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Omega Seiki Mobility Integrates Honda e:Swap Battery Ecosystem With Rage+ Electric Cargo Three-Wheeler

Autocar Professional Bureau — Tue, 09 Jun 2026 17:19:18

Omega Seiki Mobility (OSM) has announced the integration of Honda’s e battery-swapping ecosystem with its Rage+ electric cargo three-wheeler, expanding battery-swapping options for commercial electric vehicle operators in India.

Under the arrangement, the OSM Rage+ will be compatible with Honda’s battery-swapping infrastructure, allowing users to exchange depleted batteries for fully charged units within minutes instead of relying solely on conventional charging.

The Rage+ is among OSM’s established electric cargo three-wheelers and is widely deployed in last-mile logistics and commercial transportation applications. The company said the integration is intended to help operators reduce vehicle downtime and improve utilisation, factors that are critical in commercial fleet operations.

Battery swapping is increasingly being adopted in the electric mobility sector as an alternative energy replenishment model, particularly for vehicles that require high daily utilisation. By integrating with Honda’s e-ecosystem, OSM aims to provide Rage+ users with greater operational flexibility and access to a wider charging and energy infrastructure network.

According to the company, the move aligns with its broader strategy of developing mobility solutions that improve the practicality and economics of electric vehicle ownership for commercial users. OSM also indicated that ecosystem partnerships will play an important role in supporting the expansion of electric mobility across India.

The integration brings together OSM’s cargo electric three-wheeler platform and Honda’s battery-swapping technology, adding another option for commercial operators seeking to minimise charging-related downtime and maintain vehicle availability throughout the day.

Three-Wheeler Retail Sales Edge Higher As Passenger And Goods Carriers Drive Growth

Autocar Professional Bureau — Mon, 08 Jun 2026 10:35:43

Three-wheeler retail sales increased 3.56 per cent year-on-year to 1.12 lakh units in May, according to FADA retail registration data, rising from 1.08 lakh units in the previous year and posting a 1.29 per cent month-on-month increase from April. Unlike larger vehicle segments, three-wheelers recorded positive sequential growth during the month.

Performance varied significantly across sub-segments. Passenger three-wheelers grew 25.8 per cent year-on-year to 60,643 units while goods carriers increased 25.23 per cent to 13,482 units, suggesting continued demand for intra-city transport and small cargo movement. In contrast, passenger e-rickshaws fell 26.61 per cent to 29,812 units, while cargo e-rickshaws declined 5.95 per cent.

The segment remained the most electrified among mainstream categories. Electric powertrains accounted for 64.45 per cent of total sales, up from 61.46 per cent last year. CNG/LPG-powered vehicles accounted for 22.08 per cent, while diesel accounted for 13.04 per cent.

Rural demand remained a key support factor, accounting for 56.9 per cent of total three-wheeler retail activity compared with 43.1 percent for urban markets. Rural sales increased 8.67 per cent year-on-year while urban markets declined 2.47 per cent.

Bajaj Auto remained the segment leader with 39,096 units and a 35.06 per cent market share. Mahindra entities strengthened their combined presence, while Piaggio retailed 7,749 units. The market structure continues to remain fragmented, with “others including EV” accounting for more than one-third of total sales.

Hero MotoCorp CEO Cites the Lack of Affordable EV Tech for Motorcycles

Kiran Murali — Fri, 05 Jun 2026 13:55:48

Affordable electric vehicle technology for motorcycles is still not available anywhere in the world, Hero MotoCorp CEO Harshavardhan Chitale said, underscoring the challenges facing the electrification of India's largest two-wheeler segment even as the country pushes toward cleaner mobility.

While speaking at a World Environment Day event organised by the Society of Indian Automobile Manufacturers (SIAM), Chitale said electric motorcycles would play a crucial role in India's long-term decarbonisation journey, but current technology remains inadequate for the mass market.

"If 2070 Net Zero has to happen, the only way in the auto sector it can happen is through either electrification or green hydrogen," Chitale said.

However, he noted that adoption of electric motorcycles remains negligible compared with electric scooters. "In motorcycles, it [EV penetration] is not even half a percent. Because motorcycles, as a vehicle category, need longer range, need longer load-bearing capacity," he said.

"Today, affordable EV technology is not there. Globally, not just in India, it is not there."

The comments come as automakers intensify efforts to develop electric motorcycles, a segment that has lagged behind the robust growth seen in electric scooters.

Startups such as Ultraviolette, Matter, Revolt and Ola Electric have already launched products, while Hero-backed Ather Energy is developing a dedicated electric motorcycle platform.

Among legacy OEMs, Royal Enfield has unveiled its first electric motorcycle under the Flying Flea brand. Hero MotoCorp, which has partnered with US-based electric motorcycle maker Zero Motorcycles, is also gearing up for an entry into the electric motorcycle market.

Hero MotoCorp has been working on an electric version of the Splendor for some time. The slow progress on that front reflects the technological challenges that Chitale highlighted.

Despite the challenges, he expressed confidence that advances in technology would eventually make electric motorcycles viable for mainstream buyers.

"I am sure, with the innovation power of the country, it is a matter of a few years before we also create an affordable EV motorcycle for the masses," he said.

Until then, Chitale argued that flex-fuel technology offers the quickest route to cutting emissions and reducing dependence on imported fuels. "Without waiting for 2070. And if you want to decarbonise fast, there is no better way to do it, we believe, than with biofuel," he said.

Hero MotoCorp on Wednesday launched flex-fuel versions of its high-volume Splendor and HF Deluxe motorcycles, betting that ethanol-compatible vehicles can deliver emissions benefits at scale while fuel infrastructure develops.

