February 2024 Electric Three-wheeler L5 Sales Report: Mahindra and Mahindra emerge as a top choice.

Key Highlights:
•    Mahindra & Mahindra dominates February 2024 E-3W sales.
•    Bajaj Auto enters E-3W market.
•    Piaggio Vehicles: 2% YoY growth, 13% MoM drop.
•    Omega Seiki: 74% YoY growth, 14% MoM growth.

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.

Mahindra & Mahindra emerged as the top choice for electric three-wheelers in both passenger and cargo segments in February 2024.

In this news, we will examine the sales performance of E3W in the goods and passenger segments in February 2024 based on the data from the Vahan Dashboard.

E-3W Passenger L5 Sales Trend by OEM

In February 2024, the electric three-wheeler Passenger L5 sales were led by Mahindra & Mahindra, Piaggio Vehicles, and Bajaj Auto. Therefore, let’s explore the sales performance of the top OEMs in detail.

Mahindra & Mahindra

In February 2024, Mahindra & Mahindra delivered 3,022 units, showcasing a 303% year-over-year growth from 749 units in February 2023. The month-over-month growth was 6%, from 2,829 units in January 2024.

Piaggio Vehicles Pvt Ltd

Piaggio Vehicles Pvt Ltd sold 1,655 units in February 2024, registering an 181% year-over-year growth from 590 units in February 2023. The brand saw a 4% month-over-month drop from 1,717 units in January 2024.

Bajaj Auto Ltd

Bajaj Auto Ltd had 1,200 units sold in February 2024, marking its presence in the market compared to having no sales in February 2023. The brand experienced an 18% month-over-month drop from 1,463 units in January 2024.

TI Clean Mobility

In February 2024, TI Clean Mobility marked a 22950% year-over-year growth with 461 units sold, a substantial increase from 2 units in February 2023. The brand also experienced a 26% month-over-month growth from 366 units in January 2024.

Omega Seiki Pvt Ltd

Omega Seiki Pvt Ltd’s sales in February 2024 stood at 130 units, compared to 0 units sold in February 2023. The month-over-month growth was 177%, up from 47 units in January 2024.

Atul Greentech

February 2024, Atul Greentech sold 36 units, compared to 0 units sold in February 2023. The brand also saw a 89% month-over-month growth from 19 units in January 2024.

Also Read: EV Sales Report: How E-3W Goods and Passenger Segments Performed in Jan 2024

E-3W Cargo L5 Sales Trend by OEM

In February 2024, the electric three-wheeler goods L5 sales were led by Mahindra & Mahindra, Euler Motors and OMEGA Seiki. Therefore, let’s explore the sales performance of the top OEMs in detail.

Our analysis of the E-3W Cargo L5 segment reveals significant sales change among OEMs. Therefore, let’s explore the sales performance of each OEM in detail.

Mahindra & Mahindra

In February 2024, Mahindra & Mahindra delivered 955 units, showcasing a 127% year-over-year growth from 420 units in February 2023. The month-over-month growth was 46%, from 651 units in January 2024.

Euler Motors Pvt Ltd

In February 2024, Euler Motors Pvt Ltd marked a 301% year-over-year growth with 373 units sold, a substantial increase from 93 units in February 2023. The brand also experienced a 16% month-over-month growth from 321 units in January 2024.

Omega Seiki Pvt Ltd

Omega Seiki Pvt Ltd’s sales in February 2024 stood at 368 units, reflecting a remarkable 74% year-over-year growth from 211 units in February 2023. The month-over-month growth was 14%, up from 323 units in January 2024.

Piaggio Vehicles Pvt Ltd

Piaggio Vehicles Pvt Ltd sold 330 units in February 2024, registering a 2% year-over-year growth from 325 units in February 2023. The brand saw a 13% month-over-month drop from 380 units in January 2024.

Bajaj Auto Ltd

Bajaj Auto Ltd had 179 units sold in February 2024, marking its presence in the market compared to having no sales in February 2023. The brand experienced a 54% month-over-month growth from 116 units in January 2024.

Altigreen Pvt Ltd

February 2024, Altigreen Propulsion Labs Pvt Ltd sold 149 units, indicating a 26% year-over-year growth from 118 units in February 2023. The brand also saw a 3% month-over-month growth from 144 units in January 2024.

CMV360 Says

In the February 2024 electric three-wheeler sales report, Mahindra & Mahindra emerged as the top choice in both passenger and cargo segments, demonstrating significant year-over-year growth. 

Other notable performers include Piaggio Vehicles Pvt Ltd, Omega Seiki Pvt Ltd, and Bajaj Auto Ltd, reflecting the increasing popularity and diversity of electric three-wheelers in India's urban mobility landscape.

Stay tuned to CMV360 for further updates on three-wheeler sales reports.