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

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

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

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

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

Commercial Vehicle Sales Grow 23% In July

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

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

FY27 Cumulative Sales Cross 19 Lakh Units

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

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

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

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

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

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

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

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

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

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

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

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

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

Sales Momentum Fuels the Valuation

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

Leadership on the Unicorn Milestone

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

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

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

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

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

Mahindra Signals H2 FY27 Window for Last Mile Mobility Public Debut

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Piaggio Launches Apé E-City 3W in Puducherry Market

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Data source: FADA

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

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

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

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

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

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

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

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

FADA: Three-Wheeler Retail Sales Hit Record High as EVs Account for Nearly Two-Thirds of June Registrations

Autocar Professional Bureau — Mon, 06 Jul 2026 10:07:54

The Federation of Automobile Dealers Associations (FADA) reported that three-wheeler retail sales reached a record 1.21 lakh units in June 2026, the highest-ever June performance for the segment. Registrations increased 16.20% year-on-year from 1.04 lakh units and rose 8.40% over May's 1.12 lakh units, supported by strong demand across passenger and goods carrier categories.

Passenger and Goods Carriers Drive Growth
Passenger three-wheelers remained the largest contributor to the market, with retail sales rising 29.56% year-on-year to 67,086 units. Goods carriers posted the fastest growth among major sub-segments, expanding 42.50% to 14,247 units.

Electric goods rickshaws recorded moderate annual growth of 6.68% to 7,298 units, while passenger e-rickshaw registrations declined 9.03% to 32,133 units. Personal three-wheelers remained a niche category with 125 registrations during the month, although volumes were nearly 33% higher than a year earlier.

Electric Vehicles Dominate the Segment
Electric powertrains continued to dominate India's three-wheeler market. According to FADA, battery electric vehicles accounted for 64.08% of total retail registrations during June, broadly maintaining their leadership despite a slight decline from 64.44% in May.

CNG/LPG-powered models accounted for 22.20% of registrations, followed by diesel vehicles at 13.41%, while petrol-powered three-wheelers represented only 0.31% of the market. The figures underline the segment's position as India's most electrified mainstream vehicle category.

Rural Markets Continue to Outperform
Regional data showed rural demand continuing to expand faster than urban markets. Rural three-wheeler retail sales increased 25.25% year-on-year compared with 5.89% growth in urban centres. On a month-on-month basis, rural sales rose 9.41%, marginally ahead of the 7.06% increase recorded in urban markets.

The rural share of overall three-wheeler registrations increased to 57.4% during June, while urban markets accounted for 42.6%, highlighting the segment's growing role in supporting last-mile passenger mobility and goods transportation across smaller towns and villages.

Bajaj Auto Leads OEM Rankings
Bajaj Auto remained the market leader with retail sales of 40,883 units and a 33.82% share, although its market share declined from 37.54% a year earlier.

Mahindra & Mahindra and Mahindra Last Mile Mobility together accounted for more than 26,800 retail registrations during the month, each holding slightly over 11% market share. Piaggio Vehicles followed with 8,887 units, while TVS Motor Company retailed 6,408 units. Atul Auto, YC Electric Vehicle, Dilli Electric Auto and Saera Electric Auto were among the other significant manufacturers in the segment.

Strong Quarter Ahead of Festive Season
The three-wheeler segment recorded retail sales of 3.46 lakh units during the first quarter of FY2027, representing year-on-year growth of 10.06%. Looking ahead, FADA expects continued support from improving rural incomes, normalising vehicle supplies and sustained adoption of electric mobility solutions. Dealer sentiment also remains positive as the industry heads towards the festive season, although the association cautioned that monsoon progress and financing conditions will remain important variables for retail demand over the coming months.

Atul Auto Posts 34.6 Percent Volume Increase in Total Monthly Dispatches

Dev Vadchhedia — Wed, 01 Jul 2026 13:52:19

Atul Auto Limited recorded a total sales volume of 3,641 units in June 2026, marking a 34.60 percent increase over the 2,705 units dispatched in the same month last year. According to regulatory filings, the operational performance was led by an expansion in the company's internal combustion engine portfolio across both domestic and export channels.

Total combined sales for internal combustion engine three-wheelers surged 44.31 percent year-on-year, rising to 3,006 units from 2,083 units in June 2025. Conversely, the company's electric vehicle segment showed marginal movement, with monthly volumes ticking up 2.09 percent to 635 units against 622 units in the corresponding prior period. Total year-to-date sales for the financial year 2026-27 reached 9,878 units, a 42.50 percent increase over the 6,932 units managed in the same quarter of the previous fiscal year.

In the domestic market, cumulative sales across all propulsion types grew 19.20 percent to 2,993 units compared to 2,511 units previously. The localized growth was primarily supported by domestic internal combustion engine models, which increased 24.83 percent to 2,358 units. Year-to-date domestic volumes reached 8,318 units, indicating a 32.14 percent improvement over the 6,295 units posted during the same period of the prior financial year.

The corporate update noted that the cited electric vehicle figures include L5 category vehicles manufactured and sold by its subsidiary, Atul Greentech Private Limited, up until January 14, 2026.

Bajaj Auto Signs Commercial Agreement with Delhivery for Last-Mile Fleet Electrification

Dev Vadchhedia — Tue, 23 Jun 2026 15:40:10

Bajaj Auto and Delhivery have entered into a commercial partnership to integrate electric three-wheelers into the logistics provider's regional fulfillment operations. The first phase of the agreement involves the deployment of 200 Bajaj RIKI eCarts within Delhivery's last-mile delivery infrastructure, extending the company's electric vehicle footprint into Tier-2 and Tier-3 cities.

The companies finalized the initial rollout during an official vehicle flag-off event at the Bajaj Auto facility in Akurdi, Pune. Under the broader scope of the agreement, a secondary deployment phase scheduled between 2026 and 2027 aims to expand the total volume to approximately 1,500 electric three-wheelers, utilizing both L3 and L5 category cargo models.

The integration combines Bajaj Auto's electric powertrain configuration, which features a two-speed automatic transmission and an urban operating range of over 100 kilometers per charge, with Delhivery's proprietary automated route optimization software. Companyn management said that the combination of structured routing and higher-capacity payloads is intended to lower per-kilometer operating costs while supporting daily drop-off volumes for contract delivery partners. From an operational standpoint, the transition away from internal combustion engines aligns with Delhivery's long-term environmental, social, and governance (ESG) targets to reduce its Scope 3 greenhouse gas emissions across its commercial supply chain.

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.