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Musashi India and Bhago Mobility Sign Supply Agreement for Electric Three-Wheeler Powertrain

Angitha Suresh — Tue, 15 Sep 2026 13:43:56

Musashi Auto Parts India Pvt. Ltd. has signed a Letter of Intent (LOI) with Bhago Mobility Solutions Private Limited to supply electric powertrain systems for the fixed-battery variant of Bhago's upcoming three-wheeler passenger vehicle, the Bhago Bhim™.

Under the agreement, Musashi will provide three-wheeler electric axles (e-Axles) — an integrated powertrain unit — to be used in the fixed-battery configuration of the Bhago Bhim™ platform. The vehicle is also being developed in a battery-swap variant, though the current LOI covers only the fixed-battery version. Production is planned to begin in 2027, with manufacturing at Musashi's Bangalore facility.

The two companies also said they intend to explore further collaboration across other configurations of the Bhago Bhim™ platform, including cargo variants and battery-swapping systems.

Bhago Bhim's IoT-Native EV Platform Explained

The Bhago Bhim™ is being developed on an IoT-native architecture with integrated telematics, designed to enable remote diagnostics, maintenance scheduling and over-the-air software updates. The platform targets India's passenger and last-mile mobility segments and is aimed at driver-owners and fleet operators.

India's Electric Three-Wheeler Market Growth

The deal adds to a trend of domestic component supply partnerships in India's electric three-wheeler segment. According to figures cited by the companies, electric vehicles accounted for more than 60 percent of India's three-wheeler retail sales in 2025. Musashi's e-Axles for this programme will be manufactured in India.

About Musashi Seimitsu and Bhago Mobility

Musashi Seimitsu Industry, the Japanese parent company founded in 1938, manufactures drivetrain components for two- and four-wheel vehicles across 14 countries. Bhago Mobility, headquartered in Gurugram, operates an EV fleet platform across Delhi NCR and Bengaluru and is developing the Bhim™ platform for the domestic market.

Domestic PV Dispatches Rise by 36.5% in August to 4.39 Lakh Units: SIAM

Dev Vadchhedia — Tue, 15 Sep 2026 13:04:02

Domestic passenger vehicle wholesales rose 36.5% year-on-year in August 2026 to touch 4,39,309 units, recording the highest-ever dispatches for the month of August, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday. The segment had registered 3,21,901 units in August 2025.

Rajesh Menon, Director General, SIAM, said, "The growth in August 2026 has been supported by a lower base of previous year". GST reforms introduced by the government in 2025 has helped boost the automotive industry on a year-on-year basis.

Two-Wheeler Wholesales Cross 20 Lakh Units in August

Two-wheeler wholesales expanded 10.5% to 20,34,698 units during the month, compared to 18,41,954 units in August 2025. Growth in the segment was led primarily by scooters, which climbed 23.8% to 8,55,715 units from 6,91,430 units a year earlier. Motorcycle dispatches rose at a more moderate pace of 2.4% to 11,33,047 units compared to 11,06,638 units, while moped volumes grew 4.7% to 45,936 units.

Three-Wheeler Sales Grow 22.8%, EV Segment Slips

Three-wheelers showed contrasting trends. Dispatches grew 22.8% to 93,764 units from 76,324 units in the year-ago period. Within the category, passenger carrier volumes rose 22.4% to 78,680 units, while goods carriers recorded a 34.9% increase to 13,320 units. On the other hand, electric three-wheelers reported contractions: e-rickshaw dispatches dropped 6% to 1,264 units, while e-carts declined 38.3% to 500 units.

Festive Season Expected to Boost Q2 Dispatches

Menon also highlighted the upcoming festive season, which could improve dispatch numbers further. "Festive demand is also expected to provide an additional boost, resulting in healthy Q2 numbers", Menon said.

PV Data Excludes Tata Motors Sub-Segments, Luxury Brands

SIAM noted that the passenger vehicle data includes Tata Motors' domestic sales only at the aggregate level without detailed sub-segment splits, while luxury carmakers BMW, Mercedes-Benz, Jaguar Land Rover, and Volvo do not report monthly numbers to SIAM. Excluding Tata Motors, total passenger vehicle dispatches stood at 3,74,056 units in August 2026 compared to 2,80,900 units in August 2025.

Three-Wheeler Retail Sales Hit Record August At 1.22 Lakh Units: FADA

Eshisha Java — Mon, 07 Sep 2026 09:25:26

Three-wheeler retail sales increased 8.64 percent year on year to 1,22,281 units in August 2026, marking the segment's best-ever August, according to FADA. Retail volumes were down 8.59 percent from July's 1,33,778 units, while August 2025 sales stood at 1,12,553 units.

The segment's growth was driven by rural markets, which recorded a 23.95 percent YoY increase, while urban three-wheeler retail declined 6.95 percent. Both markets recorded sequential declines, with rural volumes down 8.20 percent and urban volumes down 9.12 percent.

The three-wheeler market comprised passenger, goods and personal-use vehicles, as well as electric rickshaw categories. FADA's August data showed divergent performance across these sub-segments.

