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Bajaj Auto Electric 3W Sales Scale New High in November, Cross 117,000 Since Launch

Ajit Dalvi — Sat, 06 Dec 2025 11:56:02

Bajaj Auto, India’s market leader in IC-engined three-wheelers and also the No. 1 three-wheeler exporter, has registered its best-ever monthly retail sales in November 2025. The 8,765 units are a 43% YoY jump (November 2024: 6,129 units) and a month-on-month increase of 9% (October 2025: 8,034 units).

As the retail sales data table below reveals, the company’s growth in the current calendar year has been very strong. Bajaj Auto began this year with 5,357 units in January, which fell 14% MoM to 4,588 units in February. Then there were five straight months of MoM growth – March (5,293 units), April (5,509 units), May (6,292 units), June (6,478 units) and July (7,626 units).

Deliveries fell in August (6,256 units) and September (6,827 units) because of a much-slowed-down supply chain for critical rare earth magnets which also impacted production of the Bajaj Chetak electric scooter. With the supply chain issue being resolved, production has come back on track.

Bajaj Auto sold over 8,000 e-3Ws for the first time in October and bettered that with 8,765 units in November. With the new Riki e-rickshaw now on sale, expect numbers to cross 9,000-10,000 soon.

Bajaj Auto Set for Record Sales of Over 80,000 Units in CY2025

CY2025 has turned out to be a record year for Bajaj e-3Ws. Cumulative sales in the first 11 months of this year at 71,025 units are up 88% year on year (January-November 2024: 37,668 units). This gives the company a 10% market share of the 709,506 e-3Ws sold across the country. With December numbers still to be factored, as also the market entry of the Riki e-rickshaw, in both passenger and cargo variants, expect Bajaj Auto to clock total sales of around 82,000-85,000 units in CY2025.

On November 26, the Pune-based company expanded its portfolio with the two-variant Riki model which marks Bajaj’s diversification in the volume electric rickshaw segment. While the passenger Riki P4005, equipped with a 5.4 kWh battery is priced at Rs 190,890 (ex-showroom) and travels a claimed 149km on a single charge, the Riki C4005 cargo model, priced at Rs 200,876 has a certified range of 164km. According to the company, the Riki has been piloted successfully in Patna, Moradabad, Guwahati and Raipur, an exercise which is being expanded to over 100 towns across Uttar Pradesh, Bihar, Madhya Pradesh, Chhattisgarh and Assam in Phase 1.

Bajaj Auto had entered the e-3W market in June 2023 with two products – the RE E-Tec 9.0 passenger EV and Maxima XL Cargo E-Tec 12.0 (replaced by the GoGo e3W brand launched in February 2025). The GoGo e-3Ws, which are aimed to redefine last-mile mobility, for both passenger and cargo operations, constitute the bulk of the company’s monthly sales.

Key GoGO product highlights are a best-in-class range of 248km, a 5-year /120,000km battery warranty, and first-in-class tech features like auto hazard and anti-roll detection. There are two GoGo models for passenger transport (P70s and P50s) and three variants (P5009, P5012 and P7012). While the P5009 has a 9kWH battery, the P5012 and P7012 are equipped with a 12kWh unit.

Bajaj Auto is banking on the Riki’s product attributes of longest range, monocoque chassis, independent suspension and hydraulic brakes to increase driver earnings, offer enhanced passenger safety and comfort as well as reliability.

New Riki To Help Accelerate Monthly Sales

Bajaj Auto’s strategic move to enter the high-volume e-rickshaw market is expected to drive up its monthly numbers. The e-rickshaw category has witnessed rapid expansion after Covid, adding over 45,000 vehicles every month, driven by demand for affordable last-mile mobility. E-rickshaws form a significant part of last-mile mobility feeding metros, suburban rail, and city bus systems. Furthermore, vehicle reliability and safety are increasingly driving e-3W purchase decisions from both driver and passengers.

The company is upbeat about its new electric three-wheeler as well as the growth prospects for the overall 3W business. In an analyst call last month, Rakesh Sharma, Executive Director, Bajaj Auto said: “The recently launched e-rickshaw (Riki) will further strengthen our portfolio and enable us to capture a share of this large profit and revenue pool. We have sold about 500 units of Riki in eight cities and are in the phase of observing acceptance. Early feedback from customers is very positive and it allows us to formulate our go-to-market plan. We intend to scale e-rick in a few months from now.”

