2025.

As is known, the e-3W segment continues to witness the fastest transition to electric mobility, mainly driven by legacy ICE OEMs which have diversified into zero-emission vehicles. It also displays more resilience than e-2Ws and e-PVs which have been impacted by the GST reduction on ICE rivals. In fact, compared to the e-2Ws and e-PVs, which registered their highest-ever monthly sales in festive October and then saw numbers drop in November and December, the e-3W segment has registered its best monthly retails in December 2025 (88,268 units, up 49% YoY).

India e-3W Inc’s robust performance is driven by four legacy OEMs – Mahindra & Mahindra, Bajaj Auto, TVS Motor Co and Piaggio Vehicles – along with a few other players from amongst the 700-strong field. They ensured that India e-3W Inc raced past the 700,000 milestone in November itself went on to add record numbers in December.

With government incentives and subsidies, electric 3W sales have risen sharply between CY2023 and CY2025, contributing 68% or 2 million of the 3.04 million units sold in the past 10 years.

E-3W SALES CROSS 3 MILLION UNITS OVER A DECADE, LAST 2 MILLION IN 3 YEARS

A deep dive into 10-year retail sales (see data table above) reveals that between CY2016 and CY2025, over 3 million (30 lakh) e-3Ws have been sold in India. Ten years ago, this segment (47,884 e-3Ws from 49,774 EVs) had 96% of the fledgling EV market, with e-2Ws accounting for a 3% share. The two sub-segments’ share of the overall EV market was the closest in CY2021 when 331,724 EVs were sold in India: e-3Ws (158,397 units, 48% share) and e-2Ws (156,327 units, 47% share). CY2022 saw e-2Ws (631,406 units) overtake e-3Ws (350,541 units) as a result of which their market shares changed to 62% and 34% respectively.

Let’s take a closer look at the top seven best-selling e-3W OEMs, who represent 1% of the 700 players in this segment in CY2025, and account for 37% (298,236 units) of the record 797,729 units sold last year.

No. 1 – MAHINDRA LAST MILE MOBILITY

CY2025: 95,907 units, up 41%. Market share: 12%

CY2024: 68,09 units, up 25%. Market share: 10%

CY2023: 54,594 units. Market share: 9%

Market leader Mahindra Last Mile Mobility (MLMM), with a record 95,907 units and strong 41% YoY growth, held onto its crown and saw its e-3W share increase to 12% from 10% in CY2024. In festive October, MLMM sold 11,862 units – its highest monthly sales yet.

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

No. 2 – BAJAJ AUTO

CY2025: 78,546 units, up 87%. Market share: 10%

CY2024: 41,879 units, up 816% YoY, 6% market share
CY2023: 4,574 units, 0.78% market share

Bajaj Auto, which entered the electric 3W market in mid-CY2023, has increased its market share 10-fold since then. From 4,574 units in CY2023 to 41,879 units in CY2024 and 78,546 units (up 87% YoY) in CY2025, the growth has been rapid and the company’s market share has risen to 10% from 6% in CY2024. Monthly sales crossed the 8,000-unit sales mark for the first time in October and have scaled a new high of 8,766 units in November.

The company, which has the GoGo brand of passenger and cargo e-3Ws, has recently expanded its portfolio with the Riki e-rickshaw. According to the company, early feedback from Riki buyers has been very positive and the company is scaling up production.

MLMM was a good 17,361 units ahead of Bajaj Auto last year but with the Pune-based Bajaj entering the volume segment of e-rickshaws (estimated at 40,000 units a month), the industry could be looking at an exciting battle between the market leader and the challenger in CY2026.

No. 3 – YC ELECTRIC

CY2025: 41,228 units, down 6%. Market share: 5%

CY2024: 43,974 units, up 8%. Market share: 6.36%

CY2023: 40,785 units. Market share: 7%

Despite the advance of M&M and Bajaj Auto, third-ranked and longstanding player YC Electric remains a formidable competitor. In CY2025, the company delivered 41,228 units to customers, down 6% YoY (CY2024: 43,974 units). This decline sees its market share reduce to 5% from 6% in CY2024, and from 7% in CY2023. The company offers five models: Yatri Super, Yatri Deluxe, and Yatri for passenger transport, and E-Loader and Yatri Cart for cargo operations.