Passenger And Goods Three-Wheeler Retail

Three-wheeler passenger vehicles accounted for 72,657 units in August, up 23.11 percent from 59,017 units a year earlier. Three-wheeler goods vehicles recorded 14,614 units, an increase of 42.76 percent over August 2025. Personal three-wheelers remained a small category at 165 units, although volumes were 28.91 percent higher year on year.

Electric rickshaws for passenger use recorded 28,816 units, down 22.03 percent YoY from 36,957 units. Electric rickshaws with carts recorded 6,029 units, down 2.98 percent from 6,214 units a year earlier.

Electric Vehicles Account For 65.30% Of Three-Wheeler Retail

Electric vehicles accounted for 65.30 percent of three-wheeler retail in August, compared with 65.07 percent in July and 56.63 percent in August 2025. CNG/LPG vehicles held a 21.50 percent share, while diesel accounted for 12.89 percent. Petrol/ethanol represented 0.31 percent.

FADA described the segment as structurally electric in its August assessment, with EV penetration continuing to remain above 65 percent.

Bajaj Auto Retains Lead In Three-Wheelers

Bajaj Auto remained the largest three-wheeler OEM in August with 42,605 units and a 34.84 percent market share. Its share was down from 38.87 percent in August 2025, when it retailed 43,744 units.

Mahindra & Mahindra recorded 13,381 units and a 10.94 percent share, while Mahindra Last Mile Mobility recorded 13,367 units and a 10.93 percent share. Piaggio Vehicles followed with 8,426 units and a 6.89 percent share, while TVS Motor Company had 7,139 units and a 5.84 percent share.

September Outlook

FADA expects three-wheeler demand to benefit from the broader festive period, although the association noted that rural demand remains exposed to rainfall conditions. For the overall auto retail market, 67.09 percent of surveyed dealers expected growth in September, with 27.35 percent expecting flat conditions and 5.56 percent expecting de-growth.

The August three-wheeler data does not include Telangana, as registrations for the category from the state were unavailable when the data was compiled. FADA said the retail data was collated as of September 4 from 1,467 of 1,469 RTOs.

TVS Motor Company's Three-Wheeler Sales Rise 34% in August 2026

Angitha Suresh — Tue, 01 Sep 2026 14:04:24

TVS Motor Company sold 25,103 three-wheelers in August 2026, a 34% increase compared to 18,748 units in the same month last year, according to figures released by the company on September 1, 2026. The result marks one of the stronger monthly performances the company has reported in the segment in recent periods.

The three-wheeler category in India serves primarily as a last-mile mobility solution, covering passenger transport in the form of autorickshaws and goods carriers used for small-load logistics. Demand in the segment tends to track urban and semi-urban economic activity, with fleet operators and small business owners forming the primary buyer base. The segment has also seen a gradual shift toward electric variants in recent years, as fuel cost pressures and state-level incentive schemes have made battery-powered three-wheelers more viable for commercial operators.

TVS competes in this space alongside established players such as Bajaj Auto and Piaggio, both of which have a significant presence in the passenger and cargo three-wheeler categories. The segment as a whole has seen renewed interest from manufacturers given the growth of the gig economy and the expansion of e-commerce logistics networks, both of which have increased demand for small commercial vehicles.

TVS Three-Wheeler Growth Comes Against a Record Year-Ago Base

The year-ago comparison period was itself a strong month for TVS. In August 2025, the company crossed the half-million total vehicle sales mark for the first time in its history, with three-wheelers accounting for approximately 18,748 units of that total. The 34% growth recorded in August 2026 is therefore measured against an already elevated base, making the year-on-year gain more notable in context.

About TVS Motor Company

TVS Motor Company, part of the TVS VENU group, manufactures two- and three-wheelers across facilities in India and Indonesia and sells vehicles in 90 countries. Three-wheelers represent a smaller share of its overall sales portfolio compared to two-wheelers, but the segment has shown consistent volume momentum over the company's recent reporting periods.

SKG Investments Closes Rs 100 Crore Funding for Omega Seiki Mobility, Takes Stake in Second Tranche

Angitha Suresh — Mon, 31 Aug 2026 14:01:35

SKG Investments & Advisory has completed a Rs 100 crore fundraise for Omega Seiki Mobility (OSM), an electric three-wheeler manufacturer based in India. The raise was executed in two tranches of Rs 50 crore each, with SKG serving as transaction advisor across both rounds. Notably, in the second tranche, SKG also participated as an investor — a step that takes the firm beyond its conventional advisory role and signals a higher degree of conviction in OSM's business.

SKG managed the transaction comprehensively, handling investor positioning, deal structuring, and negotiations across both rounds. The dual role of advisor and co-investor in the same transaction is uncommon in Indian financial advisory and reflects the firm's assessment of OSM's growth potential.

Omega Seiki Mobility's Business and Ownership

OSM operates in the electric three-wheeler passenger segment, a category that has seen demand grow alongside broader EV adoption in India. The company is led by Uday Narang, who serves as Founder and Chairman. OSM's promoter group also has interests in OBSC and Omega Bright Steel, giving the company a base in established manufacturing. OSM has maintained profitability, which sets it apart in a sector where many players have prioritised rapid expansion over financial discipline.