“As it is with the surge in exports, manufacturing is operating at peak capacity for three-wheelers and we are now therefore taking steps to build three-wheeler capacity in the next few months, particularly in the e-vehicle segment.”

ALSO READ: Electric 3-Wheeler Sales Hit Highest Level in November and Cross 700,000 in 11 Months

TVS Motor sells 18,000 e-3Ws in 11 months, posts new high in November

TVS Motor Sells 18,000 e-3-wheelers in 11 Months, Posts New high in November

Ajit Dalvi — Fri, 05 Dec 2025 18:38:34

TVS Motor Company, the latest legacy ICE three-wheeler OEM to enter the electric three-wheeler market in India, has registered its highest monthly sales of 2,871 units in November 2025. As per the latest retail sales data on the Vahan portal, the company has delivered a total of 18,116 units between January and November 2025, with sales increasing month on month.

The 2,871 units sold in November are the highest monthly e-3W sales yet for TVS Motor and give it a 3% share of the total e-3Ws sold in India last month.

As the 11-month retail sales data table above depicts, sales have risen rapidly month on month – starting from 133 units in January. Monthly numbers crossed the 1,000-unit mark for the first time in April (1,207 units), the 2,000-unit mark in July (2,208 units) and have now scaled a new high in November, giving the company a 3% share of the total e-3W sales in India last month.TVS’ cumulative sales of 18,116 e-3Ws over the past 11 months of CY2025 give it a 2.55% market share of the total 709,506 units sold and the No. 6 rank in a field of 600 players.

This performance is creditable given that the company entered the three-wheeler e-mobility business only recently. The five OEMs ahead of TVS are longstanding market leader Mahindra Last Mile Mobility, Bajaj Auto, YC Electric, Saera Auto and Dilli Electric Vehicles.

TVS Motor Co’s vehicle of entry into the e-3W market was the King EV Max passenger model, whose styling is close to the petrol-engined TVS King. Powered by a 9.7 kWh lithium-ion LFP battery pack, it is claimed to deliver a travel range of 179km per charge and a top speed of 60kph.

The TVS King EV Max, which develops maximum power of 11 kW and 40 Nm of torque, has three driving modes with different top speed limits – Eco (40kph), City (50kph) and Power (60kph). As per the model’s tech specs, 0-100% charging takes three-and-a-half hours while a 0-80% charge takes two hours and 15 minutes.

The TVS King EV Max also gets Bluetooth-enabled connected features which are similar to those on TVS’ two-wheelers and enable the user to access vehicle diagnostics, last parked location and call and message notifications which are conveyed via a negative LCD.

Interestingly, the King EV Max also has a water-wading capacity of up to 500mm. The TVS King EV Max is currently available in only a few states including Uttar Pradesh, Bihar, Jammu & Kashmir, Delhi and Bengal with network expansion plans underway.

The TVS King Kargo HD EV is claimed to have the highest loading area in the segment: 6.6 feet deck length.

PLUGGING INTO THE ZERO-EMISSION CARGO 2W MARKET

In August this year, TVS entered the growing electric three-wheeler cargo market with the TVS King Kargo HD EV powered by a8.9kWH lithium-ion LFP battery and priced at Rs 385,000 (ex-showroom Delhi). The King Kargo HD EV’s key highlights are a 6.6-feet loading deck with a low loading height of 703mm, top speed of 60kph, 3420mm turning radius, and a warranty of six years / 150,000km.

A full charge takes 3 hours and 10 minutes. TVS also claims the King Kargo HD EV is India’s first Bluetooth-enabled cargo three-wheeler and comes equipped with TVS SmartXonnect which offers 26 smart features.

In the first phase, the TVS King Kargo HD EV will be available across key markets including Delhi, NCR (Faridabad, Noida, Gurgaon, Ghaziabad), Rajasthan and Bengaluru.

Will TVS move higher up the e-3W OEM ladder in the coming months? That remains to be seen, given the high level of competition from the market leader Mahindra & Mahindra and its immediate No. 2 rival Bajaj Auto which has now entered the volume electric rickshaw market, which is led by a host of startups.

ALSO READ:

India No. 1 global electric 3W market with 57% share in CY2024: COP30 report

TVS tops electric 2W sales for seventh time this year in November

Why India's E-Rickshaw Boom Hit the Brakes: The L5 Upgrade Effect

Shahkar Abidi — Wed, 26 Nov 2025 20:07:20

India’s fast-evolving three-wheeler (3W) market, which serves as the backbone of last-mile connectivity, is experiencing a surprising stagnation in its most basic electric segment.