No. 4 – SAERA AUTO

CY2025: 24,803 units, down 12%. Market share: 3%

CY2024: 28,294 units, down 4%. Market share: 4%

CY2023: 29,321 units. Market share: 5%

Rajasthan-based Saera Electric Auto, which manufactures the nine-model Mayuri brand of electric rickshaws, ranks fourth amongst the 700 players in this segment. The company sold 24,803 units in CY2025, down 12% YoY (CY2024: 28,294 units). This total is down 3,491 units on the year-ago sales and 4,518 units n CY2023. Like several other e-rickshaw makers, Saera Auto has been impacted by the growing presence of legacy OEMs in the e-3W industry and has seen its e-3W market share reduce to 3% from 5% in CY2023.

No. 5 – DILLI ELECTRIC AUTO

CY2025: 21,915 units, down 12%. Market share: 2.74%

CY2024: 25,042 units, down 0.01%. Market share: 3.62%

CY2023: 25,069 units, up 79%. Market share: 4.29%

The Haryana-based Dilli Electric Auto sold 21,915 units in CY2025, down 12% YoY. This company manufactures electric rickshaws (CityLife brand), a category which is now under pressure as legacy players like MLMM, Bajaj Auto, TI Mobility and TVS target sales with better-built, safer products. The impact of increasing competition in the volume e-rickshaw market can be seen in Dilli Electric Auto’s reducing market share which is 2.74% in CY2025, down from the 4.29% it had two years ago.

No. 6 – TVS MOTOR CO

CY2025: 21,005 units, up 3658%. Market share: 2.63%

CY2024: 559 units. Market share: 0.08%

The No. 6 OEM for CY2025 is TVS Motor Co with 21,005 units, which is an over 3,600 YoY increase on very low year-ago sales of 559 units. TVS, the new electric 2W market leader in CY2025, is the latest legacy ICE player to enter the e-3W market and has seen a good customer response to its King EV Max passenger and King Kargo HD EV models in a competitive market. Retail sales have risen month on month since January and December’s 2,889 units are its best monthly score yet, capping a year which gave it a 2.63% market share with a noteworthy performance.

No. 7 – PIAGGIO VEHICLES

CY2025: 14,832 units, down 32%. Market share: 2%

CY2024: 21,775 units, up 3%. Market share: 3%
CY2023: 21,080 units. Market share: 3.61%

Piaggio Vehicles is ranked seventh on the e-3W ladder board with 14,832 units, down 23% YoY (CY2024: 21,77 units). Last July saw the company launched two new models under its Apé Electrik range — the Apé E-City Ultra and Apé E-City FX Maxx.

The electric 3W segment’s record retail sales have given the category a 60% market share – an additional 4% – while that of CNG 3Ws has dropped to 25% from 28% a year ago.

E-3Ws EAT INTO CNG SALES BUT WILL WITHDRAWAL OF L5 CATEGORY SUBSIDY IMPACT DEMAND?

The smart growth of India’s e-3W industry, which displays the fastest transition from conventional fuels to electric mobility amongst all vehicle segments, continued to eat into the CNG-powered 3W sub-segment which is the second largest in volume.

As per Vahan data, of the total 1.30 million 3Ws across all powertrains (electric, CNG, diesel, LPG and petrol) sold in India in CY2025 (see fuel-wise sales data table above), electric 3Ws accounted for the bulk of them – 60% – clearly establishing their stranglehold over this vehicle segment. Furthermore, it is also the one to register the highest YoY growth. The 15% YoY growth in sales has given it an additional 4% market share to touch 60%, increasing from the 56% it had in CY2024.

In comparison, CNG three-wheelers have lost exactly the same level of market share that EVs have gained: 4 percent. The 320,791 CNG 3Ws sold were 8% YoY. Among the impediments to better adoption of CNG models have been regular price hikes of this fuel which increase the total cost of vehicle ownership, which is critical in this vehicle category which caters to both passenger and cargo transport. As of today, CNG costs Rs 80.50 per kg in Mumbai (inclusive of State and Central government taxes) versus diesel’s Rs 90.01 per litre and petrol’s Rs 103.54 per litre.

In a highly price- and value-conscious market like India, which have scores of individual-owned 3Ws and a growing number of last-mile mobility fleet operators, the e-3W value proposition is hitting home. When compared to electric 3Ws, CNG loses out on the zero-emission wallet-friendly alternative. EVs offer a much lower running cost per kilometre of around Rs 1.40 per kilometre with a 90-120km range on a full charge. Meanwhile, a CNG 3W has a running cost of around Rs 1.40 per kilometre, which works out to a 140% increase compared to an e-3W.