India's EV Three-Wheeler Market: Growth and Policy Support

The fundraise takes place against a backdrop of growth in India's electric vehicle market. EV passenger vehicle sales crossed 25 lakh units in FY2025–26, representing a 25% increase over the previous year, driven in part by a shift in total cost of ownership in favour of electric vehicles. The three-wheeler segment, which serves both last-mile passenger transport and goods delivery, has been among the earlier categories to see meaningful EV penetration, partly due to lower upfront costs relative to four-wheelers and the economics of fleet operation.

Policy has also played a role. Central and state government incentives under the FAME scheme and its successors have reduced the price gap between electric and internal combustion engine three-wheelers, accelerating adoption particularly among commercial operators.

About SKG Investments & Advisory

SKG Investments & Advisory is headquartered in New Delhi and provides financial advisory services to high-net-worth families, corporates, and institutions. Its services span capital raising, deal structuring, and investment strategy across sectors. The OSM transaction adds to the firm's portfolio of mandates in India's electric mobility and clean energy space, where it has been building a track record over recent years.

Hyundai E3W, E4W win Gold at 2026 IDEA Awards

Eshisha Java — Mon, 24 Aug 2026 16:42:38

Hyundai’s E3W and E4W Electric Micro Mobility Concepts have won Gold in the Concepts & Speculative Design category at the 2026 IDEA Awards, organised by the Industrial Designers Society of America (IDSA). The concepts are listed in the IDEA Awards gallery under the Concepts & Speculative Design category.

The E3W and E4W were designed by Hyundai Genesis Global Design and co-developed and produced by TVS Motor Company. The concepts reinterpret the motor rickshaw format as an electric micro-mobility platform for urban applications.

Designed around dense traffic and everyday mobility requirements, the concepts use compact proportions and an angled windshield. The latter is intended to improve visibility for the driver, while the compact dimensions are aimed at allowing easier movement through urban traffic.

Both concepts feature a full-flat, barrier-free floor to facilitate entry and wheelchair access. Their seating can fold and dive to allow the interior to be changed between passenger and cargo configurations.

Hyundai E3W and E4W feature adaptable mobility-focused design

The E3W and E4W also incorporate adjustable ride height, which is intended to help maintain mobility on flooded or uneven streets. Simple digital interfaces and an ergonomic layout are used for the driver environment.

The concepts are based on a modular architecture that allows the same platform to be adapted for different applications. These include passenger transport, logistics and emergency roles.

Montra Electric Partners Perpetuity Capital on EV Financing

Eshisha Java — Tue, 18 Aug 2026 12:05:16

Montra Electric has signed a Memorandum of Understanding (MoU) with Perpetuity Capital to expand financing access for customers purchasing its electric passenger and cargo three-wheelers.

The partnership will provide flexible financing options for Montra Electric’s electric three-wheeler portfolio, with the companies aiming to reduce financial barriers for customers transitioning to electric mobility.

The financing solutions are intended to support individual drivers, entrepreneurs, fleet operators and small businesses purchasing Montra Electric electric three-wheelers.

Montra Electric Three-Wheeler Financing Partnership

Under the agreement, Perpetuity Capital will provide financing options for customers purchasing Montra Electric’s electric passenger and cargo three-wheelers. The companies said the solutions are intended to accommodate different ownership requirements and simplify the purchase process.

Karamveer Singh Dhillon, Co-founder and CEO of Perpetuity Capital, said, “Flexible and accessible credit is critical to accelerating EV adoption, particularly for entrepreneurs and commercial customers who rely on these vehicles for their livelihoods.”

Flexible Financing For Passenger And Cargo Three-Wheelers

The partnership covers Montra Electric’s electric passenger and cargo three-wheeler portfolio. According to the companies, the financing arrangements are intended to make EV ownership more financially viable for customers while supporting the purchase of electric mobility products.

Financing To Support Drivers And Fleet Operators

The financing options are expected to cater to individual drivers, entrepreneurs, fleet operators and small businesses. Perpetuity Capital said the partnership forms part of its focus on expanding its portfolio of electric mobility-related financial solutions.

Youdha Launches Hand-Painted Limited-Edition Electric Three-Wheeler at New Delhi Trade Fair

Angitha Suresh — Mon, 17 Aug 2026 14:40:59

Electric commercial vehicle maker Youdha unveiled a limited-edition variant of its EPOD three-wheeler on August 17, 2026, at the Bharat Vyapar Mahotsav held at Bharat Mandapam in New Delhi. The variant, named EPOD-Bharat, carries a hand-painted exterior based on Warli art — a tribal art form originating from the Sahyadri mountain range of Maharashtra — depicting themes of women, rural life, nature, and community. The unveiling coincided with one of the country's larger trade and commerce events, giving the vehicle a public platform ahead of any wider rollout.

The EPOD-Bharat is built on Youdha's existing L5 electric passenger three-wheeler platform, which the company already sells in the commercial mobility segment. The vehicle is powered by a 6 kW motor producing 50 Nm of torque and draws from an 11.8 kWh lithium-ion LFP battery. Youdha states a certified range of 227 kilometres on a single charge. The vehicle includes two driving modes — City and Boost — intended to give operators flexibility between range conservation and performance depending on load and road conditions. It also carries a 300 mm water-wading capacity, a specification relevant for use in areas with uneven or waterlogged roads, which are common in parts of India during and after the monsoon season.

