March 2024 Electric Three-wheeler L5 Sales Report: MLMM and Omega Seiki emerge as top choices.

Key Highlights:

•    E3W sales in India surged in March 2024, showing a big demand for eco-friendly transport.
•    Mahindra Last Mile Mobility and Omega Seiki led in passenger and cargo sales, with impressive growth.
•    Piaggio and Bajaj also saw an increase in sales.
•    Both passenger and cargo E3W markets grew a lot, highlighting a shift towards eco-friendly mobility.

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. In March 2024, electric vehicle (EV) sales in India increased significantly across all categories compared to February 2024. 

Sales in the E3W L5 Passenger Vehicles category increased to 11,777 units from 6,952. E3W L5 Cargo vehicles sales increased from 2,642 to 6,554 units. Overall, the Indian electric vehicle industry grew significantly in March 2024 across several segments. In this news, we will examine the sales performance of E3W in the goods and passenger segments in March 2024 based on the data from the Vahan Dashboard.

E-3W Passenger L5 Sales Trend by OEM

In March 2024, the electric three-wheeler Passenger L5 sales were led by Mahindra Last Mile Mobility Ltd., Bajaj Auto, and Piaggio Vehicles. Now, let’s explore the sales performance of the OEMs in detail.

Mahindra Last Mile Mobility Ltd.

In March 2024, Mahindra Last Mile Mobility Ltd. sold 4,462 units, showcasing a 360% y-o-y growth from 970 units in March 2023. The month-over-month growth was 48%, from 3,019 units in February 2024.

Bajaj Auto Ltd

Bajaj Auto Ltd sold 2,895 units in March 2024, marking its presence in the market compared to having no sales in March 2023. The brand experienced a 141% month-over-month growth in sales, from 1,200 units sold in February 2024.

Piaggio Vehicles Pvt Ltd

Piaggio Vehicles Pvt Ltd sold 2,655 units in March 2024, registering a 236% y-o-y growth from 790 units in March 2023. The brand saw a 60% month-over-month increase in sales. The company sold 1,656 units in February 2024.

TI Clean Mobility

TI Clean Mobility marked a 62% month-over-month growth with 748 units sold in March 2024. The brand sold 462 units in February 2024.

Omega Seiki Pvt Ltd

Omega Seiki Pvt Ltd’s sales in March 2024 stood at 178 units, compared to 3 units sold in March 2023. The month-over-month growth was 37%, up from 130 units sold in February 2024.

Kerala Automobiles Limited

In March 2024, Kerala Automobiles Limited sold 35 units, compared to 1 unit sold in March 2023. The brand saw a 75% month-over-month growth. The company sold 20 units in February 2024.

E-3W Cargo L5 Sales Trend by OEM

In March 2024, the electric three-wheeler goods L5 sales were led by OMEGA Seiki. Our analysis of the E-3W Cargo L5 segment reveals significant sales change among OEMs. Therefore, let’s explore the sales performance of the Top OEMs in detail.

Omega Seiki

Omega Seiki Pvt Ltd’s sales in March 2024 stood at 2,069 units, reflecting a remarkable 222% y-o-y growth compared to 643 units sold in March 2023. The month-over-month growth was 462%, up from 368 units in February 2024.

Mahindra Last Mile Mobility

In March 2024, Mahindra Last Mile Mobility delivered 1860 units, showcasing a 185% year-over-year growth from 653 units in March 2023. The month-over-month growth was 95%, from 956 units sold in February 2024.

Piaggio Vehicles Pvt Ltd

Piaggio Vehicles Pvt Ltd sold 644 units in March 2024, registering a 38% year-over-year growth from 466 units in March 2023. The brand saw a 92% month-over-month growth from 336 units in February 2024.

Euler Motors Pvt Ltd

In March 2024, Euler Motors Pvt Ltd marked a 151% year-over-year growth with 554 units sold, a substantial increase from 221 units in March 2023. The brand also experienced a 49% month-over-month growth from 373 units in February 2024.

Bajaj Auto Ltd

Bajaj Auto Ltd sold 459 units in March 2024, marking its presence in the market compared to having no sales in March 2023. The brand experienced a 156% month-over-month growth compared to 179 units sold in February 2024.

Altigreen Propulsion

In March 2024, Altigreen Propulsion Labs Pvt Ltd sold 449 units, indicating an 88% year-over-year growth from 239 units in March 2023. The brand also saw a 203% month-over-month growth from 148 units sold in February 2024.

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

CMV360 Says

In the March 2024 electric three-wheeler sales report, Mahindra Last Mile Mobility and Omega Seiki emerged as the top choices in passenger and cargo segments respectively, demonstrating significant year-over-year growth. Other notable performers includes Piaggio Vehicles Pvt Ltd, Bajaj Auto Ltd, and Euler motors, reflecting the increasing popularity and diversity of electric three-wheelers in India's urban mobility industry. Stay tuned to CMV360 for further updates on electric three-wheeler sales reports.