On December 31, the Ministry of Heavy Industries, officially announced that the “aggressive target set for the e-3W (L5) segment under the PM E-Drive Scheme have been met (288,000 units) ahead of time and the incentivization under the scheme for e-3Ws (L5) has been closed after December 26, 2025. EV penetration within the e-3Ws (L5) segment is now estimated at around 32%, aligning perfectly with the government’s vision to establish a self-sustaining ecosystem.”

Fifteen e-3W OEMs (L5 category) were registered under the Scheme. The L5 category includes both passenger and cargo e-3Ws, powered by motors rated above 0.25 kW and with a top speed of over 25kph.

Meanwhile, the incentive for e-rickshaws/ e-carts and e-2Ws is to continue up to March 31, 2026. At present, e-2Ws have seen sales of 18,40,007 units against a target of 24.79 lakh units.

The subsidy cut for L5 category e-3Ws will reduce the price differential between them and their CNG and ICE rivals which could have an impact, albeit a temporary one, in what is a very price-sensitive market. The long-term lower ownership cost of a zero-emission 3-wheeler versus other fuels should help tide over any short-term sales hiccups and will reflect the growing maturity of this sub-segment of the Indian EV market.

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Mahindra Records 25% Year-on-Year Sales Growth in December

Angitha Suresh — Thu, 01 Jan 2026 10:58:44

Mahindra & Mahindra Ltd. reported total vehicle sales of 86,090 units in December 2025, marking a 25% increase compared to December 2024. However, the figure represents a 7.1% decline from November 2025, when the company sold 92,670 units.

The December performance reflected a post-festive period adjustment after two months of sustained momentum, though the company emphasized that calendar year 2025 ended with the highest-ever volumes across its SUV and light commercial vehicle segments.

SUV Segment Shows Mixed Performance

Domestic SUV sales stood at 50,946 units in December, up 23% year-on-year but down 9.6% from November's 56,336 units. The month-on-month decline followed a strong festive season in October and November, which typically drives higher consumer demand in the Indian automotive market.

For the April-December period, Mahindra sold 476,476 SUVs domestically, an 18% increase over the same period in the previous fiscal year. This year-to-date figure underscores sustained demand for the company's SUV portfolio, which includes models such as the Scorpio-N, XUV700, and Thar.

"The calendar year 2025 ended on a positive note, with Mahindra clocking its highest-ever volumes in both SUVs and LCVs (<3.5T) segments, a significant milestone for the company," said Nalinikanth Gollagunta, CEO of the Automotive Division at M&M Ltd.

Commercial Vehicles Maintain Growth Trajectory

The commercial vehicle segment demonstrated resilience in December. Light commercial vehicles in the 2-tonne to 3.5-tonne category recorded 22,066 units in sales, a 37% year-on-year increase. LCVs under 2 tonnes contributed 2,720 units, up 13% from December 2024.

Total domestic commercial vehicle sales in December reached 24,786 units, remaining flat compared to November's 24,843 units. The segment showed a 34% year-on-year growth rate, driven by infrastructure activity and transportation demand.

Three-Wheelers and Export Performance

Three-wheeler sales, including electric models, totaled 7,538 units in December, reflecting a 31% year-on-year increase but a 12% decline from November's 8,568 units. Year-to-date three-wheeler sales reached 82,446 units, up 28% compared to the same period last year.

Exports declined 9% year-on-year to 2,820 units in December, down from 3,092 units in December 2024 and 2,923 units in November 2025. Despite the monthly decline, year-to-date exports grew 25% to 30,061 units.

Industry Context and Electric Vehicle Push

The month-on-month decline in December follows a pattern typical in the Indian automotive sector, where October and November benefit from festive purchasing. October 2025 had been a record month for Mahindra, with 71,624 SUV sales and 120,142 total vehicles sold.

In November 2025, Mahindra celebrated the first anniversary of its "Electric Origin SUVs" and launched the XEV 9S, a seven-seater electric SUV, alongside the BE 6 Formula E Edition. The company continues to expand its electric vehicle portfolio as part of a broader industry shift toward sustainable mobility.

Mahindra's performance in December reinforced its position in the domestic utility vehicle market while highlighting the seasonal nature of automotive sales patterns. The company's year-to-date growth across multiple segments indicates sustained market share in both passenger and commercial vehicle categories.