The base EPOD is priced at ₹3.20 lakh. Youdha has positioned the vehicle primarily at self-employed drivers and small mobility entrepreneurs. The combination of a long per-charge range, dual drive modes, and a price point within reach of individual operators reflects a broader market strategy in the electric three-wheeler segment, where operating cost savings over petrol or CNG alternatives are a key consideration for buyers.

The EPOD is manufactured at Youdha's plant in Kashipur, Uttarakhand. The facility has an installed annual capacity of one lakh units and includes automated assembly lines along with end-of-line testing and quality control infrastructure. The scale of the plant suggests the company is preparing for volume production beyond the limited-edition run the EPOD-Bharat represents.

Ayush Lohia, CEO of Youdha, said the EPOD-Bharat was intended as a tribute to Indian women and artisans, and described the project as an effort to place traditional Indian art on a contemporary electric mobility platform.

Warli art is one of India's oldest known tribal art traditions, practised by the Warli people of the Western Ghats region. The style is characterised by geometric shapes and monochromatic motifs depicting everyday life, and has gained recognition beyond its tribal origins through commercial and design applications over the past few decades. Its use on the EPOD-Bharat places it within a pattern of Indian companies incorporating folk and tribal art forms into product branding and design.

India's electric three-wheeler market has seen consistent growth over the past several years, driven by government incentives under the FAME scheme, rising fuel costs, and growing demand for last-mile passenger and cargo transport in urban and peri-urban areas. Youdha operates across both passenger and cargo electric vehicle segments. The EPOD-Bharat is a limited-edition run and does not represent a change to the standard EPOD product lineup.

Montra Electric Enters Global Market with Super Auto Launch in Nepal

Dev Vadchhedia — Fri, 14 Aug 2026 18:19:57

Montra Electric, the electric commercial vehicle brand, has entered the international market with the launch of its Super Auto electric three-wheeler in Nepal.

The company has partnered with local distributor Hipco Superbuild to manage sales, distribution, and after-sales support across the country. The launch marks Montra Electric's first cross-border commercial expansion as it aims to introduce Indian-manufactured, purpose-built electric mobility solutions to emerging global markets.

Engineered for challenging operating conditions, the Montra Electric Super Auto is designed to navigate Nepal's steep gradients and diverse terrain while serving urban and semi-urban last-mile transportation requirements.

The expansion is being led in collaboration with Hipco Superbuild to establish the brand's retail and service footprint in the region.

Bosch Q1 Revenue Rises 22% as Mobility Business Grows 25.7%

Mukul Yudhveer Singh — Tue, 11 Aug 2026 21:04:19

Bosch Ltd reported a 22% year-on-year increase in revenue from operations to Rs 5,841.9 crore in the first quarter of FY27, supported by strong growth across its Mobility businesses.

Revenue increased from Rs 4,788.6 crore in the corresponding quarter last year, while the company's Mobility business grew 25.7% year-on-year.

Power Solutions grew 29% during the April-June quarter, with Bosch saying it outperformed market growth across passenger vehicles, commercial vehicles, off-highway vehicles and tractors.

During the company's Q1 earnings call, management attributed the performance largely to higher volumes, along with new product introductions over the previous two quarters.

“We've sort of outperformed the growth across all our segments, right from passenger cars to off-highway and tractors,” management said.

Bosch also expects upcoming regulations to provide further opportunities for Power Solutions. Management highlighted the upcoming CAFE 3 regulations, saying they “should be an even better boost” for the business.

It also pointed to upcoming regulations in the commercial vehicle segment as another area where it expects growth opportunities.

Two-Wheeler Business Grows 41.4% on Market Share Gains

Bosch's two-wheeler and powersports business grew 41.4% year-on-year during the quarter.

Management said Bosch had gained market share in the segment, supported by new product introductions with OEMs.

“We've gained market share, yes. There are some new products introduced to new OEMs, so we've gained market share,” management said during the earnings call.

Mobility Aftermarket grew 9.6% year-on-year. Bosch said the improvement followed changes to its strategy and approach to the market after a period of relatively lower growth last year.

The company has expanded its aftermarket portfolio across areas including lubricants, batteries, braking systems, diagnostic equipment, LED lighting, clutches and suspension systems. It is also expanding its workshop network.

Bosch said it believes the improved trajectory of the aftermarket business can be sustained over the coming period.

Bosch EBITDA Rises 28%, but Profit Falls 37% on High Base

Bosch reported EBITDA of around Rs 818 crore during the quarter, an increase of about 28% year-on-year from Rs 639.3 crore in Q1 FY26.

EBITDA margin stood at around 14%, compared with 13.4% in the corresponding quarter last year.

Management attributed the improvement in profitability to operational efficiencies, increasing localisation, higher volumes, productivity improvements and a favourable product mix.

Bosch also said its global purchasing organisation was helping the company manage volatility in sourcing markets.

Profit after tax stood at Rs 701.8 crore, compared with Rs 1,115.4 crore in the corresponding quarter last year, a decline of 37.1%.

The year-on-year comparison was affected by an exceptional gain in Q1 FY26. The previous-year quarter included a pre-tax exceptional gain of Rs 556 crore related to the transfer of Bosch's Video Solutions, Access and Intrusion and Communication Systems business.