While the overall industry has nearly doubled in size over the past six to seven years, driven largely by new electric entrants, the explosive growth of the entry-level electric rickshaw (e-rickshaw) category has recently slowed down over the past 3–4 quarters.

Samardeep Subandh, President of the Intra-City Business Unit at Bajaj Auto Ltd., an industry leader long dominant in the three-wheeler ecosystem, pointed to a slowdown that reflects a significant shift in driver preferences and competition dynamics.

"If you look at the last three–four quarters, the e-rickshaw growth has stopped," said Subandh, on the sidelines of his company's entry into the e-rickshaw category with the launch of Bajaj Riki in Delhi.

He characterized this as "some sort of temporary stagnation."

Growth Jump Post-Pandemic

The overall three-wheeler market, including larger passenger autos and smaller rickshaws, grew from approximately 60,000 units per month in fiscal years 2019 and 2020 to roughly 115,000 to 120,000 units per month today. A massive driver of this historic expansion was the e-rickshaw and e-cart segment, which grew significantly and now accounts for nearly 45,000 units sold monthly. These affordable vehicles quickly became a "true last-mile solution" in many regions across the country.

Entry of Major OEMs Changes Dynamics

The primary reason for this halt, according to Subandh, is a consumer migration driven by greater product availability and competitive forces in the segment immediately above the e-rickshaw: the larger, more sophisticated electric auto category, known in industry parlance as L5 EV autos. This L5 segment historically covered conventional three-wheelers (powered by fuels like CNG and diesel) but is now witnessing an aggressive push into electrification.

Major OEMs, including Bajaj Auto, Mahindra, Piaggio, and TVS, are intensely competing within this larger electric auto segment. This influx of high-quality, dependable vehicles is successfully luring drivers away from the entry-level e-rickshaws, which often face issues related to low range, safety, and durability due to older technologies like lead-acid batteries.

"There is a lot of action happening in the L5 EV auto category... So a lot of customers are upgrading here," Subandh explained.

Automotive Industry Focus Shifts Upmarket

Subandh indicated that this trend is likely to define the future direction of the market, predicting a long-term shift away from the basic e-rickshaw form factor.

"If looking into the future, the e-rickshaw may not grow as fast as it did in the past. I think it goes more towards L5, which is CNG and EV autos," Subandh noted, highlighting the anticipated focus on larger CNG and electric auto vehicles for future growth.

Bajaj Auto, a company that has long been engaged with the three-wheeler segment, is looking to strengthen its presence in the electric three-wheeler space as well. Historically, approximately seven out of 10 three-wheelers in India belong to Bajaj Auto. The company launched Bajaj E-Tec in 2023 and the Bajaj GoGo brand in early 2025. Now, with Bajaj's entry into the e-rickshaw segment with its new ‘Riki’ brand, the company is looking to expand its share of the pie.

India Topped Global Electric 3W Market With 57% Share in CY2024, Confirms COP30 Report

Ajit Dalvi — Fri, 21 Nov 2025 10:35:37

The COP 30 ZEV report, released at COP30, the United Nations Climate Change Conference taking place in Belém, Brazil from November 10-21, 2025, has confirmed what was already known – that India is the world’s leading market for electric 3-wheelers. The report states that India commanded 57% of global e-3W sales in CY2024 and highlights India’s rapid shift toward clean mobility, positioning it as a key driver of the global transition to zero-emission transport systems.

Prepared by the Accelerating to Zero Coalition, for which the International Council on Clean Transportation (ICCT) serves as secretariat, the COP30 Progress Update: Driving Progress on the Zero-Emission Vehicle Transition finds that India’s policy-driven transformation has played “a decisive role in achieving price parity between electric and conventional models, fuelling large-scale adoption and private sector investment across last-mile mobility.” The report highlights India’s rapid shift toward clean mobility, positioning it as a key driver of the global transition to zero-emission transport systems.

In May this year, Autocar Professional had broken the news of India beating China for the second year in a row to be the world’s e-3W market. In CY2024, with record sales of nearly 700,000 units and 18% YoY growth. In comparison, China sold around 300,000 units and posted a YoY decline of 6 percent. This also means that total global sales of electric 3Ws last year were around 1.21 million units.