Founded in 1945, Mahindra Group operates across farm equipment, utility vehicles, information technology, and financial services with 324,000 employees in over 100 countries. The company is the world's largest tractor manufacturer by volume.

Electric 3W share at 60% in January-November, CNG share falls to 25% from 29%

Ajit Dalvi — Fri, 19 Dec 2025 12:43:05

The smart growth of India’s electric 3-wheeler industry, which displays the fastest transition from conventional fuels to electric mobility amongst all vehicle segments, continues to eat into the CNG-powered 3W sub-segment which is the second-largest in volume.

Following its highest monthly retail sales of 83,682 units in November, the e-3W industry has surpassed the 700,000 milestone for the first time. As per Vahan data, 709,488 e-3Ws were sold in the January-November 2025 period, up 12% YoY (January-November 2024: 631,899 units). Of the total 1.18 million 3Ws across all powertrains (electric, CNG, diesel, LPG and petrol) sold in India (other than Telangana for which Vahan does not provide the retail data), electric 3Ws account for the bulk of them – 60% – clearly establishing their stranglehold over this vehicle segment. Furthermore, it is also the one to register the highest YoY growth (see data table below). The 12% YoY growth in sales has given it an additional 4% market share, increasing from the 56% it had in July 2024.

The electric 3W segment’s record retail sales have given the category a 60% market share – an additional 4% – while that of CNG 3Ws has dropped to 25% from 29% a year ago.

In comparison, CNG three-wheelers have lost exactly the same level of market share that EVs have gained: 4 percent. The past 11 months have seen 297,602 CNG 3Ws sold, down 9% YoY (January-November 2024: 327,903 units), being delivered to customers. This translates into 30,301 fewer sales YoY. Among the impediments to better adoption of CNG three-wheelers have been regular price hikes of this fuel which increase the total cost of vehicle ownership, which is critical in this vehicle category which caters to both passenger and cargo transport. As of today, CNG costs Rs 78 per kg in Mumbai, Rs 76.59 in Delhi, Rs 90 in Kolkata and Rs 90.50 in Chennai. Diesel costs Rs 90 per litre in Mumbai – a difference of Rs 12.

Meanwhile, diesel-engined 3W sales, at 139,167 units, have risen by 10% YoY. This sees the diesel 3W share improve marginally to 12% from 11% a year ago. LPG-fuelled 3W sales (30,889 units) were up 2% YoY but the 3% market share remains unchanged. And only 3,821 petrol-engined 3Ws were sold last month, down 64% YoY, which is understandable given the wallet-busting cost of this fossil fuel.

MAHINDRA AND BAJAJ AUTO LEAD THE CHARGE IN E-3W MARKET

The electric 3W segment has the largest number of players – over 600 – compared to the two-wheeler, passenger vehicle or commercial vehicle segments in India. This vehicle segment’s robust performance this year is mainly driven by four legacy OEMs – Mahindra & Mahindra, Bajaj Auto, TVS Motor Co and Piaggio Vehicles – which will ensure that India remains the world’s No. 1 e-3W market for the third year in a row, outselling China.

Of these four OEMs, Mahindra & Mahindra, Bajaj Auto and TVS will achieve their highest-ever e-3W annual sales at the end of December. While M&M is well set to cross the 100,000 milestone for the first time in CY2025, Bajaj Auto, which has recently diversified into the e-rickshaw segment, is expected to close the year with sales of 82,000 to 85,000 units. Meanwhile, TVS, the most recent legacy player to enter this market, should hit the 25,000-unit mark.

Bajaj Auto and TVS Motor Co hit their highest-ever monthly retail sales in November this year.

Bajaj Auto Electric 3W Sales Scale New High in November, Cross 117,000 Since Launch

Ajit Dalvi — Sat, 06 Dec 2025 11:56:02

Bajaj Auto, India’s market leader in IC-engined three-wheelers and also the No. 1 three-wheeler exporter, has registered its best-ever monthly retail sales in November 2025. The 8,765 units are a 43% YoY jump (November 2024: 6,129 units) and a month-on-month increase of 9% (October 2025: 8,034 units).

As the retail sales data table below reveals, the company’s growth in the current calendar year has been very strong. Bajaj Auto began this year with 5,357 units in January, which fell 14% MoM to 4,588 units in February. Then there were five straight months of MoM growth – March (5,293 units), April (5,509 units), May (6,292 units), June (6,478 units) and July (7,626 units).

