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

Key Highlights:

• Mahindra Last Mile Mobility emerged as the top seller in the E3W passenger L5 category, with 3,734 units sold in August 2024.
• Bajaj Auto recorded 3,661 passenger E3Ws sold, showing a 9.3% growth from July 2024.
• Piaggio Vehicles saw a drop in both passenger and goods E3W sales.
• The E3W cargo L5 segment witnessed a decrease, with only 1,788 units sold in August 2024.
• Omega Seiki experienced a sharp 44.1% decline in passenger vehicle sales month-on-month.

In August 2024, electric vehicle (EV) sales in India showed mixed performance. In August 2024, the sales of passenger three-wheelers (E3W L5 passenger vehicles) decreased from 11,431 units in July 2024 to 10,227 units. 

In August 2024, the sales of cargo electric three-wheelers (E3W L5 goods-carrying vehicles) decreased from 2,621 units in July 2024 to 1,788 units.

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 for august 2024 based on the data from the Vahan Dashboard.

E-3W Passenger L5 Sales Trend

According to data from the Vahan Dashboard, the E-3W L5 Passenger category sold 10,227 units in August 2024 compared to 5,015 in August 2023. The E-3W Passenger L5 segment witnessed an increase in sales. 

The sales of electric three-wheeler passenger vehicles in August 2024 saw significant growth compared to August 2023.

Electric Three-wheeler Passenger L5 Sales Trend by OEM

In August 2024, Mahindra Last Mile Mobility Ltd. sold 3,734 units, showing a 46% increase compared to August 2023. However, sales decreased by 23.9% compared to July 2024.

Bajaj Auto recorded 3,661 units in August 2024, reflecting a 9.3% increase from July 2024.

Piaggio Vehicles experienced an 11% decline in year-on-year sales, with 1,426 units sold in August 2024 compared to 1,611 in August 2023. The month-on-month sales also declined by 18.2% from July 2024.

TI Clean Mobility had strong growth, with 598 units sold, marking a 350% increase compared to August 2023 and a slight 3.1% rise over July 2024.

Omega Seiki saw a sharp decline, with a 44.1% drop in month-on-month sales, totaling 160 units in August 2024.

TVS Motor had a small volume but notable growth, selling 69 units in August 2024, a 72.5% rise from July 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 1,788 units in August 2024 compared to 2,616 in August 2023. The E-3W Cargo L5 segment witnessed a decline in sales.

E-3W Cargo L5 Sales Trend by OEM

Mahindra Last Mile Mobility saw a sharp decline in sales, dropping to 458 units in August 2024 from 679 units in August 2023, marking a 32.5% decrease year-on-year. The month-on-month drop from July’s 1,039 units was 55.9%.

Bajaj Auto experienced steady growth, selling 369 units in August 2024 compared to 344 in July 2024, a 7.3% increase month-on-month. Year-on-year sales growth was strong, up from just 24 units in August 2023.

Omega Seiki reported a 13.4% increase year-on-year, rising from 253 units in August 2023 to 287 units in August 2024. The company experienced a month-on-month growth of 15.7%. In July 2024, company sold 248 units.

Euler Motors maintained consistent sales, selling 245 units in both August 2024 and August 2023, with a slight 7% month-on-month increase from July’s 229 units.

Piaggio Vehicles struggled, with sales dropping to 132 units in August 2024, a 60% year-on-year decrease from 330 units in August 2023. Month-on-month, sales were down 38.6% from 215 units in July.

Altigreen Propulsion faced the steepest decline, selling only 33 units in August 2024 compared to 326 units in August 2023, a drastic 89.9% drop year-on-year. The month-on-month decrease was 37.7% from 53 units in July.

Also Read: Electric Three-wheeler L5 Sales Report July 2024: MLMM emerges as the top choice.

CMV360 Says

August 2024 showed a mixed performance for electric three-wheelers. While Mahindra and Bajaj saw growth in passenger vehicles, cargo vehicle sales declined. To stay ahead, manufacturers need to focus on affordability, innovation, and better service to boost electric mobility in India.