Bosch Bets on Volumes, New Products and CV ADAS for Growth

Looking beyond the quarter, Bosch expects vehicle volumes, new product introductions, product mix and new technologies to support its growth over the next three to five years.

Management said it expects increasing volumes across its Mobility portfolio and also identified commercial vehicle ADAS as a new technology opportunity, with activity expected to pick up from next year.

Bosch also expects combustion technologies to continue seeing volume growth in India over the coming years, even as electrification expands.

“There is also a momentum which will carry the combustion technologies forward, including maybe some alternative fuels. This progression will continue in the next many years to come,” management said.

At the same time, Bosch said EV technologies are already part of its Mobility business in terms of technology, products and future plans, although their contribution is not yet significant in revenue terms.

The company highlighted its proposed joint venture with Tata AutoComp Systems for electric axles. The joint venture is going through regulatory approvals and is expected to operate from Nashik, with Bosch indicating that revenue should begin towards the latter part of next year.

Bosch Chassis Systems Business to Reflect From Q2

Bosch's recently acquired Chassis Systems business will start reflecting in its consolidated results from the current quarter following completion of the transaction in July.

Management described the business as a powertrain-agnostic addition to Bosch Ltd's portfolio and said it has a strong project pipeline, good market share and healthy profitability.

Bosch said it sees limited cost synergies from the transaction, with the strategic benefit instead coming from adding a powertrain-agnostic product portfolio to the listed company.

For the next three to five years, Bosch expects a combination of higher vehicle volumes, new products, changes in product mix and new technology introductions to support its revenue growth.

Bajaj Auto Sales Rise 30% In July On Strong Export Growth

Autocar Professional Bureau — Mon, 03 Aug 2026 09:56:01

Bajaj Auto reported total sales of 474,677 units in July, up 30% year-on-year from 366,000 units in the same month last year, supported by robust growth in exports across both its two-wheeler and commercial vehicle businesses.

Two-Wheeler Sales Rise 31% As Exports Outpace Domestic Growth

The company's two-wheeler sales rose 31% year-on-year to 388,719 units. Domestic two-wheeler sales increased 19% to 165,747 units, while exports climbed 42% to 222,972 units, continuing to outpace growth in the home market.

Commercial Vehicle Sales Grow 23% In July

Commercial vehicle sales stood at 85,958 units in July, marking a 23% increase over the year-ago period. Domestic CV sales grew 24% to 54,445 units, while exports rose 22% to 31,513 units.

Across both segments, domestic sales increased 20% year-on-year to 220,192 units, while exports surged 39% to 254,485 units, resulting in total sales growth of 30% during the month.

FY27 Cumulative Sales Cross 19 Lakh Units

For the April–July period of FY27, Bajaj Auto's cumulative sales rose 29% year-on-year to 1,912,928 units. Domestic sales during the four-month period grew 13% to 926,270 units, while exports advanced 50% to 986,658 units.

Mahindra's Three-Wheeler Sales Jump 53%, LCV Volumes Continue To Grow In July

Autocar Professional Bureau — Sat, 01 Aug 2026 11:27:37

Mahindra & Mahindra reported strong growth across its light commercial vehicle and three-wheeler portfolio in July 2026, led by a 53% increase in domestic three-wheeler sales.

The company sold 14,538 three-wheelers, including electric models, during the month compared with 9,475 units a year earlier. Year-to-date sales reached 50,793 units, up 69% from the corresponding period of FY26.

Compared with June, Mahindra's light commercial vehicle volumes moderated slightly. Domestic sales of commercial vehicles stood at 25,204 units in July, versus 26,076 units in June. Sales of LCVs below 2 tonnes increased to 3,870 units from 3,508 units in the previous month, while the 2-3.5 tonne category declined to 21,334 units from 22,568 units. Three-wheeler sales increased to 14,538 units in July from 13,820 units in June, although year-on-year growth moderated to 53% from 63% in the previous month.

In the light commercial vehicle segment, sales of vehicles below 2 tonnes increased 40% year-on-year to 3,870 units, while LCVs in the 2-3.5-tonne category rose 21% to 21,334 units. Cumulative volumes for the two segments stood at 13,852 units and 84,934 units, respectively.

Mahindra said domestic commercial vehicle sales reached 25,204 units during July, up 23% year-on-year, contributing to the company's total vehicle sales of 103,860 units, including exports.

"The total vehicle sales stood at 103,860, a 26% YoY growth reflecting all-round demand traction across the portfolio," said Nalinikanth Gollagunta, CEO, Automotive Division, M&M.

Mahindra Last Mile Mobility becomes unicorn; Lightrock leads Rs 322-crore funding

Kiran Murali — Thu, 30 Jul 2026 22:27:23

Mahindra & Mahindra said on Thursday its electric three-wheeler unit, Mahindra Last Mile Mobility Ltd (MLMML), has achieved unicorn status after raising about Rs 322 crore in a funding round led by global investment firm Lightrock, valuing the company at Rs 10,822 crore (approximately US$1.24 billion). This comes ahead of its planned initial public offering, likely in the second half of the financial year 2027.