Deliveries fell in August (6,256 units) and September (6,827 units) because of a much-slowed-down supply chain for critical rare earth magnets which also impacted production of the Bajaj Chetak electric scooter. With the supply chain issue being resolved, production has come back on track.

Bajaj Auto sold over 8,000 e-3Ws for the first time in October and bettered that with 8,765 units in November. With the new Riki e-rickshaw now on sale, expect numbers to cross 9,000-10,000 soon.

Bajaj Auto Set for Record Sales of Over 80,000 Units in CY2025

CY2025 has turned out to be a record year for Bajaj e-3Ws. Cumulative sales in the first 11 months of this year at 71,025 units are up 88% year on year (January-November 2024: 37,668 units). This gives the company a 10% market share of the 709,506 e-3Ws sold across the country. With December numbers still to be factored, as also the market entry of the Riki e-rickshaw, in both passenger and cargo variants, expect Bajaj Auto to clock total sales of around 82,000-85,000 units in CY2025.

On November 26, the Pune-based company expanded its portfolio with the two-variant Riki model which marks Bajaj’s diversification in the volume electric rickshaw segment. While the passenger Riki P4005, equipped with a 5.4 kWh battery is priced at Rs 190,890 (ex-showroom) and travels a claimed 149km on a single charge, the Riki C4005 cargo model, priced at Rs 200,876 has a certified range of 164km. According to the company, the Riki has been piloted successfully in Patna, Moradabad, Guwahati and Raipur, an exercise which is being expanded to over 100 towns across Uttar Pradesh, Bihar, Madhya Pradesh, Chhattisgarh and Assam in Phase 1.

Bajaj Auto had entered the e-3W market in June 2023 with two products – the RE E-Tec 9.0 passenger EV and Maxima XL Cargo E-Tec 12.0 (replaced by the GoGo e3W brand launched in February 2025). The GoGo e-3Ws, which are aimed to redefine last-mile mobility, for both passenger and cargo operations, constitute the bulk of the company’s monthly sales.

Key GoGO product highlights are a best-in-class range of 248km, a 5-year /120,000km battery warranty, and first-in-class tech features like auto hazard and anti-roll detection. There are two GoGo models for passenger transport (P70s and P50s) and three variants (P5009, P5012 and P7012). While the P5009 has a 9kWH battery, the P5012 and P7012 are equipped with a 12kWh unit.

Bajaj Auto is banking on the Riki’s product attributes of longest range, monocoque chassis, independent suspension and hydraulic brakes to increase driver earnings, offer enhanced passenger safety and comfort as well as reliability.

New Riki To Help Accelerate Monthly Sales

Bajaj Auto’s strategic move to enter the high-volume e-rickshaw market is expected to drive up its monthly numbers. The e-rickshaw category has witnessed rapid expansion after Covid, adding over 45,000 vehicles every month, driven by demand for affordable last-mile mobility. E-rickshaws form a significant part of last-mile mobility feeding metros, suburban rail, and city bus systems. Furthermore, vehicle reliability and safety are increasingly driving e-3W purchase decisions from both driver and passengers.

The company is upbeat about its new electric three-wheeler as well as the growth prospects for the overall 3W business. In an analyst call last month, Rakesh Sharma, Executive Director, Bajaj Auto said: “The recently launched e-rickshaw (Riki) will further strengthen our portfolio and enable us to capture a share of this large profit and revenue pool. We have sold about 500 units of Riki in eight cities and are in the phase of observing acceptance. Early feedback from customers is very positive and it allows us to formulate our go-to-market plan. We intend to scale e-rick in a few months from now.”

“As it is with the surge in exports, manufacturing is operating at peak capacity for three-wheelers and we are now therefore taking steps to build three-wheeler capacity in the next few months, particularly in the e-vehicle segment.”

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TVS Motor sells 18,000 e-3Ws in 11 months, posts new high in November

TVS Motor Sells 18,000 e-3-wheelers in 11 Months, Posts New high in November

Ajit Dalvi — Fri, 05 Dec 2025 18:38:34

TVS Motor Company, the latest legacy ICE three-wheeler OEM to enter the electric three-wheeler market in India, has registered its highest monthly sales of 2,871 units in November 2025. As per the latest retail sales data on the Vahan portal, the company has delivered a total of 18,116 units between January and November 2025, with sales increasing month on month.