The Indian e-3W market is maintaining the same strong growth it displayed last year in CY2025. In the first 10 months of this year, domestic market retail sales between January 1 and November 20, 2025 have already crossed 680,000 units. This includes highest-ever monthly sales of 70,604 units in October. With another 40 days to go before the year ends, India e-3W Inc should surpass the 740,000 to 750,000-unit milestone for the first time in annual sales.

The Indian e-3W industry registered growth in each of the 12 months of CY2024 but missed the 700,000 sales milestone by just 8,694 units.

The COP 30 ZEV report points out that the “transition has been powered by a strong collaboration between government and the private sector, particularly in last-mile delivery, where companies are adopting EVs for cost savings and working with rental partners to build out the ecosystem. By focusing incentives on the vehicles that dominate its roads and last-mile logistics, India is creating a self-reinforcing cycle of market acceleration.” The PM E-Drive program has been instrumental in lowering the upfront cost of electric 2- and 3-wheelers, making them price-competitive with ICE equivalents.

The report adds, “The rapid global expansion of EV charging networks has been driven by supportive policies, with Europe’s reliance on deployment targets and India’s use of targeted incentives demonstrating two effective and scalable models.”

Global uptake remains resilient despite policy shifts

Despite recent policy adjustments in some advanced economies, global EV adoption continues to grow. EVs accounted for 18% of global light-duty vehicle sales in CY2024, up from 14% in CY2023, reflecting strong momentum across emerging markets. France, Spain, and Croatia expanded purchase incentives, while the United Kingdom and Canada refined their ZEV mandates. Global charging infrastructure also crossed 5 million public charging points, doubling since 2022.

India maintained steady growth with a 23% year-on-year rise in light-duty EV sales (2023–2024) and a 2.9% EV sales share in the first half of 2025. The report credits the EU’s Alternative Fuels Infrastructure Regulation (AFIR) and India’s FAME and PM E-Drive programs as key policy drivers accelerating global progress toward zero-emission mobility

“Two-wheelers accounted for more than three-quarters of all motor vehicles sold in India last year. In fact, two- and three-wheelers together made up nearly 80% of total vehicle sales. India is rightly targeting the electrification of its largest vehicle segment and the results are beginning to show. The government of India, through the PM e-DRIVE scheme, is now going a step further by launching a dedicated programme to accelerate the electrification of medium- and heavy-duty trucks. These vehicles represent only about 3% of the total vehicle stock but contribute nearly 44% of transport-related greenhouse gas emissions. This shift in focus is both timely and welcome,” said Amit Bhatt, India Managing Director, ICCT.

“This year’s edition of the COP Progress Update shows that despite political uncertainty in some established markets, the ZEV transition is accelerating at an unprecedented rate in emerging markets,” said Tim Dallmann, International Partnerships Program director at the ICCT. “Countries like India, Chile, and Vietnam are showing to the world that this transition is beneficial to the economy, while also supporting broader climate goals.”

ALSO READ: India’s EV industry sells record 234,000 units in October, charges towards 2 million in CY2025

Piaggio Launches Apé Xtra Bada 700 and Apé Xtra 600 Diesel Cargo Three-Wheelers

Shruti Shiraguppi — Thu, 20 Nov 2025 13:20:26

Piaggio Vehicles Pvt Ltd (PVPL) launched two new diesel cargo three-wheelers—the Apé Xtra Bada 700 and the Apé Xtra 600—to expand its last-mile mobility portfolio and address demand for higher payload and performance in the commercial vehicle segment.

The Apé Xtra Bada 700 introduces India’s first 7-ft cargo deck and the highest-in-segment 750 kg payload capacity. It is powered by a 700 DI diesel engine and features a new chassis, cabin, and digital instrument cluster. The vehicle also includes 12-inch radial tyres, improved suspension geometry, and an optional rear sensor for reversing assistance.

The Apé Xtra 600 is equipped with a newly developed 600 DI diesel engine, offering improved mileage, gradeability, and load-carrying performance. It is designed for intra-city and semi-urban logistics operations.

