Electric Three Wheeler Sales Surge in September 2023

Sales of electric three-wheelers increased by 12% in September 2023. During the month, sales increased from 4,761 to 5,361 units, indicating a growing demand for environment-friendly transportation solutions.

Sales of electric three-wheelers increased by 12% in September 2023. September month has witnessed a significant surge in the sales of electric three-wheelers, with several leading manufacturers reporting impressive figures.

During the month, sales increased from 4,761 to 5,361 units, indicating a growing demand for environment-friendly transportation solutions. Growing concerns about air quality and environmental degradation have also influenced the shift towards electric three-wheelers.

This surge is primarily dedicated to the growing awareness of environmental concerns, coupled with government incentives and initiatives aimed at promoting electric mobility. Among the electric three-wheelers, electric rickshaws have emerged as the best-selling category, indicating a shift towards cleaner and more sustainable transportation options.

In September 2023, Passenger E3W sales were 52,337 units, a 2.4% rise month on month, while cargo E3W sales were 5,107 units, a 9.6% reduction from the previous month. Overall, E3W sales increased by about 1.2% month over month.

Passenger E3W sales increased by roughly 56% year on year in September 2023, while cargo E3W sales increased by more than 90% compared to September 2022.

Top Manufacturers Leading the Charge

The sales figures for electric three-wheelers in September 2023 show a significant decrease. The market witnessed a shift in dynamics that demanded a deeper analysis, with a month-on-month fall of 18%.

Despite a drop in overall sales, many competitors stood out as top achievers in the electric three-wheeler vehicle market. Companies such as OMEGA SEIKI PVT LTD, 3EV INDUSTRIES PVT LTD, and DILLI ELECTRIC AUTO PVT LTD demonstrated dedication and market presence, contributing to the industry's continued success.

The performance of MAHINDRA & MAHINDRA LIMITED, a well-known name in the electric three-wheeler market, is one of the most noteworthy conclusions from September sales data. In an unexpected turn of events, this industry giant, along with Altigreen Propulsion Labs Pvt Ltd, Piaggio Vehicles Pvt Ltd, Euler Motors Pvt Ltd, Atul Auto Ltd, and E Royce Motors India Pvt Ltd, saw a drop in sales.

TOP ELECTRIC CARGO THREE-WHEELER COMPANIES

| Company | August Sales | September Sales | MoM Growth ||----------------------|--------------|-----------------|------------|| MAHINDRA & MAHINDRA | 671.0 | 599.0 | -10.73 || OMEGA SEIKI | 253.0 | 333.0 | 31.621 || ALTIGREEN PROPULSION | 326.0 | 288.0 | -11.656 || PIAGGIO VEHICLES | 315.0 | 233.0 | -26.032 || EULER MOTORS | 245.0 | 185.0 | -24.49 || ATUL AUTO | 151.0 | 111.0 | -26.49 || E ROYCE MOTORS | 154.0 | 110.0 | -28.571 || KINETIC GREEN ENERGY | 227.0 | 40.0 | -82.379 || 3EV INDUSTRIES | 40.0 | 35.0 | -12.5 || DILLI ELECTRIC | 24.0 | 25.0 | 4.1667 |

TOP ELECTRIC PASSENGER THREE WHEELER COMPANIES

| Company | August Sales | September Sales | MoM Growth ||-------------------------------------------|--------------|-----------------|---------|| MAHINDRA & MAHINDRA LIMITED | 2560.0 | 2453.0 | -107.0 || PIAGGIO VEHICLES PVT LTD | 1,604 | 1,739 | 135.0 || BAJAJ AUTO LTD | 200.0 | 656.0 | 456.0 || TI CLEAN MOBILITY PVT LTD | 134.0 | 218.0 | 84.0 || DILLI ELECTRIC AUTO PVT LTD | 127.0 | 86.0 | -41.0 || ATUL AUTO LTD | 82.0 | 76.0 | -6.0 || CONTINENTAL ENGINES PVT LTD | 35.0 | 43.0 | 8.0 || RASANDIK ENGINEERING INDUSTRIES INDIA LTD | 8.0 | 37.0 | 29.0 || ATUL GREENTECH PRIVATE LIMITED | 0.0 | 28.0 | 28.0 || KAPTECH INDIA PVT LTD | 11.0 | 25.0 | 14.0 |

Companies like PIAGGIO VEHICLES PVT LTD, BAJAJ AUTO LTD, and TI CLEAN MOBILITY PVT LTD led the pack of top performers in this surge. These industry leaders delivered remarkable sales statistics and played a critical role in propelling the electric three-wheeler segment's overall growth.

While the industry as a whole experienced a remarkable upswing in September, a few players faced challenges. MAHINDRA & MAHINDRA LIMITED saw a decline in sales, indicating a temporary setback. DILLI ELECTRIC AUTO PVT LTD experienced a drop as well, with a fall of 41 automobiles. During the same time period, ATUL AUTO LTD saw a decline in three-wheeler sales.

Also Read: Electric Three Wheeler Sales Surge in August 2023, Setting New Records

Government Incentives and tax exemptions

According to these numbers, the increase in electric three-wheeler sales is a positive indication for the EV industry, demonstrating the growing adoption of sustainable transportation alternatives. Another important effect is the pricing incentives and tax exemptions provided by governments around India.

The surge in electric three-wheeler sales can be attributed to the various government initiatives and incentives aimed at promoting electric mobility. Governments at the state and national levels have introduced subsidies, tax benefits, and easier financing options for electric vehicle buyers.

These incentives have significantly reduced the total cost of ownership for electric three-wheelers, making them an attractive choice for both commercial and personal use.

Future Outlook

The electric three-wheeler segment's robust growth in September 2023 indicates a promising future for electric mobility in India. The market is expected to witness even more remarkable growth in the coming months.