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

Key Highlights:

• YC Electric led electric three-wheeler sales in October 2024, selling 4,083 E-rickshaws.
• E-rickshaw sales dropped slightly to 43,969 units in October 2024 from 44,025 units in Sep 2024.
• E-cart sales rose to 5,892 units in October 2024, up from 4,571 units in September 2023.
• Dilli Electric saw a stable year-over-year performance with 1,873 E-rickshaws sold.
• Saera Electric's E-cart sales increased by 165% compared to the same month last year, with 249 units sold.

YC Electric, Saera Electric, Dilli Electric, MINI METRO, UNIQUE INTERNATIONAL and many other OEMs have announced their sales figures for October 2024.

In October 2024, India's electric vehicle market witnessed mixed performance across multiple categories. Sales of E-rickshaws went down to 43,969 units in October 2024, compared to 44,025 units in September 2024. E-carts, used predominantly for intra-city logistics, sales increased to 5,892 units in October 2024, compared to 4,571 units in September 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 three wheelers (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 October 2024 based on the data from the Vahan Dashboard.

E-rickshaws Sales Trend

The E-rickshaws segment witnessed a decline in y-o-y sales. According to data from the Vahan portal, 43,969 units of E-rickshaws were sold in October 2024 compared to 45,692 units in October 2023.

E-Rickshaw Sales Trend by OEM in October 2024

E-rickshaw sales in October 2024 show a mix of growth and decline across different manufacturers. Here are the key highlights:

YC Electric sold 4,083 units in October 2024, reflecting a 5.9% increase compared to the previous year and a strong 16.3% rise from September 2024, showing consistent growth both annually and monthly.

Saera Electric recorded 2,222 units sold, marking a significant 25.9% drop YoY and a 3.2% decrease in MoM sales, indicating a notable slowdown in sales compared to last year and the previous month.

Dilli Electric sold 1,873 units in October 2024, with nearly stable sales YoY (down by just 0.6%) but a notable 12.9% increase MoM, showing a steady month-over-month improvement.

Mini Metro EV L.L.P reported 1,297 units sold in October 2024, showing a slight decrease of 0.8% YoY but a strong MoM growth of 17.6%, showing a strong recovery in monthly sales.

Unique International sold 1,121 units, achieving a 6.3% YoY increase while facing a minor 1.6% decline in MoM sales, indicating a steady annual performance with a slight dip from September.

The e-rickshaw market is facing challenges, with most manufacturers seeing a decline in both year-on-year and month-on-month sales.

E-cart Sales Trend

The Electric 3-wheeler cart segment witnessed a remarkable increase in sales. As per the Vahan portal data, 5,892 units of E-cart were sold in October 2024 compared to 3,019 units in October 2023.

E-Cart Sales Trend by OEM (October 2024)

Here’s a breakdown of e-cart sales for October 2024 compared to October 2023:

YC Electric achieved sales of 504 units in October, representing a remarkable 143% increase compared to the same month last year and a strong 63.1% rise from September, showcasing outstanding growth in both annual and monthly sales.

Dilli Electric sold 401 units in October, marking a solid 50% increase year-on-year and a 31% rise month-on-month, indicating a positive trend in sales performance.

Baxy Ltd. reported 274 units sold in October, a substantial increase from the previous month's sales of just 50 units, reflecting a significant upward trend as they had no sales recorded in October 2023.

Saera Electric recorded 249 units sold in October, achieving a remarkable 165% growth compared to October 2023 and a 17.5% increase from September, highlighting strong sales momentum.

J. S. Auto sold 220 units in October, showing a significant 120% increase year-on-year and a 21.5% rise month-on-month, indicating robust growth in sales.

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

CMV360 Says

The sales report for electric three-wheelers in October 2024 shows mixed results. While it's great to see an increase in E-cart sales, the decline in E-rickshaw sales is concerning. Companies like YC Electric are doing well, but others like Saera Electric need to find ways to improve their sales. Overall, the growth in E-carts is a positive sign for the electric vehicle market, and it would be good to see more support for E-rickshaws to help them bounce back.