“At Piaggio India, we have always believed in pushing the boundaries of innovation in the last-mile mobility segment. The Apé Xtra Bada 700 is a landmark product that disrupts the cargo 3-wheeler category with industry-first features in engine capacity, deck size and payload. It is designed to empower customers with more productivity and superior earnings. Alongside, the Apé Xtra 600 continues our commitment to delivering efficient, high-value solutions. With these new diesel cargo products, we strengthen our Apé legacy and reiterate our focus on customer-centric engineering,” said Diego Graffi, Chairman & Managing Director, Piaggio Vehicles Pvt. Ltd.

Amit Sagar, Executive Vice President, added that, “Cargo mobility demands are changing rapidly, with customers expecting higher power, higher payload, better comfort, and stronger performance. The Apé Xtra Bada 700 addresses all these needs with a fresh, powerful new platform and several industry-firsts that directly enhance profitability for customers. It provides the most efficient, economical, and affordable option for a Cargo 3W and provides a compelling alternate to the 4W cargo vehicles with an advantageous Opeco and TCO. The Apé Xtra 600 also brings improved capabilities to our strong diesel cargo portfolio. We are confident that these products will further strengthen our leadership in the cargo 3-wheeler market.”

The Apé Xtra Bada 700 and Apé Xtra 600 are available from November 2025, priced at ₹3.45 lakh and ₹2.88 lakh (ex-showroom, Maharashtra), respectively.

Accelerating to Zero Coalition: India Commands 57% of Global Electric Three-Wheeler Sales in 2024

Shruti Shiraguppi — Wed, 19 Nov 2025 13:46:40

India commanded 57% of global electric three-wheeler sales in 2024, according to a progress report on zero-emission vehicles released during COP30 in Belém, Brazil. The report, prepared by the Accelerating to Zero Coalition with the International Council on Clean Transportation serving as secretariat, also identified India as the world's second-largest electric two-wheeler market with a 6% sales share in 2024.

Government initiatives including the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) and PM E-Drive programs have lowered upfront costs of electric two- and three-wheelers, achieving price parity with conventional internal combustion engine models. The transition has involved collaboration between government and private sector, particularly in last-mile delivery operations where companies are adopting electric vehicles for cost savings.

The PM E-Drive Scheme aims to accelerate adoption by incentivizing the sale of 2.5 million electric two-wheelers and 320,000 three-wheelers, supported by $315 million in subsidies for vehicles and charging infrastructure. Private companies have responded to this policy environment, with Zomato committing to a 100% electric delivery fleet by 2030 and launching an electric rental bike pilot in Delhi NCR.

"Two-wheelers accounted for more than three-quarters of all motor vehicles sold in India last year. In fact, two- and three-wheelers together made up nearly 80% of total vehicle sales. India is rightly targeting the electrification of its largest vehicle segment - and the results are beginning to show. However, the Government of India, through the PM e-DRIVE scheme, is now going a step further by launching a dedicated programme to accelerate the electrification of medium- and heavy-duty trucks. These vehicles represent only about 3% of the total vehicle stock but contribute nearly 44% of transport-related greenhouse gas emissions. This shift in focus is both timely and welcome," said Amit Bhatt, India Managing Director, ICCT.

Global electric vehicle adoption continued to grow in 2024, with EVs accounting for 18% of global light-duty vehicle sales, up from 14% in 2023. Global charging infrastructure crossed 5 million public charging points, doubling since 2022. India maintained a 23% year-on-year rise in light-duty EV sales between 2023 and 2024, with a 2.9% EV sales share in the first half of 2025.

"This year's edition of the COP Progress Update shows that despite political uncertainty in some established markets, the ZEV transition is accelerating at an unprecedented rate in emerging markets," said Tim Dallmann, International Partnerships Program director at the ICCT. "Countries like India, Chile, and Vietnam are showing to the world that this transition is beneficial to the economy, while also supporting broader climate goals."

The report highlighted policy approaches in Europe and India as effective models for charging network expansion, with Europe relying on deployment targets and India using targeted incentives. France, Spain, and Croatia expanded purchase incentives, while the United Kingdom and Canada refined their zero-emission vehicle mandates.

The Accelerating to Zero Coalition was launched at COP27 and serves as a platform for signatories of the Zero Emission Vehicles Declaration to coordinate activities toward ensuring all new car and van sales are zero emission by 2040 globally and by 2035 in leading markets.

Kinetic Green Partners with Exponent Energy to Introduce 15-Minute Charging for Electric Three-Wheelers

Angitha Suresh — Tue, 18 Nov 2025 11:17:57

Kinetic Green Energy and Power Solutions Ltd. has entered into a partnership with Exponent Energy to deploy 15-minute rapid charging technology for electric three-wheelers in India. The charging solution targets the L5 and L3 vehicle categories, which include e-rickshaws and cargo carts used in last-mile transportation.