The fresh funding round also saw participation from existing investors, including the International Finance Corporation and the India-Japan Fund, a fund managed by the National Investment and Infrastructure Fund Ltd. The investment underscores investor confidence in India's electric commercial vehicle market, where Mahindra has emerged as the leading player in electric three-wheelers.

Sales Momentum Fuels the Valuation

Mahindra said the last-mile mobility business has recorded a six-fold increase in electric three-wheeler sales over the past four years. It posted an 85% year-on-year increase in volumes in the first quarter of the financial year 2027. It became the first electric commercial vehicle manufacturer in India to cross cumulative sales of 100,000 electric three-wheelers during financial year 2026. The company currently holds about a 40% share of the L5 electric three-wheeler market.

Leadership on the Unicorn Milestone

"We welcome Lightrock as a partner marking a pivotal milestone in our last mile mobility initiative, highlighting the transformative potential of our growth gems," Group Chief Executive Officer and Managing Director Anish Shah said.

"With Lightrock joining alongside IFC and IJF, MLMML has now achieved unicorn status in the electric vehicle market. This investment brings us closer to our goal of deploying 1 million EVs on India roads by 2031 and solidifies our leadership in the electric commercial vehicle sector," he added.

Rajesh Jejurikar, executive director and CEO of the Auto and Farm Sector at Mahindra & Mahindra, said the investment reinforces the company's leadership in the electric commercial vehicle segment.

"With ~40% market share in the L5 segment, it is at the forefront of a market that has rapidly scaled from 12% to 40% electrification in just two years. We are proud to be India's No.1 electric commercial vehicle manufacturer for the fourth consecutive year," he said.

Mahindra said the funding comes as electric three-wheeler penetration has risen from 12% to 40% over the past two years, providing significant growth opportunities for its last-mile mobility business.

Mahindra Signals H2 FY27 Window for Last Mile Mobility Public Debut

Shahkar Abidi — Thu, 30 Jul 2026 16:42:12

Mahindra & Mahindra (M&M) leadership reiterated that its high-performing Last Mile Mobility (LMM) division is firmly on track for a public listing in the second half of fiscal year 2027.

The announcement came during the company’s Q1 FY27 earnings call, where leadership balanced the excitement of a future IPO with a sober look at the macro headwinds - specifically a sharp rise in raw material costs, that the automotive industry is currently navigating.

"From an IPO standpoint, we are on track for 2027. It will likely be in the second half of the year, is what we're looking at," Anish Shah, Group CEO & Managing Director, M&M Ltd. said during the call. "But as I've said before as well for us, the IPO is really not an important factor", he added.

Mahindra Last Mile Mobility, which handles the company’s electric three-wheelers and small commercial vehicles, has emerged as a crown jewel in M&M's 'Growth Gems' portfolio.

The business saw a 68% surge in volumes this quarter, maintaining a dominant 39.5% market share in the electric three-wheeler space. Mahindra reported that penetration for electric three-wheelers in the L5 segment (heavy-duty three-wheelers) jumped to 40%, up from 27% just a year ago.

Honda Unveils 10 Two-Wheeler Models Across ICE, EV, Flex-Fuel

Ketan Thakkar — Fri, 24 Jul 2026 11:46:53

Honda Motorcycle & Scooter India on Friday unveiled 10 new two-wheeler models spanning internal combustion engine, electric and flex-fuel technology as the Japanese company stepped up its product push ahead of the festive season amid intensifying competition in the world's largest two-wheeler market.

Of the 10 products unveiled, six are new: the ADV160 flex-fuel scooter, QC3 electric scooter, CB500, Rebel 300, XR L300 and XR300 Rally. Upgrades to existing models include the CB350, with three variants, and the Rebel 500.

The product offensive comes at a time when Honda is locked in a close battle with Hero MotoCorp for leadership in the domestic two-wheeler market. Rival Bajaj Auto has also lined up a major refresh of its portfolio, with 10 product updates, including two all-new models, before the festive buying season.

Honda President Tsutsumu Otani said the company would continue to pursue a multi-technology strategy rather than relying on a single powertrain solution as customer needs evolve.

"No single technology can meet every need of all customers in all markets. Honda follows a multi-pathway approach. This includes advanced ICE, electric mobility and alternative fuels," Otani said.

He said India's two-wheeler market was undergoing a rapid shift, with customers demanding more than basic transportation.

"The Indian two-wheeler industry is changing fast. It's moving beyond basic mobility. Customers now expect more from their vehicles. They want a better ownership experience. They want more comfort. They want better safety," Otani said.

He added that fuel efficiency and total cost of ownership remained important, while connectivity, safety and cleaner mobility solutions were becoming increasingly relevant for buyers.

According to Otani, Honda's strategy is based on balancing customer requirements with infrastructure readiness and affordability.

"Our roadmap looks at customer needs, ecosystem readiness, infrastructure, practical use and affordability," he said, adding that the company evaluates sustainability across the entire energy cycle, from energy source to vehicle use.

Honda has been expanding its manufacturing base and localisation in India as it seeks to strengthen its position in the market. The company has previously outlined plans to increase production as it aims to narrow the gap with the market leader, although it has acknowledged that reclaiming the top spot remains a longer-term objective.

Otani described India as a strategic market for Honda, saying the country was becoming a source of manufacturing capability and innovation for its global operations.

