EV Sales Report: How E-3W Passenger and Cargo L5 Segments Performed in Dec 2023

The EV market has been a dynamic and rapidly evolving sector, with various categories of EVs making significant strides in sales performance. Over the past year, from December 2022 to December 2023, we’ve observed intriguing trends that highlight the growing consumer interest and trust in electric mobility solutions. The data reflects a positive shift towards sustainable transportation, with an impressive uptick in registrations and sales across different EV categories.

In this news, we will analyze the category-wise sales trend of EVs such as E-rikshaw, E-3W L5 (M), E-cart, and E-3W L5 (N) from December 2022 to December 2023 based on the data from the Vahan Dashboard. Now, let’s get into the specifics of these trends and examine the sales figures that paint a picture of this electric revolution.

Category wise EV Sales Report (Dec 2022 - Dec 2023)

E-Rickshaw-

• December 2022: The sales of e-rickshaws were impressive, with 30,912 units finding new owners. These vehicles have become a staple in urban transportation due to their affordability and eco-friendliness.
• December 2023: The popularity of e-rickshaws soared even higher, with sales reaching 45,074 units. This surge reflects their increasing acceptance as a primary mode of transport in cities.

E-3W L5 (M)-

• December 2022: A total of 1,558 medium-speed electric three-wheelers were sold, marking their entry into the market as a viable transport option.
• December 2023: The sales jumped to 6,452 units, indicating growth and a strong market presence for this category.

E-Cart-

• December 2022: E-carts made their mark with 1,965 units sold, catering to the growing needs of last-mile delivery services.
• December 2023: The demand for e-carts grew, with 3,687 units sold, highlighting their critical role in the logistics and delivery sectors.

E-3W L5 (N)-

• December 2022: The high-speed electric three-wheelers started with 1,799 units sold, carving out a niche in the market.
• December 2023: The sales saw a moderate increase to 2,296 units, suggesting a steady interest in these high-performance vehicles.

E-3W Passenger L5 Sales Trend by OEM

As we turn our attention to the sales trends of E-3W Passenger L5 vehicles by Original Equipment Manufacturers (OEMs), it’s clear that the landscape is one of growth and change. Let’s take a closer look at how each brand has performed in this evolving market.

Mahindra & Mahindra-

In December 2023, Mahindra & Mahindra sold 2,791 units, a significant leap from the 737 units sold in December 2022, marking a 279% year-over-year growth. However, there was an 11% decline from November 2023 sales, which stood at 3,136 units.

Piaggio Vehicles-

Piaggio Vehicles witnessed a 205% year-over-year growth, with 1,667 units sold in December 2023, up from 546 units in December 2022. Sales dipped by 15% compared to November 2023, when 1,954 units were sold.

Bajaj Auto Ltd-

Bajaj Auto Ltd showed a remarkable entry with 1,169 units sold in December 2023, considering there were no sales in December 2022. The month-over-month growth was modest at 1%, up from 1,158 units in November 2023.

TI Clean Mobility

TI Clean Mobility had a remarkable year-over-year performance, selling 326 units in December 2023 compared to just 1 unit in December 2022. The brand also saw an 18% increase from November 2023, which had 277 units sold.

Atul Auto Ltd-

Atul Auto Ltd sold 66 units in December 2023, achieving a 69% year-over-year growth from 39 units in December 2022. However, there was a slight 7% decrease from the 71 units sold in November 2023.

Omega Seiki-

Omega Seiki sold 33 units in December 2023. While there were no sales in December 2022, the brand experienced a 28% decrease from November 2023, which had 46 units sold.

These figures not only reflect the sales achievements of each brand but also underscore the dynamic nature of the EV market, with consumer preferences and technological advancements shaping the industry’s future.

E-3W Cargo L5 Sales Trend by OEM

Shifting our focus to the E-3W Cargo L5 segment, we observe an impressive sales trajectory among the leading Original Equipment Manufacturers (OEMs). The data reveals a story of growth as these brands navigate the challenges and opportunities of the cargo EV market. Let’s explore the sales performance of each OEM in detail.

Mahindra & Mahindra-

December 2023, Mahindra & Mahindra delivered 659 units, showcasing a 105% year-over-year growth from 305 units in December 2022. The month-over-month growth was a steady 5%, up from 626 units in November 2023.

Piaggio Vehicles Pvt Ltd-

Piaggio Vehicles Pvt Ltd sold 389 units in December 2023, achieving a 28% year-over-year growth from the same number of 305 units in December 2022. The brand saw a significant 45% month-over-month growth from 268 units in November 2023.

Euler Motors Pvt Ltd-

In December 2023, Euler Motors Pvt Ltd marked a 233% year-over-year growth with 336 units sold, a substantial increase from 101 units in December 2022. The brand also experienced a 32% month-over-month growth from 255 units in November 2023.

Omega Seiki Pvt Ltd-

Omega Seiki Pvt Ltd’s sales in December 2023 stood at 269 units, reflecting a remarkable 364% year-over-year growth from 58 units in December 2022. The month-over-month growth was 33%, up from 203 units in November 2023.

Altigreen Propulsion Labs Pvt Ltd-

December 2023, Altigreen Propulsion Labs Pvt Ltd sold 243 units, indicating a 50% year-over-year growth from 162 units in December 2022. The brand also saw a 19% month-over-month growth from 205 units in November 2023.

Bajaj Auto Ltd-

Bajaj Auto Ltd had 94 units sold, in December 2023 marking its presence in the market compared to no sales in December 2022. The brand experienced a 29% month-over-month growth from 73 units in November 2023.

These numbers not only highlight the competitive spirit of the OEMs but also underscore the increasing demand for E-3W Cargo L5 vehicles as businesses seek sustainable logistics solutions.

Lastly, the year-over-year growth in sales across these categories is evidence of the evolving consumer preferences and the shift towards sustainable transportation solutions. The numbers reflect a promising future for the EV industry, driven by innovation and a commitment to a greener planet.