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

Key Highlights:

• In July 2024, EV sales in India saw an increase compared to June 2024.
• Sales of passenger three-wheelers (E3W L5) rose from 7,817 units in June to 11,431 units in July.
• Cargo electric three-wheelers (E3W L5) sales increased from 1,932 units in June to 2,618 units in July.
• Mahindra Last Mile Mobility, Bajaj Auto, and Piaggio Vehicles led the sales of electric three-wheeler passenger L5 vehicles.
• Despite the overall increase, the E-3W Cargo L5 segment saw a slight decrease in year-on-year sales, with a drop from 2,802 units in July 2023 to 2,618 units in July 2024.

In July 2024, electric vehicle (EV) sales in India increased compared to June 2024. In July 2024, the sales of passenger three-wheelers (E3W L5 passenger vehicles) increased from 7,817 units in June 2024 to 11,431 units. In July 2024, the sales of cargo electric three-wheelers (E3W L5 goods-carrying vehicles) increased from 1,932 units in June 2024 to 2,618 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 in July 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 11,431 units in July 2024 compared to 4,799 in July 2023. The E-3W Passenger L5 segment witnessed an increase in sales. 

The sales of electric three-wheeler passenger vehicles in July 2024 saw significant growth compared to both June 2024 and July 2023.

Electric Three-wheeler Passenger L5 Sales Trend by OEM

In July 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 sold 4908 units in July 2024, up from 3305 units in June 2024 and 2313 units in July 2023. This shows a growth of 112% year-on-year and 48.5% month-on-month.

Bajaj Auto sold 3,350 units in July 2024, an increase from 2,380 units in June 2024 and 172 in July 2023, indicating a month-on-month growth of 40.8%.

Piaggio Vehicles sold 1,743 units in July 2024, up from 1,102 units in June 2024 and 1,727 units sold in July 2023. This represents a 1% year-on-year and 58.2% m-o-m growth in sales.

TI Clean Mobility sold 580 units in July 2024, up from 389 units in June 2024 and 62 units in July 2023. This shows an 835% yoy and 49.1% month-on-month growth.

Omega seiki sold 285 units in July 2024, up from 61 units in June 2024 and 11 units in July 2023. This shows a growth of 367.2% month-on-month sales.

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 2,618 units in July 2024 compared to 2,802 in July 2023. The E-3W Cargo L5 segment witnessed a slight decrease in sales.

E-3W Cargo L5 Sales Trend by OEM

In July 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 sold 1039 units in July 2024, up from 553 units in June 2024 and 801 units in July 2023. This represents a growth in sales of 30% year-on-year and 87.9% month-on-month.

Bajaj Auto sold 344 units in July 2024, up from 166 units in June 2024 and 16 units in July 2023. This reflects a 107.2% month-on-month growth.

Omega Seiki sold 248 units in July 2024, down from 306 units in June 2024 and 334 units in July 2023. This shows a decline of 26% year-on-year and 19% month-on-month.

Euler Motors sold 228 units in July 2024, compared to 209 units in June 2024 and 282 units in July 2023. This depicts a 19% decrease year-on-year and a 9.1% month-on-month growth.

Piaggio Vehicles sold 213 units in July 2024, up from 183 units in June 2024 and down from 269 units in July 2023. This indicates a 21% year-on-year decrease and a 16.4% month-on-month growth.

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

CMV360 Says

The increase in EV sales, particularly in the passenger E3W segment, highlights the growing acceptance and demand for electric mobility solutions in India. The strong performance of key manufacturers like Mahindra and Bajaj demonstrates their commitment to this transition.

However, the slight decline in cargo E3W sales compared to last year indicates that there is still potential for improvement and innovation in this sector. Overall, the trend towards electric vehicles is a positive step towards a more sustainable and eco-friendly transportation system in India.