"Why flex fuels? Because today, you won't have ethanol E100 or E85 everywhere. There would be locations where it's largely still E20. And we will need vehicles that can go across different blends of ethanol," Chitale said.

The company plans to expand the technology across its lineup as ethanol availability improves.

"We have made a commitment that as this starts becoming available nationwide, at rates that make sense to the consumer, we will convert all our portfolio, all our models, within the next one to two years," he said.

"And this, we believe, will be the near-term answer for reducing carbon emissions."

Piaggio, SBI Partner To Finance 3-Wheelers Under UP CM Yuva Yojna

Autocar Professional Bureau — Mon, 01 Jun 2026 10:29:36

Piaggio Vehicles Pvt Ltd (PVPL) has signed a memorandum of understanding (MoU) with State Bank of India’s Lucknow circle to provide financing support for three-wheelers under the Uttar Pradesh government’s CM Yuva Yojna, targeting youth entrepreneurship and employment generation across the state.

The partnership will leverage SBI’s network of more than 1,600 branches across central and eastern Uttar Pradesh to extend financing for Piaggio’s portfolio of electric and internal combustion engine (ICE) three-wheelers. The initiative will operate through the CM Yuva Yojna and Mudra schemes, which are aimed at increasing access to self-employment opportunities for young entrepreneurs.

Under the scheme, eligible applicants aged between 25 and 40 years can avail financing benefits including interest-free loans backed by government subsidy, funding support covering 85–90% of vehicle costs, a four-year repayment tenure, and no guarantor requirement.

Piaggio said it will also establish dedicated CM Yuva Help Centres across its dealership network in Uttar Pradesh to assist applicants with financing support and onboarding into the programme.

Amit Sagar, Executive Vice President, CV Domestic Business and Retail Finance at Piaggio Vehicles Pvt Ltd, said, “Through this partnership, Piaggio India and State Bank of India are bringing together the strength, trust, and reach of two respected institutions to make vehicle ownership simpler, faster, and more accessible.”

The collaboration is aimed at expanding financing access for commercial mobility while supporting entrepreneurship-focused initiatives in the state through subsidised vehicle ownership and financing support.

Exclusive: India is World’s Largest Electric 3w Market for Third Year in a Row

Ajit Dalvi — Thu, 21 May 2026 13:59:10

India, which ranks amongst the fastest growing markets for electric vehicles, has topped global electric 3-wheeler retail sales for the third year in a row. This confirmation comes from the latest Global EV Outlook 2026 report released by the International Energy Agency (IEA).

The report states that China, the world's largest electric vehicle market, registered e-3W sales of around 290,000 units in CY2025, down 3% YoY (CY2024: 300,000 units), continuing a trend that began in CY2022. This is far less than India, which clocked record retail sales of 801,431 e-3Ws last year, up 15% YoY (CY2024: 695,278 units).

Compared to India’s sustained high double-digit growth, demand for e-3Ws continues to decline.

According to the IEA, sales of 3Ws (ICE and EV) declined globally in CY2025 to around 4.5 million units, down 16% from CY2024. However, electric 3W sales increased to more than 1.2 million, resulting in a sales share of more than 25% in CY2025.

In its Global EV Outlook 2026 report, the IEA states: “In India, momentum in electric 3W sales continued to build, with sales rising by 15% from 2024 to almost 800,000 vehicles. Electric 3Ws now capture almost 70% of all sales in the country, primarily displacing compressed natural gas models. Despite subsidies for 3Ws having been reduced under the PM E-DRIVE policy compared with the FAME II scheme, adoption has not slowed. Support for electric 3Ws under the scheme was initially expected to run until March 2026, but has been extended to 2028. Funds for models in the L5 category had been fully exhausted by December 2025, but allocations for e-rickshaws and e-carts remain available. As a result, electric 3Ws became the first mode of transport to reach the government’s deployment target of around 290,000, despite representing only 10% of the overall target number of vehicles.”

In CY2025, India had a commanding 67% share of global e-3W sales, considerably ahead of China with its 24% share last year. Turkiye, which sold an estimated 48,000 units is the third largest. Together, these three countries account for more than 95% of all e-3W sales of the highly concentrated electric 3W market.

In Europe, the electric 3W sales share reached more than 80%, continuing a rapid increase started in 2023. Turkiye accounts for around 95% of the 115,000 electric 3Ws sold in the region and is the key engine of growth. Five years ago, sales of 3Ws (ICE and electric) in Turkiye stood at around 6,000 units, but by CY2025, sales of electric 3Ws had grown to more than 100,000 units. By contrast, sales of conventional 3Ws decreased by more than 40% over the same period.

Indian e-3W OEMs closed CY2025 with the highest-ever monthly sales of 88,703 units in December.

In India, the e-3W segment continues to witness the highest level of transition to e-mobility, compared to two-wheelers or passenger vehicles and was a strong contributor to the record 2.27 million EVs sold in the country last year. In CY2025, e-3Ws had a 60% share of the overall 3W market (13,64,591 units) compared to 57% in CY2024 and 53% in CY2023. In comparison, demand for CNG 3Ws has slowed down – 329,841 units in CY2025, down 6% YoY (CY2024: 351,115 units). Year on year, too, the CNG share of overall 3W sales in India has dropped to 24% in CY2025 compared to 28% in CY2024 and 31% in CY2023.

Over 270,000 Electric 3ws Sold in India in First 4 Months of Cy2026
The e-three-wheeler sub-segment, which comprises passenger-transporting e-rickshaws and cargo-carrying three-wheelers in India, continues to witness strong double-digit growth thanks to sustained demand for passenger transportation and from last-mile operators for e-commerce applications, food deliveries and other applications.