The partnership integrates Exponent's charging platform with several Kinetic Green vehicle models. The L3 category includes the Safar Smart, Safar Shakti, and Super DX models, while the L5 category features the Safar Jumbo loader and an upcoming passenger variant. These vehicles can now be charged to full capacity in 15 minutes at Exponent's charging stations.

According to the companies, the rapid charging capability allows operators to recharge during breaks and extends daily operating hours by up to 30 percent. The technology includes a 3,000-cycle battery warranty and a digital platform that provides real-time charge tracking, maintenance alerts, and fleet analytics.

Exponent Energy currently operates more than 160 charging stations across four cities. The companies plan to expand this network into metropolitan areas and tier II and III cities over the next 12 months. The charging infrastructure will be accessible to Kinetic Green's three-wheeler fleet, with the charging dashboard integrated into Kinetic Green's fleet management application.

Dr. Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, stated that the partnership addresses operational challenges for vehicle owners and fleet operators by improving uptime and efficiency. Arun Vinayak, CEO and Co-Founder of Exponent Energy, said the collaboration applies the company's charging platform to both L5 and L3 vehicle segments in India.

Kinetic Green manufactures electric two-wheelers and three-wheelers at a facility near Pune, Maharashtra. The company recently secured $25 million in Series A funding from Greater Pacific Capital. Exponent Energy, founded in 2020 and based in Bengaluru, develops charging technology for commercial electric vehicles using standard lithium-ion cells.

Piaggio and RiseWise Capital Launch Battery Replacement Financing for Electric Three-Wheelers

Angitha Suresh — Thu, 23 Oct 2025 13:00:25

Piaggio Vehicles Pvt Ltd has partnered with RiseWise Capital to launch a battery replacement financing program for electric three-wheeler operators in India. The initiative provides up to 100% financing for new batteries after three to four years of vehicle use, with repayment terms extending up to 24 months.

The program initially covers Maharashtra, Gujarat, Chhattisgarh, and Karnataka, with plans for gradual expansion across India. Customers can access the financing through authorized Piaggio dealers, using their existing vehicle as collateral. Interest rates begin at 10.99% per annum, with multiple repayment options available including ECS, NACH, and UPI AutoPay.

Battery replacement costs have been identified as a significant barrier to electric vehicle adoption in the commercial sector. The typical lifespan of batteries in commercial three-wheelers ranges from three to four years, after which operators face substantial replacement expenses that can impact their business operations and cash flow.

Diego Graffi, Chairman and Managing Director of Piaggio Vehicles, stated that the initiative aims to make electric vehicle ownership more financially viable for commercial operators. The company positions this as the first such financing program in India's electric three-wheeler industry.

Tejal Bhartiya, MD and CEO of RiseWise Capital, emphasized that the program is designed to ensure continuous vehicle uptime for business operations without imposing high upfront costs on customers. The financing structure requires mandatory battery replacement insurance, which can be arranged through Piaggio dealers or partners.

Piaggio Vehicles, a subsidiary of Italy's Piaggio Group, entered the Indian market in 1999 and currently operates a manufacturing facility in Baramati, Maharashtra. The plant has an annual production capacity of 330,000 commercial vehicles and 180,000 two-wheelers. The company manufactures three-wheelers in diesel, petrol, CNG, LPG, and electric variants.

RiseWise Capital specializes in mobility financing solutions and currently operates in four Indian states. The company focuses on custom financing products for the transportation sector.

The electric three-wheeler market in India has grown as businesses seek alternatives to traditional fuel vehicles amid rising operating costs and environmental regulations. Commercial operators, including those in last-mile delivery and passenger transport, constitute a significant portion of the electric three-wheeler customer base.

The financing program requires customers to have used their electric three-wheeler for a minimum of three years before qualifying for battery replacement financing. The original vehicle must remain operational and serve as collateral throughout the loan period.

Industry data indicates that battery costs can represent 30-40% of an electric vehicle's total price, making replacement a substantial financial consideration for operators. The financing option allows businesses to spread this cost over two years rather than paying upfront.

The partnership between Piaggio and RiseWise Capital represents one approach to addressing the total cost of ownership challenges in electric vehicle adoption. As the electric vehicle market develops in India, battery lifecycle management and replacement financing are emerging as critical factors in commercial fleet operations.