The 2,871 units sold in November are the highest monthly e-3W sales yet for TVS Motor and give it a 3% share of the total e-3Ws sold in India last month.

As the 11-month retail sales data table above depicts, sales have risen rapidly month on month – starting from 133 units in January. Monthly numbers crossed the 1,000-unit mark for the first time in April (1,207 units), the 2,000-unit mark in July (2,208 units) and have now scaled a new high in November, giving the company a 3% share of the total e-3W sales in India last month.TVS’ cumulative sales of 18,116 e-3Ws over the past 11 months of CY2025 give it a 2.55% market share of the total 709,506 units sold and the No. 6 rank in a field of 600 players.

This performance is creditable given that the company entered the three-wheeler e-mobility business only recently. The five OEMs ahead of TVS are longstanding market leader Mahindra Last Mile Mobility, Bajaj Auto, YC Electric, Saera Auto and Dilli Electric Vehicles.

TVS Motor Co’s vehicle of entry into the e-3W market was the King EV Max passenger model, whose styling is close to the petrol-engined TVS King. Powered by a 9.7 kWh lithium-ion LFP battery pack, it is claimed to deliver a travel range of 179km per charge and a top speed of 60kph.

The TVS King EV Max, which develops maximum power of 11 kW and 40 Nm of torque, has three driving modes with different top speed limits – Eco (40kph), City (50kph) and Power (60kph). As per the model’s tech specs, 0-100% charging takes three-and-a-half hours while a 0-80% charge takes two hours and 15 minutes.

The TVS King EV Max also gets Bluetooth-enabled connected features which are similar to those on TVS’ two-wheelers and enable the user to access vehicle diagnostics, last parked location and call and message notifications which are conveyed via a negative LCD.

Interestingly, the King EV Max also has a water-wading capacity of up to 500mm. The TVS King EV Max is currently available in only a few states including Uttar Pradesh, Bihar, Jammu & Kashmir, Delhi and Bengal with network expansion plans underway.

The TVS King Kargo HD EV is claimed to have the highest loading area in the segment: 6.6 feet deck length.

PLUGGING INTO THE ZERO-EMISSION CARGO 2W MARKET

In August this year, TVS entered the growing electric three-wheeler cargo market with the TVS King Kargo HD EV powered by a8.9kWH lithium-ion LFP battery and priced at Rs 385,000 (ex-showroom Delhi). The King Kargo HD EV’s key highlights are a 6.6-feet loading deck with a low loading height of 703mm, top speed of 60kph, 3420mm turning radius, and a warranty of six years / 150,000km.

A full charge takes 3 hours and 10 minutes. TVS also claims the King Kargo HD EV is India’s first Bluetooth-enabled cargo three-wheeler and comes equipped with TVS SmartXonnect which offers 26 smart features.

In the first phase, the TVS King Kargo HD EV will be available across key markets including Delhi, NCR (Faridabad, Noida, Gurgaon, Ghaziabad), Rajasthan and Bengaluru.

Will TVS move higher up the e-3W OEM ladder in the coming months? That remains to be seen, given the high level of competition from the market leader Mahindra & Mahindra and its immediate No. 2 rival Bajaj Auto which has now entered the volume electric rickshaw market, which is led by a host of startups.

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Why India's E-Rickshaw Boom Hit the Brakes: The L5 Upgrade Effect

Shahkar Abidi — Wed, 26 Nov 2025 20:07:20

India’s fast-evolving three-wheeler (3W) market, which serves as the backbone of last-mile connectivity, is experiencing a surprising stagnation in its most basic electric segment.

While the overall industry has nearly doubled in size over the past six to seven years, driven largely by new electric entrants, the explosive growth of the entry-level electric rickshaw (e-rickshaw) category has recently slowed down over the past 3–4 quarters.

Samardeep Subandh, President of the Intra-City Business Unit at Bajaj Auto Ltd., an industry leader long dominant in the three-wheeler ecosystem, pointed to a slowdown that reflects a significant shift in driver preferences and competition dynamics.

"If you look at the last three–four quarters, the e-rickshaw growth has stopped," said Subandh, on the sidelines of his company's entry into the e-rickshaw category with the launch of Bajaj Riki in Delhi.

He characterized this as "some sort of temporary stagnation."