In the first four months of this year, 270,893 e-3W have been delivered to buyers, up 15% YoY (January-April 2025: 235,907 units). The incentive to buy an electric three-wheeler in India remains strong, particularly in view of the lower cost of ownership (compared to IC engine, CNG and LPG options) as well as the current West Asia crisis, which has already seen petrol and diesel prices rise twice within a week this month.

Similar to the Indian e-two-wheeler industry, there’s fierce competition too in this segment, which has over 600 players. However, India e-3W Inc’s performance continues to be powered by three legacy OEMs – Mahindra & Mahindra, Bajaj Auto and TVS Motor Co – along with a few other companies like YC Electric, Saera Auto, Dilli Electric Auto and Piaggio. The e-3W segment is currently witnessing a shakeout as legacy OEMs (Mahindra & Mahindra, Bajaj Auto, TVS Motor Co, Kinetic Group, Atul Auto, Piaggio Vehicles, Omega Seiki, Bajaj Auto, Murugappa Group) are making a strong impact with better-built and safer products and grabbing market share.

ALSO READ: Best-ever April for Indian EV industry: 239,000 units

India's Three-Wheeler Sector Posts Sharp Gains Across Production, Sales, and Exports in April 2026

Angitha Suresh — Thu, 14 May 2026 12:05:03

India's three-wheeler segment recorded broad-based growth in April 2026, with production climbing to 1,08,461 units from 76,603 units in the same month a year earlier, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on 14 May 2026. Domestic sales rose to 65,668 units from 49,441, while exports nearly doubled to 50,655 units from 27,524 — the sharpest year-on-year improvement among the three metrics.

The three-wheeler segment in India occupies a position that is distinct from most other vehicle categories. Concentrated primarily in urban and semi-urban markets, three-wheelers serve as a critical component of last-mile connectivity, ferrying passengers through city lanes and carrying goods across short commercial routes. Over the past several years, manufacturers have incrementally shifted the product mix toward electric and cleaner fuel variants, a transition now visible in official SIAM data through the separate reporting of E-Rickshaw and E-Cart sub-categories alongside the conventional passenger and goods carrier segments.

Exports accounted for roughly 47 percent of total three-wheeler production in April 2026, up from approximately 36 percent in the same month of the previous year — a structural shift that points to a deepening global footprint for Indian manufacturers.

Passenger Carriers Lead the Segment

The passenger carrier sub-segment drove the overall production numbers, with output reaching 96,260 units in April 2026, up from 67,252 in the prior-year period — a rise of over 43 percent. Domestic sales in this category climbed to 52,655 units from 40,167, and exports rose to 50,471 units from 27,278, the latter figure representing a near-85 percent increase year-on-year.

Bajaj Auto Ltd maintained a commanding lead in the passenger carrier sub-segment, producing 58,484 units in April 2026 against 42,602 in April 2025. The company's domestic sales reached 31,544 units, while its export volumes stood at 34,667 — accounting for more than two-thirds of the entire passenger carrier export tally for the month. Bajaj's Maxima, Maxima-EV, and RE models drove this performance across both conventional and electric configurations.

TVS Motor Company Ltd registered the second-highest passenger carrier export figure at 13,220 units, with production of 20,104 units. The company's King 4S and King Electric models were the primary contributors. Mahindra and Mahindra Ltd, through its Alfa, Treo, and Udo range, produced 8,095 units and sold 8,624 domestically — a notable instance where domestic sales slightly exceeded production for the month, likely drawing from existing inventory. Piaggio Vehicles Pvt Ltd produced 7,377 units in the passenger carrier category and exported 2,022, maintaining its position as a consistent presence in both the domestic and export markets.

Within the passenger carrier category, SIAM's Report IV breaks the segment further by seating capacity. The A1 sub-category — vehicles with up to four seats including the driver and a maximum mass not exceeding one tonne — accounted for the overwhelming bulk of activity, with 95,336 units produced and 51,867 sold domestically. The A2 sub-category, covering vehicles seating between five and seven occupants, recorded 924 units of production, nearly three times the 356 units reported in April 2025. This expansion was driven partly by Atul Auto Ltd's Gem and Gemi Paxx models, and partly by the entry of Pinnacle Mobility Solutions Pvt Ltd, whose Saarthi 3W recorded 134 units of production and 96 units of domestic sales — its first appearance in the SIAM monthly data.

Goods Carriers Expand on all Fronts

The goods carrier segment also recorded expansion in April 2026. Production rose to 11,571 units from 8,513, and domestic sales grew to 11,806 units from 8,135. Bajaj Auto led production in this sub-segment with 5,691 units, followed by Piaggio with 3,043. Mahindra's Alfa, Treo, and Zor Grand models collectively contributed 1,149 units of production and 937 units of domestic sales. Exports came in at 182 units against 246 in the year-ago period — the only metric within the three-wheeler segment to register a year-on-year decline.

The entry of newer players adds a further dimension to the goods carrier story. TI Clean Mobility Pvt Ltd, which manufactures the L5N electric cargo three-wheeler, recorded 81 units of production and 103 units of domestic sales in April 2026, against 18 units produced and no sales in the same month of the previous year. Baxy Ltd's cargo models added 90 units of production and 81 domestic sales after reporting no production in April 2025. TVS Motor Company's King Kargo model contributed 347 units of production and 333 units of sales, reflecting the company's growing goods carrier presence alongside its much larger passenger carrier business.

Electric Sub-Categories: E-Carts Grow, E-Rickshaws Contract

The two electric-specific sub-categories reported by SIAM moved in opposite directions in April 2026. E-Cart production rose to 415 units from 267 in the prior year, with domestic sales improving to 479 from 309. Atul Auto Ltd dominated this sub-segment, accounting for 403 of the total 415 units produced through its Elite Cargo model. Mahindra's e-Alfa Cargo and Treo Yaari contributed 2 units of production and 37 units of domestic sales, with the latter figure likely drawing on earlier inventory.

