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

Key Highlights:

• In May 2024, electric vehicle sales in India increased compared to April 2024, particularly for electric three-wheelers (E3W).
• Sales of E3W passenger vehicles surged from 4,274 units in April 2024 to 7,479 units in May 2024.
• Cargo E3W sales grew from 1,745 units in April 2024 to 2,243 units in May 2024.
• Mahindra Last Mile Mobility, Bajaj Auto, and Piaggio Vehicles led the E3W passenger segment sales in May 2024.
• The E3W cargo segment also saw significant contributions from Mahindra Last Mile Mobility, Omega Seiki, and Euler Motors.

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

In May 2024, the sales of passenger three-wheelers (E3W L5 passenger vehicles) increased from 4,274 to 7,479 units, while cargo electric three-wheelers (E3W L5 goods-carrying vehicles) grew from 1,745 to 2,243 units compared to April 2024.

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 May 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 7,479 units in May 2024 compared to 2,905 in May 2023. The E-3W Passenger L5 segment witnessed an increase in sales. 

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

Electric Three-wheeler Passenger L5 Sales Trend by OEM

In May 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 2,931 units in May 2024, up from 1,781 units in April 2024 and 1,276 units in May 2023. This shows a 130% growth year-on-year and a 64.60% growth month-on-month.

Bajaj Auto sold 2,214 units in May 2024, an increase from 1,196 units in April 2024. Bajaj Auto had no sales in May 2023, so there is no year-on-year comparison, but month-on-month growth is 85.10%.

Piaggio Vehicles sold 1,190 units in May 2024, up slightly from 1,159 units in April 2024. Compared to May 2023, which had 541 units sold, this represents a 120% year-on-year growth.

TI Clean Mobility sold 328 units in May 2024, up from 194 units in April 2024 and 20 units in May 2023. This shows a 69.10% month-on-month growth.

Keto Motors sold 226 units in May 2024, up from 37 units in April 2024 and just 1 unit in May 2023.

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 2,243 units in May 2024 compared to 2,099 in May 2023. The E-3W Cargo L5 segment witnessed a slight increase in sales.

E-3W Cargo L5 Sales Trend by OEM

In May 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 579 units in May 2024, up from 553 units in April 2024 and 530 units in May 2023. This represents a 9% increase year-on-year and a 5% increase month-on-month.

Omega Seiki sold 254 units in May 2024, an increase from 240 units in April 2024 and 170 units in May 2023. This translates to a 49% increase year-on-year and a 6% increase month-on-month.

Euler Motors saw significant growth with 244 units sold in May 2024, compared to 165 units in April 2024 and 141 units in May 2023. This is a 73% increase year-on-year and a 48% increase month-on-month.

Piaggio Vehicles sold 189 units in May 2024, up from 158 units in April 2024, but a decrease from 428 units in May 2023. This indicates a 56% decrease year-on-year, despite a 20% increase month-on-month.

Ravi Metal Works sold 158 units in May 2024, a substantial rise from 57 units in April 2024, with no sales recorded in May 2023. This reflects a 177% month-on-month growth, with no year-on-year comparison available.

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

CMV360 Says

The significant growth in electric three-wheeler sales indicates a strong shift towards sustainable transportation options. Continued support and innovation in this sector could lead to even more rapid adoption.

The electric three-wheeler market is growing rapidly, with most manufacturers showing significant increases. However, Piaggio's sharp decline suggests they may be facing challenges in this competitive sector.