"India is not only an important market for Honda. India is also becoming a source of new ideas, strong capability and manufacturing power for the world," he said.

He said the company would continue to focus on localisation, manufacturing excellence and expanding its nationwide network while offering products suited to different customer needs.

"Honda remains aligned with the vision of Make in India, for India and for the world," Otani said, adding that the company aimed to create long-term value for customers through innovation, reliable performance and practical mobility solutions.

BikeWo Partners with Yubhas Renewables for Solar-Assisted E-3W Pilot

Dev Vadchhedia — Fri, 17 Jul 2026 16:49:39

BikeWo Green Tech Limited has signed an operational agreement with Yubhas Renewables Private Limited to begin field validation of solar-assisted electric three-wheelers. The pilot program will utilize BikeWo's existing last-mile logistics and rider distribution networks to test the vehicles under real-world commercial workloads before commencing a wider national market launch.

The field trial is structured to monitor key engineering benchmarks, evaluating metrics such as battery degradation curves, real-world driving range, thermal performance, payload limitations, braking mechanics, and daily operating expenditures. Operational telemetry and driver feedback generated across the pilot route will be used by Yubhas Renewables to finalize engineering calibrations, focusing on reducing total cost of ownership and ensuring mechanical reliability for commercial use cases.

Hiten Pal Saklani, CEO of BikeWo Green Tech Limited, stated that the partnership allows the company to test alternative energy configurations within active commercial operations to identify new operational efficiencies. Sai Satyam Pradhan, Founder and Chief Executive Officer of Yubhas Renewables, noted that the field trial provides the operational data necessary to refine the vehicles for commercial viability, with the long-term goal of building scalable transport systems tailored to the specific infrastructure demands of rural and semi-urban markets.

Piaggio Launches Apé E-City 3W in Puducherry Market

Dev Vadchhedia — Wed, 15 Jul 2026 19:28:59

Piaggio Vehicles has introduced its swappable battery commercial three-wheeler, the Apé E-City SWAP, into the Puducherry retail market. Piaggio announced that the Apé will be priced at ₹2.65 lakh ex-showroom in the Union Territory. The launch expands the company's regional deployment strategy, focusing on zero-emission transport solutions through specialized automotive supplier networks.

The launch relies on a partnership between Piaggio and energy provider Indofast Energy, utilizing a proprietary battery exchange framework. The mechanical system employs lithium-ion battery packs that can be physically replaced at swapping stations to minimize downtime. The three-wheeler delivers a peak power output of 7.4 kW and a peak torque of 32 Nm, yielding a driving range of approximately 110 kilometers per battery cycle. The vehicle also features integrated 4G telematics for logistical tracking and fleet operations management.

Alongside the commercial release, regional authorized dealer M/s Future Automobiles has launched a localized fleet operations service named 'EV Everywhere'. The rental business has deployed an initial baseline of 20 units of the swappable three-wheeler to service urban transport requirements.

TVS Motor Company and Indian Oil Sign Agreement for LPG Distribution Fleet Deployment

Dev Vadchhedia — Wed, 08 Jul 2026 17:26:07

TVS Motor Company has signed an MoU with Indian Oil Corporation Limited to introduce sustainable cargo vehicles into the energy company's commercial supply chain. The long-term corporate partnership focuses on modernizing last-mile retail delivery logistics by integrating localized cargo transport across domestic energy distributor setups.

Under the terms of the agreement, the two- and three-wheeler manufacturer will open up vehicle acquisition pathways for Indian Oil’s domestic network, which currently comprises over 13,000 LPG distributors nationwide. The initialization phase of the fleet program involves the deployment of the TVS King Kargo HD platform.

The fleet integration program targets an optimization of the total cost of ownership for franchise operations while seeking to reduce carbon emissions. Indian Oil plans to utilize the three-wheelers to lower operation costs and boost productivity across its distribution points.

Rajat Gupta, Business Head of Commercial Mobility at TVS Motor Company, stated that the partnership intends to provide reliable commercial platforms that assist regional fuel networks in managing overhead costs and stabilizing daily supply chain operations.

Bajaj Auto's Three-Wheeler Lead Narrows As Electric Rivals Mahindra And TVS Gain Ground

Autocar Professional Bureau — Mon, 06 Jul 2026 14:36:02

India's three-wheeler industry closed FY26 with total volumes of 13,63,412 units, up from 12,20,834 units in FY25 — a healthy increase of over 11 percent. But beneath the headline growth number lies a more nuanced story of shifting competitive dynamics, with market leader Bajaj Auto Ltd ceding ground even as its own volumes climbed, and rivals with stronger electric three-wheeler portfolios steadily closing the gap.

Bajaj Holds the Top Spot, But the Cushion is Thinning
Bajaj Auto ended FY26 with 4,73,247 units, comfortably ahead of the field and up from 4,37,678 units in FY25. In absolute terms, this represents healthy growth of over 8 per cent. However, its market share for the full year slipped to 34.71 per cent, down from 35.85 per cent in FY25 — a decline of over a full percentage point in a segment that itself grew by double digits.