E-Rickshaw volumes, by contrast, declined across both production and sales. Output fell to 215 units from 571 in April 2025, while domestic sales dropped to 728 from 830. The contraction was primarily due to Mahindra and Mahindra, which had contributed 225 units to E-Rickshaw production in April 2025 but recorded nil production in the category this April, though the company still sold 301 units, again drawing from stock. Atul Auto's Elite model and Bajaj Auto's Riki-EV remained in the market, with Bajaj recording 65 units of production and 288 of domestic sales. Baxy Ltd's E Rath model showed a sharp decline, with only 31 units produced against 109 in the prior year.

The E-Rickshaw decline does not necessarily signal weakening demand for electric three-wheelers in the broader sense. The E-Cart sub-segment moved upward, and within the passenger carrier segment, manufacturers including Bajaj (Maxima-EV), Mahindra (Treo), and TVS (King Electric) continue to report electric variants within the same category without separate delineation — meaning the total electric three-wheeler presence in the data is larger than the E-Rickshaw and E-Cart numbers alone would suggest.

Sub-Segment summary (April, number of vehicles)

Export Performance and Market Context

The export performance of the three-wheeler sector in April 2026 stands out as the most structurally significant data point in this month's release. At 50,655 units, outbound shipments accounted for roughly 47 percent of total three-wheeler production — a substantial increase from the approximately 36 percent ratio recorded in April 2025. This shift reflects both the strength of demand in overseas markets and the capacity of Indian manufacturers to fulfil that demand without crowding out domestic supply.

Indian three-wheelers have historically found strong export markets in sub-Saharan Africa, South and Southeast Asia, and parts of the Middle East, where their low running costs, maneuverability in dense traffic, and relatively modest purchase price make them a practical choice for both passenger and cargo logistics. Bajaj Auto has been the most consistent exporter in the segment, with its RE and Maxima platforms sold across several African countries under various configurations. TVS Motor Company has also expanded its King Electric export volumes, reflecting overseas appetite for electric last-mile solutions in markets where fuel costs are a significant operational variable.

Atul Auto Ltd, while smaller in absolute volumes than Bajaj or TVS, recorded a notable export performance this month. Its passenger carrier exports reached 510 units in April 2026 against 257 in April 2025. The company's Gem and Gemi Paxx models drove the A2 passenger carrier category, which itself showed the most pronounced proportional growth within the three-wheeler segment.

Looking at the broader automobile sector context, the three-wheeler segment's April 2026 performance fits within a pattern of accelerating overall industry output. SIAM's combined data across all vehicle categories shows grand total production of 29,22,427 units in April 2026, up from 23,18,934 in April 2025 — an increase of approximately 26 percent. Within this, three-wheelers grew faster than the overall market, suggesting the segment is recovering ground after a period in which two-wheelers and passenger vehicles had absorbed a larger share of consumer and commercial spending.

Electric Three-wheeler Retail Sales Rise 3.3 Percent in April 2026

Autocar Professional Bureau — Wed, 06 May 2026 15:45:59

India’s electric three-wheeler retail market recorded 64,549 unit registrations in April 2026, marking a 3.30 per cent year-on-year increase compared to 62,489 units in April 2025, according to retail data released by the Federation of Automobile Dealers Associations (FADA). On a month-on-month basis, volumes grew 1.58 per cent from 63,544 units in March 2026.

The data, collated from 1,463 of 1,466 RTOs as of May 3, 2026, excludes Telangana registrations.

Mahindra Group Continues to Lead the Segment

Mahindra Group remained the largest player in the electric three-wheeler retail market with 10,292 units sold in April 2026, up 82.71 per cent year-on-year from 5,633 units in the same month last year. The group also registered a 10.32 per cent increase over March 2026.

Within the group, Mahindra Last Mile Mobility Ltd accounted for 10,269 units, while Mahindra & Mahindra Ltd contributed 23 units.

Bajaj Auto retained second position with 9,725 units, recording a 76.53 per cent year-on-year increase and a 7.46 per cent month-on-month rise.

TVS Motor Company posted one of the highest annual growth rates among leading OEMs, with retail sales increasing 152.36 per cent year-on-year to 3,046 units from 1,207 units in April 2025. Month-on-month growth stood at 5.58 per cent.

Established Players Post Mixed Trends

YC Electric Vehicle, which retailed 1,932 units in April 2026, reported a 42.60 per cent decline compared to the previous year, although volumes remained largely flat sequentially with a marginal 0.26 per cent increase over March.

Saera Electric Auto Pvt Ltd recorded 1,388 units, down 22.59 per cent year-on-year and 3.54 per cent month-on-month.

Dilli Electric Auto Pvt Ltd reported 1,327 units, registering declines of 24.52 per cent year-on-year and 17.27 per cent month-on-month.

Piaggio Vehicles Pvt Ltd showed relatively stable performance, with 1,181 units sold, up 3.51 per cent year-on-year and 4.98 per cent over March.

J.S. Auto (P) Ltd reported a 9.81 per cent annual decline to 1,057 units, while Mini Metro EV LLP registered 914 units, down 12.12 per cent year-on-year.

Emerging Brands Record Higher Growth Rates

Among smaller and emerging manufacturers, Terra Motors India Pvt Ltd recorded strong growth with 763 units, up 33.86 per cent year-on-year and 23.26 per cent month-on-month.

Hooghly Motors Pvt Ltd retailed 716 units, reflecting a 75.92 per cent annual increase.

Atul Auto Ltd sold 702 electric three-wheelers in April 2026, registering 57.05 per cent year-on-year growth despite a 2.90 per cent sequential decline.

