Electric Three-wheeler Sales Report August 2024: YC Electric Emerges as Top Choice

Key Highlights:

• YC Electric saw stable sales with 0.03% m-o-m growth.
• Saera Electric sales rose 10.9% month-on-month but fell 4.6% year-on-year.
• Dilli Electric's sales dropped 1.2% month-on-month and 22.8% year-on-year.
• Electric rickshaw sales decreased from 46,136 to 44,336 units.
• E-cart sales reached 4,392 units, with Dilli and YC Electric showing strong growth.

YC Electric, Saera Electric, Dilli Electric, MINI METRO, Mahindra Last Mile Mobility and many other OEMs have announced their sales figures for August 2024.

In August 2024, India's electric vehicle market witnessed mixed performance across multiple categories. Sales of E-rickshaw remains stable at 44,336 units in August 2024. E-carts, used predominantly for intra-city logistics, dropped to 4,392  units in August 2024. 

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

E-rickshaw refers to low-speed electric 3Ws (up to 25 kmph) and it is mainly used for passenger transportation. On the other hand, E-cart refers to low-speed electric 3Ws (up to 25 kmph) used for goods transportation. 

Both e-rickshaws and e-carts are becoming popular choices for transportation in crowded cities and towns because they are easy to drive, produce fewer pollutants, and are often cheaper to operate than traditional vehicles. 

In this news, we will examine the sales performance of the E-rickshaw and E-cart segments in August 2024 based on the data from the Vahan Dashboard.

E-rickshaws Sales Trend

The E-rickshaws segment witnessed a decline in yoy sales. According to data from the Vahan portal, 44,336 units of E-rickshaws were sold in August 2024 compared to 46,136 units in August 2023.

E-rickshaw: OEM-wise Sales Analysis

The sales performance of key e-rickshaw brands for August 2024 highlights a mixed trend, with some brands showing growth while others faced a decline. Therefore, let’s explore the sales performance of the Top 5 OEMs in detail:

YC Electric recorded stable sales in August 2024 with 3,475 units sold, marking a minimal Month-on-Month (MoM) growth of 0.03% compared to 3,474 units in July 2024. However, Year-on-Year (YoY) sales witnessed a 7.9% decline from 3,772 units in August 2023.

Saera Electric experienced a positive MoM growth of 10.9%, selling 2,579 units in August 2024 compared to 2,325 in July 2024. Despite the monthly improvement, the brand saw a 4.6% YoY decline from 2,703 units sold in August 2023.

Dilli Electric faced a decline in both MoM and YoY sales. The brand sold 1,794 units in August 2024, a 1.2% drop from 1,816 in July 2024, and a significant 22.8% decrease compared to 2,325 units sold in August 2023.

Mini Metro also reported negative growth in both MoM and YoY sales. The company sold 1,253 units in August 2024, down 6.8% from 1,345 units in July 2024, and experienced a YoY drop of 22.3% from 1,613 units sold in August 2023.

Hotage Corporation demonstrated strong MoM growth of 6.7%, with 1,211 units sold in August 2024 compared to 1,135 in July 2024. However, on a YoY basis, the company saw a slight decrease of 6.6% from 1,297 units sold in August 2023.

E-cart Sales Trend

The Electric 3-wheeler cargo segment witnessed a remarkable increase in sales. As per the Vahan portal data, 4,392 units of E-cart were sold in August 2024 compared to 3,095 units in August 2023.

E-cart: OEM-wise Sales Analysis 

In August 2024, the sales were dominated by key players including Dilli Electric and YC Electric. Our analysis of the E-cart segment reveals significant facts about the monthly sales of OEMs. Therefore, let’s explore the sales performance of the Top 5 OEMs in detail.

DILLI Electric sold 320 units in August 2024, marking a 31% Y-o-Y growth compared to the 244 units sold in August 2023. However, the brand saw a 13.3% M-o-M decline from July 2024, when 369 units were sold.

YC Electric reached 309 units in August 2024, which represents an impressive 52% Y-o-Y growth from 203 units in August 2023. Yet, similar to DILLI Electric, the brand experienced a 17.2% M-o-M decline from July 2024’s 373 units.

Saera Electric sold 222 units in August 2024, achieving a 53% Y-o-Y growth from 145 units sold in August 2023. The M-o-M sales, showed a slight decline of 6.7%, with July 2024 sales standing at 238 units.

SKS Trade India saw a total of 178 units sold in August 2024, reflecting a 39% Y-o-Y increase from 128 units in August 2023. Like others, the brand faced a 6.3% M-o-M decrease from July 2024’s 190 units sold.

J. S. Auto had the highest Y-o-Y growth among the brands, with a 76% Y-o-Y increase, as sales jumped from 98 units in August 2023 to 172 units in August 2024. Unlike others, the company posted a positive 4.2% M-o-M growth from 165 units in July 2024.

Also Read: Electric Three-wheeler Sales Report June 2024: YC Electric Emerges as Top Choice

CMV360 Says

August 2024’s electric vehicle sales show a mixed picture. The rise in electric cargo and e-cart sales highlights their growing role in delivery and logistics. However, some brands saw a drop in e-rickshaw sales, indicating fluctuating demand.