Growth Jump Post-Pandemic

The overall three-wheeler market, including larger passenger autos and smaller rickshaws, grew from approximately 60,000 units per month in fiscal years 2019 and 2020 to roughly 115,000 to 120,000 units per month today. A massive driver of this historic expansion was the e-rickshaw and e-cart segment, which grew significantly and now accounts for nearly 45,000 units sold monthly. These affordable vehicles quickly became a "true last-mile solution" in many regions across the country.

Entry of Major OEMs Changes Dynamics

The primary reason for this halt, according to Subandh, is a consumer migration driven by greater product availability and competitive forces in the segment immediately above the e-rickshaw: the larger, more sophisticated electric auto category, known in industry parlance as L5 EV autos. This L5 segment historically covered conventional three-wheelers (powered by fuels like CNG and diesel) but is now witnessing an aggressive push into electrification.

Major OEMs, including Bajaj Auto, Mahindra, Piaggio, and TVS, are intensely competing within this larger electric auto segment. This influx of high-quality, dependable vehicles is successfully luring drivers away from the entry-level e-rickshaws, which often face issues related to low range, safety, and durability due to older technologies like lead-acid batteries.

"There is a lot of action happening in the L5 EV auto category... So a lot of customers are upgrading here," Subandh explained.

Automotive Industry Focus Shifts Upmarket

Subandh indicated that this trend is likely to define the future direction of the market, predicting a long-term shift away from the basic e-rickshaw form factor.

"If looking into the future, the e-rickshaw may not grow as fast as it did in the past. I think it goes more towards L5, which is CNG and EV autos," Subandh noted, highlighting the anticipated focus on larger CNG and electric auto vehicles for future growth.

Bajaj Auto, a company that has long been engaged with the three-wheeler segment, is looking to strengthen its presence in the electric three-wheeler space as well. Historically, approximately seven out of 10 three-wheelers in India belong to Bajaj Auto. The company launched Bajaj E-Tec in 2023 and the Bajaj GoGo brand in early 2025. Now, with Bajaj's entry into the e-rickshaw segment with its new ‘Riki’ brand, the company is looking to expand its share of the pie.

India Topped Global Electric 3W Market With 57% Share in CY2024, Confirms COP30 Report

Ajit Dalvi — Fri, 21 Nov 2025 10:35:37

The COP 30 ZEV report, released at COP30, the United Nations Climate Change Conference taking place in Belém, Brazil from November 10-21, 2025, has confirmed what was already known – that India is the world’s leading market for electric 3-wheelers. The report states that India commanded 57% of global e-3W sales in CY2024 and highlights India’s rapid shift toward clean mobility, positioning it as a key driver of the global transition to zero-emission transport systems.

Prepared by the Accelerating to Zero Coalition, for which the International Council on Clean Transportation (ICCT) serves as secretariat, the COP30 Progress Update: Driving Progress on the Zero-Emission Vehicle Transition finds that India’s policy-driven transformation has played “a decisive role in achieving price parity between electric and conventional models, fuelling large-scale adoption and private sector investment across last-mile mobility.” The report highlights India’s rapid shift toward clean mobility, positioning it as a key driver of the global transition to zero-emission transport systems.

In May this year, Autocar Professional had broken the news of India beating China for the second year in a row to be the world’s e-3W market. In CY2024, with record sales of nearly 700,000 units and 18% YoY growth. In comparison, China sold around 300,000 units and posted a YoY decline of 6 percent. This also means that total global sales of electric 3Ws last year were around 1.21 million units.

The Indian e-3W market is maintaining the same strong growth it displayed last year in CY2025. In the first 10 months of this year, domestic market retail sales between January 1 and November 20, 2025 have already crossed 680,000 units. This includes highest-ever monthly sales of 70,604 units in October. With another 40 days to go before the year ends, India e-3W Inc should surpass the 740,000 to 750,000-unit milestone for the first time in annual sales.

The Indian e-3W industry registered growth in each of the 12 months of CY2024 but missed the 700,000 sales milestone by just 8,694 units.

The COP 30 ZEV report points out that the “transition has been powered by a strong collaboration between government and the private sector, particularly in last-mile delivery, where companies are adopting EVs for cost savings and working with rental partners to build out the ecosystem. By focusing incentives on the vehicles that dominate its roads and last-mile logistics, India is creating a self-reinforcing cycle of market acceleration.” The PM E-Drive program has been instrumental in lowering the upfront cost of electric 2- and 3-wheelers, making them price-competitive with ICE equivalents.