Unique International EV Pvt Ltd posted a 13.26 per cent month-on-month increase to 649 units, although annual volumes were lower by 39.74 per cent.

Energy Electric Vehicles reported 694 units, down 40.73 per cent year-on-year, while SKS Trade India Pvt Ltd recorded 695 units, reflecting a 15.55 per cent decline from April 2025.

Market Share Penetration Declines Year-on-Year

FADA’s data also showed a moderation in electric three-wheeler penetration within the overall three-wheeler market. Electric three-wheelers accounted for 60.4 per cent of total three-wheeler retail sales in April 2026, compared to 62.7 per cent in April 2025.

However, penetration improved sequentially from 57.9 per cent recorded in March 2026.

The Other Category Remains a Significant Contributor

The “Others” category continued to account for a substantial share of the market, contributing 28,568 units in April 2026. However, this segment declined 17.62 per cent year-on-year and 1.70 per cent month-on-month.

Despite moderation in overall market share penetration, the April data indicates continued retail demand concentration among larger organised OEMs, particularly Mahindra Group, Bajaj Auto and TVS Motor Company, while several smaller manufacturers continued to witness pressure on volumes.

Three-wheeler Retails Grow 7% YoY; Ev Share Crosses 60%

Autocar Professional Bureau — Tue, 05 May 2026 09:55:40

Three-wheeler retail sales stood at 1,06,908 units in April 2026, registering a 7.19% year-on-year increase, according to Federation of Automobile Dealers Associations (FADA) data.

On a month-on-month basis, sales declined 2.61%, in line with broader industry trends following the fiscal year-end.

Electrification remains a defining trend in the segment. Electric vehicles accounted for 60.38% of total three-wheeler sales in April, followed by CNG/LPG at 25.05%, diesel at 14.16% and petrol at a marginal 0.42%.

Within sub-segments, passenger carriers grew 36.48% YoY, while goods carriers expanded 27.23%, indicating strong demand across both mobility and last-mile logistics use cases. However, e-rickshaw passenger volumes declined 28.73% YoY, reflecting volatility within specific categories.

Rural markets grew 10.53% YoY, compared to urban growth of 3.22%, highlighting stronger demand outside metro areas.

The segment continues to benefit from last-mile mobility demand, e-commerce logistics expansion and policy-driven electrification.

Best-ever April for Indian EV industry: 239,000 units

Ajit Dalvi — Tue, 05 May 2026 08:58:41

The opening month of FY2027 had delivered the best-ever retail sales for the month of April. As per the Vahan portal, the 239,025 EVs sold across the two- and three-wheeler and passenger and commercial vehicle segments in April 2026 were a 41% YoY increase (April 2025: 169,360 units) and mark a new high for the fourth month of the calendar year. Sales this April per se have trebled in the past four years – from 77,614 units in April 2022 to 239,025 units in April 2026. Importantly, all four EV segments have registered healthy year-on-year growth which augurs well for the rest of the new fiscal year. A close look at the segment-wise sales reveals that while the e-2W share has jumped to 62% from 54% in April 2025, the e-3W share has reduced to 27% from 37% a year ago due to single-digit growth. The surge of demand for zero-emission cars and SUVs is reflected in the e-PV share rising to 10% from 8% in April 2025 while the e-CV share has risen marginally to 0.93% from 0.53% a year ago. Let’s take a closer look at each of the four segments’ performance.

The 239,025 EVs sold across all 4 vehicle categories were a 41% YoY increase and mark a new high for the month of April. Sales have trebled in the past 4 years from the 77,614 units in April 2022.

India’s Top 4 e-2W OEMs – TVS, Bajaj Auto, Ather Energy and Hero Vida – with sales of 112,798 e-scooters had a 76% share of the 148,740 units delivered to buyers in April 2026.

Electric 2-wheelers

April 2026: 148,740 units, up 61%. EV market share: 62%

April 2025: 92,536 units. EV market share: 55%

The Indian electric 2-wheeler industry, which registered record retail sales of 1.40 million units in FY2026, has opened FY2027 on a strong note. April 2026 saw a total of 148,740 units delivered to e-2W buyers, up 61% YoY (April 2025: 92,536 units) and in line with the strong growth displayed since the start of CY2026. April sales are the second highest monthly numbers in the current year to date, after March 2026 (192,343 units, up 46% YoY). Importantly, the 62% YoY growth has come on a high year-ago base and in the face of the reduced price differential between IC engine two-wheelers and EVs with the sharp reduction in GST. What is also driving up the numbers is the likelihood of petrol prices rising as a result of the global crude oil supply crisis.

In April 2026, the Top 5 OEMs – TVS, Bajaj Auto, Ather Energy, Hero Vida and Ola Electric –maintained their stranglehold over the segment and had an 84% share of the retail sales. For a comprehensive analysis of the e2W segment’s performance and sales statistics of the Top 10 e-2W OEMs, CLICK HERE.

The intense battle between electric 3W market leader Mahindra Last Mile Mobility and challenger Bajaj Auto continued in the opening month of FY2027 with just 567 units separating them.

Electric 3-wheelers

April 2026: 64,549 units, up 3%. EV market share: 27%

April 2025: 62,489 units. EV market share: 37%

Compared to its two-wheeler siblings, the electric 3-wheeler industry’s growth was a lot more subdued. And as a result of much higher growth rate as well as sales volume in e-2Ws, the e-3W share of overall EV has fallen by 10% YoY.

In April 2026, as per Vahan, the 631 e-3W manufacturers / suppliers sold 64,549 units, up 3% YoY (April 2025: 62,489 units) and up 1.5% month on month (March 2026: 63,549 units). These April numbers come on the back of the e-3W industry hitting a record high of 830,819 units in FY2026.