A month-by-month reading of the first six months of 2026 shows the erosion becoming more pronounced as the year progressed. Bajaj's share stood at 35.38 per cent in January 2026, rose to a high of 38.04 per cent in February, and then began a steady slide — 37.50 per cent in March, 36.97 percent in April, 35.06 percent in May, and finally 33.82 percent in June. The June 2026 figure is particularly telling: at 33.82 per cent, it is markedly lower than the 37.54 percent share Bajaj held in June 2025, even though the company's unit volumes for the month actually grew year-on-year, from 39,058 to 40,883 units. The message is clear — the overall pie is growing faster than Bajaj's slice of it.

Mahindra's Electric Push is the Standout Story
The clearest beneficiary of this shift has been Mahindra & Mahindra Limited, whose three-wheeler business is increasingly driven by its dedicated electric arm, Mahindra Last Mile Mobility Ltd. The group's combined market share has climbed almost every month this fiscal year: from 6.47 per cent in January 2026 to 7.37 per cent in February, 9.08 percent in March, 10.15 per cent in April, 10.57 percent in May, and 11.12 percent in June. For the full year, Mahindra's share rose to 8.07 per cent from 6.37 per cent in FY25, with Mahindra Last Mile Mobility alone accounting for the vast majority of that volume — 1,09,135 of the group's 1,10,036 units in FY26. The conventional Mahindra & Mahindra entity, by contrast, contributed a negligible 901 units, underlining how central the electric last-mile business has become to the group's three-wheeler ambitions.

TVS Motor Nearly Doubles its Share
TVS Motor Company has posted an equally emphatic gain. Its FY26 market share rose to 4.07 per cent from just 2.12 per cent in FY25 — close to doubling — with monthly figures showing a consistent climb from 4.34 per cent in January to 5.30 per cent by June. TVS's three-wheeler play has leaned heavily on electric models, and the trend suggests the segment is rewarding OEMs that have moved decisively on electrification.

Piaggio Steady, Smaller EV Specialists Lose Ground
Piaggio Vehicles, historically the number two player, has seen its position stay largely range-bound but trend slightly downward — from 7.32 per cent in FY25 to 6.67 per cent in FY26 — even as Bajaj and the electrified challengers reshuffle the rest of the field. Interestingly, some of the smaller pure-play electric three-wheeler manufacturers have not benefited uniformly from the segment's electrification. YC Electric Vehicle's share fell from 3.66 per cent in FY25 to 2.70 per cent in FY26, while Saera Electric Auto and Dilli Electric Auto also saw their shares soften over the same period. This suggests that growth in the electric three-wheeler category is consolidating around larger, well-capitalised OEMs — Mahindra and TVS in particular — rather than being spread evenly across the specialist EV manufacturers that once dominated the space.

The Road Ahead for Bajaj
Bajaj Auto's three-wheeler business remains anchored largely in internal combustion and CNG platforms. With Mahindra and TVS both posting sustained month-on-month share gains through FY26 — and doing so specifically through electric models — the competitive pressure on Bajaj's leadership position looks set to intensify. Bajaj's absolute volumes continue to grow, and it remains the largest player by a wide margin, but the narrowing share gap through the course of FY26, especially the sharper drop seen between May and June, indicates that electrification is fast becoming the primary battleground in India's three-wheeler market — one where Bajaj will need to sharpen its response to defend its lead.

Data source: FADA

Piaggio Launches Apé WavE Electric Three-Wheeler at ₹2.55 Lakh

Autocar Professional Bureau — Mon, 06 Jul 2026 12:29:40

Piaggio Vehicles has expanded its electric three-wheeler portfolio with the launch of the Apé WavE, a new L3-category passenger electric vehicle priced at ₹2.55 lakh (ex-showroom, Pune). The model is aimed at the affordable electric passenger mobility segment and has been developed for shared mobility, fixed-route transport and short-distance urban operations.

The Apé WavE is powered by a 5.4kWh battery pack paired with an electric motor producing 3kW of peak power and 25Nm of torque. Piaggio claims a real-world operating range of around 90 ±5km, a top speed of 40kph, 19 per cent gradeability, and a charging time of approximately 4.5 hours.

The vehicle adopts a monocoque chassis with a full-metal body and features a passenger-focused suspension setup intended to improve ride comfort while reducing noise, vibration and harshness (NVH). Other specifications include 180mm ground clearance and a spacious passenger cabin designed for urban operating conditions.

Piaggio said the Apé WavE has been positioned to bridge the gap between low-cost electric three-wheelers and higher-category passenger EVs by combining lower acquisition and operating costs with features typically associated with premium models. The company expects the vehicle to appeal to owner-operators and fleet customers looking to transition to electric mobility.

The launch builds on Piaggio's existing electric three-wheeler lineup, which includes the Apé E-City swappable model, Apé E-City FX, Apé E-City Maxx and Apé E-City Ultra. The company said the new model further strengthens its presence in India's electric passenger three-wheeler market.

"The passenger EV segment continues to witness strong demand, particularly in markets where shared mobility and short-distance transportation play an important role in daily commuting. The Apé WavE has been designed to offer customers an ideal balance between acquisition cost, operational savings and passenger experience," said Amit Sagar, Executive Vice President, CV Domestic Business and Retail Finance, Piaggio Vehicles Pvt. Ltd.