Autocar Professional - Latest Articles

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.

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.

ALSO READ: TVS, Bajaj, Ather and Hero Vida Open FY2027 with Strong E-2W sales, Ola Sells 12,000 Units

Tata EV Sales Jump 77% in April, Mahindra Outsells JSW Again, Maruti and JSW deliver 1,200 EVs Each

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.

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

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

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

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

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

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

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

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

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

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

No. 1 – MAHINDRA LAST MILE MOBILITY

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

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

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

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

In terms of market share, MLMM has hit a new high of 12% in FY2026, up from the 10% in FY2025 and 9.57% in FY2024. As the first legacy OEM to plug into e-mobility nearly a decade ago, MLMM has the largest e-3W portfolio including the Treo, Treo Plus, Treo Zor, Treo Yaari, Zor Grand, e-Alfa Plus, e-Alfa Cargo and more recently the UDO. As per the company, it commands a strong presence in the L5 category, with a market share of 39.7 percent.

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

No. 2 – BAJAJ AUTO

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

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

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

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

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

Bajaj Auto posted consistent quarter-on-quarter growth throughout the fiscal: Q1 FY2026 (18,280 units), Q2 (20,708 units), Q3 (24,326 units) and Q4 (26,290 units). The company, which has the GoGo brand of passenger and cargo e-3Ws, forayed into the 40,000-units-per-month volume e-rickshaw passenger and cargo sub-segment with its Riki model in November 2025 and, more recently, expanded its passenger model portfolio with the Wego P9018 claimed to be India’s longest range (296km) e-3W. These strategic moves have provided additional volumes each month and Bajaj Auto’s growth trajectory is reflected in its rising market share: from 2% in FY2024 to 7% in FY2025 and now to 11% in FY2026.

No. 3 – YC ELECTRIC

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

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

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

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

No. 4 – TVS MOTOR CO

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

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

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

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

No. 5 – SAERA AUTO

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

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

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

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

No. 6 – DILLI ELECTRIC AUTO

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Market Leaders Hold Ground

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

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

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

Mid-Tier Players Show Mixed Trends

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

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

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

Notable Monthly Declines

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

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

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

Strong Year-on-Year Performers

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

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

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

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

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

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

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

Three-Wheeler Retail Sales Rise 24% in February 2026

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Strong Position in Electric Three-wheelers

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

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

Supply-chain Risks Being Addressed

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

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

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

EVs Move Into the Mainstream

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

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

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

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

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

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

Domestic Market Performance

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

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

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

Key Growth Drivers

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

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

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

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

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

Export Market Surge

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

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

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

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

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

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

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

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

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

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

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

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

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

117 Outlets, NCR & UP Priority

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

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

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

E-rickshaw Entry Confirmed, South to Remain Limited

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

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

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

Finance Remains a Bottleneck for Commercial EVs

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

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

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