Electric 3Ws continued eating into the share of the CNG 3W market. In line with the trend witnessed in FY2026, the share of e-3Ws in the overall 3W market in April 2026 (106,905 units) was 60%, similar to January but above February (57%) and March (58%).

In comparison, the CNG 3W share has fallen from 25% in January 2026 to 24% in April 2026 (25,696 units). As per Vahan data for CY2026 YTD, retail sales of CNG 3Ws has seen a sustained fall since January. Starting this year with 31,376 units, demand dropped to 29,910 units in February, to 27,589 units in March, and to 25,696 units in April.

India e-3W Inc’s performance continues to be powered by three legacy OEMs – Mahindra & Mahindra, Bajaj Auto and TVS Motor Co – along with a few other companies. For a close look at this segment’s performance and the Top 20 manufacturers, CLICK HERE.

April 2026 was the e-PV segment’s second highest retail sales month. While market leader Tata Motors topped, Mahindra & Mahindra outsold JSW MG Motor India for the second straight month.

Electric Passenger Vehicles

April 2026: 23,265 units, up 73%. EV market share: 10%

April 2025: 13,409 units. EV market share: 8%

The India electric passenger vehicle (e-PV) industry, which closed FY2026 with record retail sales of 200,946 units and handsome 85% YoY growth, has carried over the same strong momentum into the first month of FY2027. April 2026 saw 17 manufacturers of zero-emission cars, SUVs and MPVs deliver 23,265 units to customers, up 73% YoY (April 2025: 13,409 units). This is the second highest monthly retails after March 2026 (23,749 units) and reflects the strong momentum in this segment, driven by a combination of new products, the potential hike in petrol, diesel and CNG as well as a growing number of first-time EV buyers.

Tata Motors, the longstanding e-PV market leader, clocked retail sales of over 8,500 units in April 2026, up 77% YoY (April 2025: 4,816 units), which gives it a market share of 37% for last month. This is Tata Motors second highest monthly e-PV sales after March 2026 (8,684 units). While the Harrier EV has helped revive demand, the Nexon EV, Tiago EV and Punch EV continue to have their share of buyers.

The big news though is Mahindra & Mahindra, which has been a consistent No. 3, outselling JSW MG Motor India for the second month in a row. April saw M&M achieve customer deliveries of 5,394 electric SUVs, up 63% YoY (April 2025: 3,301 units), which gives it a market share of 24 percent. In March 2026, M&M (5,651 units) had sold more EVs than JSW MG Motor (5,550 units) for the first time in a single month.

Meanwhile, Vinfast India moved up to No. 4 in the 17 e-PV OEM ladder-board with 1,231 units which give it a 5% e-PV share. This is the first time that the company has crossed 1,000-units in a month since it began deliveries of the locally assembled VF6 and VF7 e-SUVs in October 2025, followed more recently by the VF MPV7. Maruti Suzuki India too surpassed monthly deliveries of 1,000 units for the first time in April. The company sold 1,222 e-Vitara SUVs which gives it a market share of 5 percent.

In tandem with the mass-market e-PV market, demand for luxury cars, SUVs and sedans also posted good growth last month. In April 2026, total retail sales of the eight OEMs in this sub-segment were 487 units, up 70% YoY (April 2025: 286 units).

For a detailed look at the sales statistics as well as the e-PV market share of the movers and shakers of the electric car and SUV industry in April 2026, CLICK HERE.

Zero-emission light goods carriers or small CVs (1,817 units, up 200% YoY) accounted for the bulk of the sales in the electric commercial vehicle segment – 81 percent.

Electric Commercial Vehicles

April 2026: 2,236 units, up 148%. EV market share: 0.93%

April 2025: 903 units. EV market share: 0.53%

Like the other three EV categories, the electric commercial vehicle (e-CV) segment too delivered a strong showing in April 2026. Lowest in terms of volumes but the highest in sticker price, the e-CV segment clocked its second-highest monthly retail sales in April 2026. The nearly 40 players in this category sold a total of 2,236 units, which marks handsome 148% YoY growth (April 2025: 903 units) albeit down 8% on March 2026’s 2,445 units.

Zero-emission light goods carriers or small CVs (1,817 units, up 200% YoY) accounted for the bulk of sales – 81 percent. Demand for electric buses, which are mainly bought by state transport undertakings for inter-city operations and local municipal corporations for city transport, saw sales grow by 23% YoY to 342 units. And heavy goods carriers, typically used for infrastructure operations, rose 267% YoY to 77 units

Of the total 2,236 e-CVs sold in India last month, market leader Tata Motors accounted for 798 units or a 36% share. Euler Motors with 518 light/small e-CVs was ranked second with a 23% share and Mahindra Last Mile Mobility, with 285 units had a 13% share. Switch Mobility, Ashok Leyland’s EV arm, sold 144 buses and light CVs for a 6% share of the e-CV industry’s sales in April 2026. PMI Electro Mobility (111 units) and the Murugappa Group’s Tivolt Electric Vehicles (81 units) were ranked fifth and sixth, respectively.

Sales of light / small e-CVs continued to grow at a rapid pace in April and the e-SCV category remains the growth driver of the overall e-CV segment. This category (1,817 units) commanded an 81% share of April e-CV sales led by market leader Tata Motors which, along with Euler Motors, commanded a 72% share of all e-SCV / light goods carrier retails. For a detailed look at this segment’s performance in April and the Top 6 e-SCV OEMs, CLICK HERE

India EV INC Opens Fy2027 on a Strong Note

In FY2026, India EV Inc registered record retail sales of 2.45 million units with robust 25% YoY growth (FY2025: 19,67,547 units) with growth democratised across all four vehicle sub-segments. With April 2026, the opening month of FY2027, delivering the highest sales for the fourth month of the year, EV OEMs across the two- and three-wheeler and passenger and commercial vehicle segments will be hoping the momentum sustains throughout the next 11 months and beyond.