Montra Electric Launches All-New SUPER AUTO Electric Three-Wheeler

Shristi Ohri — Thu, 09 Oct 2025 14:39:27

Montra Electric, the clean mobility brand of the Murugappa Group, announced the launch of the All-New SUPER AUTO on Thursday. The upgraded electric passenger three-wheeler represents a significant evolution of its predecessor model, incorporating enhanced features in performance, comfort, safety, and driver convenience.

The new model features best-in-class LED headlamps designed to improve visibility on narrow city lanes and dimly lit areas. The vehicle is equipped with radial tubeless tyres that offer improved grip and stability while reducing maintenance costs. A re-engineered suspension system aims to deliver a smoother driving experience.

The SUPER AUTO is now integrated with Montra Electric's "One Montra Electric" (1M) connected software platform, which provides drivers with real-time access to vehicle performance data, nearby charging station locations, and various digital features through a mobile interface.

According to the company, the vehicle delivers a proven on-road range of 160 kilometers per charge. Montra Electric stated that it currently has over 13,000 vehicles operating on Indian roads and maintains a 3S (Sales, Service, Spares) network across more than 120 markets.

The All-New SUPER AUTO is available in four color options: White, Blue, Green, and a sporty Black Edition with dynamic decals. The vehicle is priced at 3,79,500 rupees excluding showroom charges, post subsidy.

Deependra Sharma, CEO Designate of Montra Electric Last Mile (TI Clean Mobility), stated that the company designed the vehicle with focus on efficiency, reliability, and affordability for drivers and fleet operators. The launch is accompanied by the campaign "Aap Ke Liye -- Izzat Se" (Built with Respect for You), which the company describes as a tribute to India's auto driver community.

Montra Electric operates under four business verticals including Heavy Commercial Vehicles, Mid and Small Commercial Vehicles, Last Mile Three-wheelers, and Electric Tractors. The company's portfolio includes the RHINO electric truck trailer, EVIATOR small commercial vehicle, SUPER CARGO delivery vehicle, and E-27 electric tractor.

Omega Seiki Mobility Launches Autonomous Electric Three-Wheeler, Priced at ₹4 Lakh

Darshan Nakhwa — Tue, 30 Sep 2025 12:31:28

Omega Seiki Mobility (OSM) today launched Swayamgati, the world’s first production-ready autonomous electric three-wheeler, with commercial rollout beginning immediately and bookings now open.

The autonomous EV is priced at ₹4 lakh for the passenger variant, while a cargo version will follow soon at ₹4.15 lakh. Powered by a battery offering up to 120 km range on a single charge, the vehicle integrates OSM’s electric platform with an AI-driven autonomy stack.

Swayamgati is equipped with Lidar, GPS, AI-based obstacle detection (up to 6 meters), multi-sensor navigation, and remote safety controls. The system enables autonomous navigation in structured environments, making it suitable for airports, technology parks, smart campuses, industrial hubs, and dense urban spaces.

“The launch of Swayamgati is not just a product introduction, it’s a bold step into the future of Indian transportation. Autonomous vehicles are no longer a futuristic concept; they are a present-day necessity for nations seeking sustainable and scalable mobility. With Swayamgati, we are showing that India doesn’t need to follow global trends—we can lead them,” said Uday Narang, Founder and Chairman, Omega Seiki Mobility.

He added: “This vehicle proves that cutting-edge tech like AI, Lidar, and autonomous navigation can be made in India, for India, and at a price point that makes it truly accessible. We are building technology that serves people—not just headlines.”

Vivek Dhawan, Chief Strategy Officer, OSM, said: “Swayamgati is a result of deep R&D and a clear vision: to democratize autonomy. Our autonomous electric three wheeler enables us to leapfrog traditional EV barriers and bring intelligent systems into everyday mobility.”

The vehicle has already completed Phase 1 testing on a 3-km autonomous route with 7 stops, real-time obstacle detection, and safe passenger movement without human intervention. With the validation complete, Phase 2 begins with commercial rollout in controlled environments.

Unlike global premium autonomous vehicles, Swayamgati is purpose-built for Indian conditions. It is designed to operate in high-density, low-speed traffic and diverse terrains, making it suitable for smart cities, industrial zones, and transport hubs. Being fully electric, it delivers zero tailpipe emissions and lower operational costs.