The report adds, “The rapid global expansion of EV charging networks has been driven by supportive policies, with Europe’s reliance on deployment targets and India’s use of targeted incentives demonstrating two effective and scalable models.”

Global uptake remains resilient despite policy shifts

Despite recent policy adjustments in some advanced economies, global EV adoption continues to grow. EVs accounted for 18% of global light-duty vehicle sales in CY2024, up from 14% in CY2023, reflecting strong momentum across emerging markets. France, Spain, and Croatia expanded purchase incentives, while the United Kingdom and Canada refined their ZEV mandates. Global charging infrastructure also crossed 5 million public charging points, doubling since 2022.

India maintained steady growth with a 23% year-on-year rise in light-duty EV sales (2023–2024) and a 2.9% EV sales share in the first half of 2025. The report credits the EU’s Alternative Fuels Infrastructure Regulation (AFIR) and India’s FAME and PM E-Drive programs as key policy drivers accelerating global progress toward zero-emission mobility

“Two-wheelers accounted for more than three-quarters of all motor vehicles sold in India last year. In fact, two- and three-wheelers together made up nearly 80% of total vehicle sales. India is rightly targeting the electrification of its largest vehicle segment and the results are beginning to show. The government of India, through the PM e-DRIVE scheme, is now going a step further by launching a dedicated programme to accelerate the electrification of medium- and heavy-duty trucks. These vehicles represent only about 3% of the total vehicle stock but contribute nearly 44% of transport-related greenhouse gas emissions. This shift in focus is both timely and welcome,” said Amit Bhatt, India Managing Director, ICCT.

“This year’s edition of the COP Progress Update shows that despite political uncertainty in some established markets, the ZEV transition is accelerating at an unprecedented rate in emerging markets,” said Tim Dallmann, International Partnerships Program director at the ICCT. “Countries like India, Chile, and Vietnam are showing to the world that this transition is beneficial to the economy, while also supporting broader climate goals.”

ALSO READ: India’s EV industry sells record 234,000 units in October, charges towards 2 million in CY2025

Piaggio Launches Apé Xtra Bada 700 and Apé Xtra 600 Diesel Cargo Three-Wheelers

Shruti Shiraguppi — Thu, 20 Nov 2025 13:20:26

Piaggio Vehicles Pvt Ltd (PVPL) launched two new diesel cargo three-wheelers—the Apé Xtra Bada 700 and the Apé Xtra 600—to expand its last-mile mobility portfolio and address demand for higher payload and performance in the commercial vehicle segment.

The Apé Xtra Bada 700 introduces India’s first 7-ft cargo deck and the highest-in-segment 750 kg payload capacity. It is powered by a 700 DI diesel engine and features a new chassis, cabin, and digital instrument cluster. The vehicle also includes 12-inch radial tyres, improved suspension geometry, and an optional rear sensor for reversing assistance.

The Apé Xtra 600 is equipped with a newly developed 600 DI diesel engine, offering improved mileage, gradeability, and load-carrying performance. It is designed for intra-city and semi-urban logistics operations.

“At Piaggio India, we have always believed in pushing the boundaries of innovation in the last-mile mobility segment. The Apé Xtra Bada 700 is a landmark product that disrupts the cargo 3-wheeler category with industry-first features in engine capacity, deck size and payload. It is designed to empower customers with more productivity and superior earnings. Alongside, the Apé Xtra 600 continues our commitment to delivering efficient, high-value solutions. With these new diesel cargo products, we strengthen our Apé legacy and reiterate our focus on customer-centric engineering,” said Diego Graffi, Chairman & Managing Director, Piaggio Vehicles Pvt. Ltd.

Amit Sagar, Executive Vice President, added that, “Cargo mobility demands are changing rapidly, with customers expecting higher power, higher payload, better comfort, and stronger performance. The Apé Xtra Bada 700 addresses all these needs with a fresh, powerful new platform and several industry-firsts that directly enhance profitability for customers. It provides the most efficient, economical, and affordable option for a Cargo 3W and provides a compelling alternate to the 4W cargo vehicles with an advantageous Opeco and TCO. The Apé Xtra 600 also brings improved capabilities to our strong diesel cargo portfolio. We are confident that these products will further strengthen our leadership in the cargo 3-wheeler market.”

The Apé Xtra Bada 700 and Apé Xtra 600 are available from November 2025, priced at ₹3.45 lakh and ₹2.88 lakh (ex-showroom, Maharashtra), respectively.