The ongoing global crude oil supply crisis had added tailwinds to the growth of the EV industry per se as vehicle buyers across categories, fearful of continued hiccups in supply and also a likely increase in fossil fuel and gas prices, actively consider a shift to zero-emission mobility.

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Bajaj Auto Limited Reports 40% YoY Growth in April 2026 Sales

Autocar Professional Bureau — Mon, 04 May 2026 09:38:54

Bajaj Auto Limited reported total sales of 5,13,792 units in April 2026, registering a 40% increase compared to 3,65,810 units in April 2025, according to the company’s latest monthly sales disclosure.

The growth was supported by a sharp rise in export volumes, alongside steady expansion in domestic demand across both two-wheelers and commercial vehicles.

Two-wheeler sales stood at 4,39,953 units during the month, up 38% year-on-year from 3,17,937 units. Domestic two-wheeler sales increased by 11% to 2,10,063 units, while exports rose significantly by 78% to 2,29,890 units.

In the commercial vehicle segment, the company reported sales of 73,839 units, marking a 54% increase from 47,873 units in April last year. Domestic CV sales grew 19% to 38,147 units, while exports more than doubled, rising 125% to 35,692 units.

Overall domestic sales across segments reached 2,48,210 units, reflecting a 13% increase over 2,20,615 units recorded in April 2025. Export volumes stood at 2,65,582 units, up 83% from 1,45,195 units in the same period last year.

The data indicates that export markets accounted for a significant share of the overall growth during the month, particularly in both two-wheelers and commercial vehicles, contributing to the company’s higher aggregate volumes.

Mahindra Last Mile Mobility Sells 10,292 E-3WS in April, Bajaj and TVS Clock Highest Monthly Sales

Ajit Dalvi — Sat, 02 May 2026 11:49:37

Like their zero-emission 2-wheeler and passenger vehicle siblings, India’s electric 3-wheeler industry has also opened FY2027 with strong numbers. In April 2026, as per Vahan, the 631 companies in this segment of India EV Inc sold 64,549 units, up 3% YoY (April 2025: 62,489 units) and up 1.5% month on month (March 2026: 63,549 units). These April numbers come on the back of the e-3W industry hitting a record high of 830,819 units in FY2026.

India e-3W Inc’s performance continues to be powered by three legacy OEMs – Mahindra & Mahindra, Bajaj Auto and TVS Motor Co – along with a few other companies. Here’s looking at the top seven best-selling e-3W OEMs which accounted for 45% (28,891 units) of the retail sales in April 2026.

Mahindra Last Mile Mobility (MLMM), the e-3W arm of the SUV major Mahindra & Mahindra, has begun FY2027 with retail sales of 10,292 units, up 83% YoY (April 2025: 5,633 units). This is the third instance that MLMM has sold over 10,000 e-3Ws in a single month, the previous ones being October 2025 (11,861 units) and November 2025 (10,777 units).

This performance gives MLMM a market share of 16% in April and comes on the back of its 12% e-3W share 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. MLMM outsold arch rival Bajaj Auto last month, marking the 11^th time in the past 13 months that it has done so. In April, the market leader and the challenger were separated by just 567 units.

Bajaj Auto, the world’s largest 3-wheeler manufacturer and exporter, registered its highest monthly sales of e-3Ws last month. The 9,725 units sold in April 2026 are a 77% YoY increase (April 2025: 5,509 units) and give the company a 15% market share for the month. The April numbers beat the previous best of 9,051 units in March 2026.

A relatively recent entrant into this segment, Bajaj Auto’s growth trajectory is reflected in its rising market share: from 2% in FY2024 to 7% in FY2025 and 11% in FY2026. In FY2026, Bajaj had outsold MLMM in January and February 2026. The company, which has the GoGo brand of passenger and cargo e-3Ws, forayed into the 40,000-units-per-month volume e-rickshaw passenger and cargo sub-segment with its Riki model in November 2025 and, more recently, expanded its passenger model portfolio with the Wego P9018 claimed to be India’s longest range (296km) e-3W.

TVS Motor Co, a recent entrant in the e-3W market, holds onto the No. 3 rank it first achieved in January and then maintained over the next three months. In April, the company delivered 3,046 units, up 152% YoY (April 2025: 1,207 units) to achieve a 5% market share for the first time. This is TVS’ highest monthly sales since it entered the e-3W industry, beating the previous best of December 2025 (2,887 units) and reflects a positive market response to its King EV Max passenger and King Kargo HD EV models in a competitive market.

The Delhi-based YC Electric Vehicles is ranked No. 4 with 1,932 units, down 43% YoY. The advance of the top three legacy OEMs has impacted companies like YC Electric. This longstanding player has five models – Yatri Super, Yatri Deluxe, and Yatri for passenger transport, and E-Loader and Yatri Cart for cargo operations.

It’s the same with the Rajasthan-based Saera Auto. The company, which manufactures the nine-model Mayuri brand of electric rickshaws, sold 1,388 units in April 2026, down 23% YoY.

Likewise, Dilli Electric Auto which clocked sales of 1,327 units, down 23% YoY. This Haryana-based company manufactures electric rickshaws (CityLife brand), a category which has come under attack from legacy players like MLMM, Bajaj Auto, TVS and TI Mobility which are rolling out better-built and safer products. The impact of increasing competition in the volume e-rickshaw market can be seen in Dilli Electric Auto’s reducing market share which at 2.60% in FY2026 is down from the 4% it had two years ago.

