Electric Three-wheeler L5 Sales Report October 2024: MLMM Emerges as Top Choice.

Key Highlights:

• In October 2024, passenger electric three-wheeler sales rose to 14,776 units from 12,278 in September.
• Cargo electric three-wheeler sales also increased to 2,533 units, up from 2,027.
• Year-over-year sales for passenger E3Ws increased from 6,120 units in October 2023 to 14,766 units in October 2024.
• Mahindra Last Mile Mobility and Bajaj Auto were the top sellers in the passenger market.
• In the cargo segment, Mahindra sold 730 units, while Euler Motors and Omega Seiki saw strong growth in their sales.

In October 2024, India’s electric vehicle (EV) sales showed mixed performance. The sales of passenger three-wheelers (E3W L5 passenger vehicles) increased from 12,278 units in September 2024 to 14,776 units in October 2024. 

In October 2024, the sales of cargo electric three-wheelers (E3W L5 goods-carrying vehicles) increased by from 2,027 units in September 2024 to 2,533 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 October 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 14,776 units in October 2024 compared to 6,120 in October 2023. The E-3W Passenger L5 segment witnessed a YoY growth in sales. 

Electric Three-wheeler Passenger L5 Sales Trend by OEM

In October 2024, Mahindra Last Mile Mobility led the electric three-wheeler passenger L5 market with 5,798 units sold. This represented a 125% increase year-over-year (YoY) from October 2023, when 2,579 units were sold, and a 24.4% rise month-over-month (MoM) compared to September 2024. 

Bajaj Auto closely followed with 5,724 units, experiencing a 27.7% MoM growth from the previous month. In October 2023, Bajaj had sold 843 units.

Piaggio Vehicles recorded 1,785 units in October 2024, down 7% from October 2023, when sales were 1,924 units. However, Piaggio showed a positive MoM growth of 15.2% over September 2024. 

TI Clean Mobility had the highest YoY growth at 200%, with 634 units sold in October 2024 compared to 211 units in October 2023, and a modest MoM increase of 5.1%. 

Lastly, Omega Seiki saw a 135% increase YoY, selling 94 units in October 2024 compared to 40 units in October 2023, but faced a significant 67.6% decline in MoM sales from September 2024.

E-3W Goods L5 Sales

According to data from the Vahan portal, the total number of E-3W sold in the L5 Goods category was 2,533 units in October 2024 compared to 2,175 in October 2023. The E-3W Cargo L5 segment witnessed a growth in sales.

E-3W Cargo L5 Sales Trend by OEM

In October 2024, Mahindra Last Mile Mobility led the electric three-wheeler goods L5 segment, with 730 units sold. This marked a modest year-over-year (YoY) growth of 2.4% from October 2023, when 713 units were sold, and a significant month-over-month (MoM) increase of 49% compared to September 2024.

Bajaj Auto sold 586 units in October 2024, reflecting a 12.9% MoM growth from September 2024. 

Euler Motors sold 389 units, marking a strong 40.9% YoY increase from 276 units in October 2023 and a robust 75.2% MoM growth.

Omega Seiki also showed impressive growth, with 361 units sold in October 2024. This represents a 45% YoY increase from 249 units in October 2023 and a 61.2% rise in MoM sales. 

In contrast, Piaggio Vehicles saw a 53.3% YoY decline in sales, with 154 units sold in October 2024 compared to 330 units in October 2023, but managed a 14.9% MoM growth from September 2024.

Also Read: Electric Three-wheeler L5 Sales Report September 2024: MLMM and Bajaj Auto are the top choices.

CMV360 Says

The sales report for October 2024 shows good news for electric three-wheelers in India. Sales of passenger models increased a lot, especially for Mahindra Last Mile Mobility, which means more people are choosing electric vehicles. Both passenger and cargo electric three-wheelers are gaining popularity, which is a positive sign for electric vehicles in India. As more options come out, demand will likely keep growing.