Electric Three-wheeler L5 Sales Report April 2024: MLMM emerges as the top choice

Key Highlights:
•    EV sales in India dropped in April 2024 compared to March.
•    Electric three-wheeler (E3W) passenger sales rose to 4,271 units.
•    Mahindra Last Mile Mobility, Bajaj Auto, and Piaggio Vehicles were top performers in passenger E3W L5 sales.
•    E3W cargo sales slightly declined, with changes among top OEMs.
•    Mahindra Last Mile Mobility, Omega Seiki, and E Royce Motors were top performers in cargo Electric Three-wheeler L5 segments.

In April 2024, electric vehicle (EV) sales in India dropped compared to March 2024. The number of electric three-wheelers L5 sold, including passenger vehicles and cargo vehicles, decreased notably. 

For instance, passenger three-wheelers (E3W L5 Passenger vehicles) fell from 11,780 to 4,271 units, while cargo electric three-wheelers (E3W L5 Cargo vehicles) dropped from 6,559 to 1,745 units. Overall, there was a decline in all EV categories, from 1,757 to 320 units. 

March 2024 saw a peak in EV sales at 212,502 units, but April 2024 experienced a slight decrease to 114,910 units, ending the twelve-month period on a slightly lower note compared to the preceding month.

Electric three-wheelers (E3W) are an important category of the electric vehicle (EV) market in India, as they offer affordable, convenient, and eco-friendly mobility solutions for both passengers and goods. 

In this news, we will examine the sales performance of E3W L5 in the goods and passenger segments in April 2024 based on the data from the Vahan Dashboard.

E-3W Passenger L5 Sales Trend

According to data from the Vahan Dashboard, E-3W  L5 Passenger sold 4,271 units in April 2024 compared to 2,062 in April 2023. The E-3W Passenger L5 segment witnessed an increase in sales.

Electric Three-wheeler Passenger L5 Sales Trend by OEM

In April 2024, Mahindra Last Mile Mobility Ltd., Bajaj Auto and Piaggio Vehicles led the sales of electric three-wheeler passenger L5 in terms of selling the highest number of electric three-wheelers. Therefore, let’s explore the sales performance of the Top 5 OEMs in detail:

Mahindra Last Mile Mobility Ltd.

In April 2024, Mahindra Last Mile Mobility Ltd. sold 1,780 units, showcasing a 91% y-o-y growth from 934 units in April 2023. The month-over-month sales were decline by 60.1%, from 4,459 units in March 2024.

Bajaj Auto Ltd

Bajaj Auto Ltd sold 1,195 units in April 2024, marking its presence in the market compared to having no sales in April 2023. The month-over-month sales were decline by 58.7%, from 2, 896 units in March 2024.

Piaggio Vehicles

Piaggio Vehicles Pvt Ltd sold 541 units in April 2024, registering a 34% y-o-y decline from 820 units in April 2023. The brand saw a 79.6% month-over-month decrease in sales. The company sold 2,658 units in March 2024.

TI Clean Mobility

TI Clean Mobility experienced a 74.1% month-over-month decline in sales with 194 units sold in April 2024. The brand sold 749 units in March 2024.

Omega Seiki

In April 2024, Omega Seiki sold 69 units, compared to 2 units sold in April 2023. The brand experienced a 61.2% decline in month-over-month sales. The company sold 178 units in March 2024.

E-3W Goods L5 Sales

According to data from the Vahan portal, the total number of E-3W sold in the Cargo L5 category was 1,745 units in April 2024 compared to 1,765 in April 2023. The E-3W Cargo L5 segment witnessed a slight decline in sales.

E-3W Cargo L5 Sales Trend by OEM

In March 2024, the electric three-wheeler goods L5 sales were led by Mahindra Last Mile Mobility. Our analysis of the E-rickshaw segment reveals significant facts about the monthly sales of OEMs. Therefore, let’s explore the sales performance of the Top 5 OEMs in detail:

Mahindra Last Mile Mobility

In April 2024, Mahindra Last Mile Mobility sold 552 units, showcasing a 62% year-over-year growth from 340 units in April 2023. The month-over-month sales declined by 70.4%, from 1,863 units in March 2024.

Omega Seiki

In April 2024, Omega Seiki sold 240 units, showcasing a 25% year-over-year growth from 192 units in April 2023. The month-over-month sales declined by 88.4%, from 2,069 units in March 2024.

E Royce Motors

E Royce Motors sold 230 units in April 2024, marking its presence in the market compared to having no sales in March 2024. The brand experienced a 150% year-over-year growth compared to 92 units sold in April 2023.

Euler Motors Pvt Ltd

In April 2024, Euler Motors Pvt Ltd sold 165 units, showcasing a 6% year-over-year decline from 175 units in April 2023. The month-over-month sales declined by 70.2%, from 554 units in March 2024.

Piaggio Vehicles Pvt Ltd

In April 2024, Piaggio Vehicles Pvt Ltd sold 158 units, showcasing a 62% year-over-year decline from 413 units in April 2023. The month-over-month sales declined by 75.5%, from 644 units in March 2024.

Also Read: March 2024 Electric Three-wheeler L5 Sales Report: MLMM and Omega Seiki emerge as top choices.

CMV360 Says

In April 2024, electric three-wheeler (E3W) sales in India had ups and downs. While overall electric vehicle (EV) sales dropped, E3Ws for passengers did better than cargo ones. This shows that E3Ws are still in demand for transporting people.