Meanwhile, seventh-ranked Piaggio Vehicles has posted 4% YoY sales growth with 1,181 units (April 2025: 1,141 units).

Combined sales of MLMM, Bajaj Auto and TVS (23,063 units) meant the three legacy OEMs had a 36% share of the 64,549 e-3Ws sold in April. Ten of the Top 20 companies saw a sales decline.

A close look at the Top 20 e-3W OEMs in FY2026 (see data table below) reveals that 50% 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 record 800,000-unit retail sales of FY2026 be eclipsed in FY2027? Given the sharpened focus on electric mobility, particularly amid 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 about this. Even a 10% YoY increase on FY2026’s large base will take the segment to beyond 900,000 units in FY2027. April 2026’s 64,549 units make for a decent start but the momentum needs to increase sharply in the coming months.

While the electric 3W share of the overall 3W market was 60% in April 2026, the CNG share dropped to 24% as a result of month-on-month sales declines since January 2026.

EV Share of 3W Market at 60% in April, Cng Share Drops to 24%

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 (May 2, 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 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 as compared to CNG and costlier petrol and diesel 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 an estimated running cost of around Rs 1.40 per kilometre, which works out to a 140% increase compared to an e-3W.

The rapid advance of the e-3W segment can be seen from its speedy growth particularly since FY2023 when it crossed the 400,000 sales 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, saw its share of the overall 3W market progressively reduce to 28% in FY2025 and to 24% in FY2026, and now in the first month of FY2027. 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.

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Tvs Motor Company Reports 7% Sales Growth in April 2026

Autocar Professional Bureau — Sat, 02 May 2026 11:40:41

TVS Motor Company reported total sales of 473,970 units in April 2026, registering a 7% increase compared to 443,716 units in April 2025.

The company indicated that while customer retail remained steady across domestic and international markets, dispatch volumes were affected by production constraints. These were attributed to supply chain challenges, including workforce availability, shortages of raw materials and consumables among tier-1 and tier-2 suppliers, and limited container availability for exports. The company stated that corrective measures have been implemented, with production expected to improve from May 2026.

Total two-wheeler sales for TVS Motor Company grew 6% year-on-year to 455,333 units in April 2026, compared to 430,150 units in April 2025. Within this, domestic two-wheeler volumes rose 8% to 348,545 units. Motorcycles saw a decline to 200,039 units from 220,347 units a year earlier, while scooters continued to drive growth, increasing 24% to 211,158 units.

Electric vehicle sales recorded a 36% year-on-year increase, reaching 37,771 units in April 2026, up from 27,684 units in the same month last year, indicating continued momentum in the segment.

In international markets, overall volumes rose 3% to 120,008 units from 116,700 units in April 2025. Two-wheeler exports remained largely stable at 106,788 units, compared to 106,503 units in the corresponding period last year.

Three-wheeler sales saw the highest growth among segments, increasing 37% year-on-year to 18,637 units, up from 13,566 units in April 2025.

Atul Auto Partners With Exponent Energy to Develop Rapid Charging Electric Three Wheelers

Dev Vadchhedia — Fri, 24 Apr 2026 12:47:13

Atul Auto and Exponent Energy announced a strategic partnership in Bengaluru on April 24, 2026, to jointly develop and deploy rapid charging electric three wheelers. Under the agreement, the companies have committed to producing a minimum of 15,000 passenger vehicles powered by Exponent over a three year period.

The new vehicles will integrate Exponent Energy's OTO mobility platform, which encompasses battery technology, powertrain systems, and vehicle software. This proprietary technology enables a full charge in 15 minutes. The platform is also interoperable, allowing the vehicles to utilize standard public and home charging infrastructure alongside Exponent's dedicated network. Furthermore, the battery and charging system will be backed by a 2 lakh km warranty for commercial operations.

A new financing platform, Exponent One, will provide financial support for the upcoming variant. These financial packages are set to include embedded insurance and structured buyback options. Neeraj Chandra, Managing Director of Atul Auto, stated that integrating the rapid charging technology into their portfolio will enhance the value proposition for buyers and accelerate the broader transition toward electric mobility.

Hyundai And TVS Motor Formalize Agreement To Co-Develop Electric Three-Wheelers

Dev Vadchhedia — Mon, 20 Apr 2026 19:03:47

Hyundai Motor Company and TVS Motor Company formalized a Joint Development Agreement in Seoul and New Delhi on April 20, 2026. The partnership focuses on the development and commercialization of electric three-wheeler vehicles designed for last-mile mobility in India and additional markets.

Under the terms of the agreement, Hyundai will lead the vehicle design and co-develop the product by utilizing its research and development capabilities, mobility technologies, and human-centric design approach. TVS Motor will co-develop the vehicle using its electric platform and engineering expertise. TVS will also manage local sales and manufacturing operations in India, which will cater to domestic demand and future export markets.

The partnership commits to sourcing and manufacturing major components locally in India. According to the companies, this localization strategy is intended to strengthen the automotive supply chain, create jobs, lower overall vehicle costs, and improve after-sales support and spare parts availability.

The formal agreement follows the showcase of an electric three-wheeler concept by both companies at the Bharat Mobility Global Expo 2025. The production vehicle will include features such as adaptive ground clearance for monsoon road conditions, enhanced thermal management, and flexible interior layouts for passenger transport, goods delivery, and emergency services. The first vehicle developed under this partnership will be launched in India, which is recognized as the world's largest three-wheeler market.

At the India-Korea Business Forum in 2018, Indian Prime Minister Narendra Modi and the Hyundai Motor Group Executive Chair discussed a plan to develop a quality three-wheeled vehicle together. Following several rounds of discussion, the initiative finally came to fruition with the signing of the JDA today at the 2026 Korea-India Business Forum.

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.

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.

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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.

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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.