Currently, OSM offers electric three-wheelers and commercial vehicles in India. The company is also working on compressed natural gas-powered vehicles, and electric two-wheelers. The company has set a production goal of 1,500 autonomous vehicles over the next 24 months. Complementing its manufacturing capabilities is a fast-growing network of over 200 dealerships and service centers throughout India.

OSM, a part of the Anglian Omega Group, has built a strong manufacturing and service ecosystem to support its aggressive growth in the EV and autonomous mobility sectors. It operates two plants in Faridabad and one in Chakan (Pune), with an international assembly facility in Dubai’s Jafza, catering to emerging EV markets across Asia and Africa.

Zelio E-Mobility Plans Three-Wheeler Expansion Under Tanga Brand

Yukta Mudgal — Mon, 29 Sep 2025 22:01:36

Haryana-based electric vehicle startup Zelio E-Mobility Ltd. is working on expanding its e-three-wheeler business under the Tanga brand, with a new manufacturing unit expected to start operations by April 2026. The company anticipates that three-wheelers could contribute around 30–40% of revenue in the next couple of years.

Zelio is a fully bootstrapped startup led by promoters Niraj Arya, Deepak Arya, and Kunal Arya. It currently operates a Hisar plant with an annual capacity of 72,000 electric two-wheelers in a single shift. As of 31 March 2025, the facility operated at about 52% capacity. Garg said, “As utilisation increases, we may add shifts to optimise output and meet market demand.”

The company produces low-speed electric two-wheelers under the Zelio brand, mainly targeting students, elderly users, and short-distance commuters. It has built a dealer network of over 300 outlets.

Shubham Garg, Chief Financial Officer, said, “Around Rs 20 crore will be allocated for the new unit, and another Rs 19–20 crore for debt repayment, working capital, and other purposes such as R&D. Our immediate focus is on the plant.”

Asked why a new unit is being set up despite moderate utilisation, Garg said the expansion is a strategic move. “The new facility is expected to support diversification. Our upcoming three-wheeler line will likely need a dedicated unit. Operating multiple plants could reduce reliance on a single location and help manage operational risks,” he said.

Currently, Zelio does not receive incentives under the Production-Linked Incentive scheme. Garg said the company is gradually increasing localisation of components, which could position it to benefit from future policy support or related EV initiatives.

In financial year 2025, Zelio reported revenue of Rs 172 crore, EBITDA of Rs 21 crore, and profit after tax of Rs 16 crore, giving a margin of 9.29%, with a net worth of Rs 26.67 crore. Between financial years 2023 and 2025, it recorded a revenue CAGR of 83% and PAT CAGR of 128%, reflecting growth from a small base.

The company plans to fund its expansion, debt repayment, and working capital needs through an SME IPO approved by the Securities and Exchange Board of India. The IPO will raise Rs 78 crore via a listing on the Bombay Stock Exchange and is managed by Hem Securities Ltd. It opens for subscription on September 30, 2025, and closes on October 3, 2025. The issue comprises 46.2 lakh fresh equity shares and 11.4 lakh shares offered for sale, with a price band of Rs 129–136 per share.

Garg noted that IPO funds are intended to support expansion, but operational execution remains the priority. “Working capital is the main requirement in this sector. We will also focus on R&D to improve technology and designs,” he added.

Looking ahead, Zelio may consider setting up additional plants in southern and eastern India to reduce logistics costs, though the immediate priority is the Tanga three-wheeler facility.

EKA Mobility Displays Four Electric Vehicles at Delhi Convention

Angitha Suresh — Mon, 15 Sep 2025 13:07:41

EKA Mobility has presented four electric vehicles across three commercial segments at the International Electric Convention & Green Mobility 2025, held from September 15-19 in New Delhi. The company claims this represents the most vehicles displayed by any original equipment manufacturer at the event.

The vehicles include the EKA 55T heavy-duty truck with a 43,000 kg payload capacity and 200 km range, the EKA 12M 12-meter bus offering 250+ km range with advanced driver assistance systems, the EKA 3W Cargo three-wheeler with 200 km range and 750 kg payload, and the EKA 6S passenger three-wheeler featuring steering wheel control and seating for seven people.

EKA Mobility has secured 3,300 confirmed orders across India and South Africa, including 2,000 electric buses under the PM e-Bus Sewa Scheme, a government initiative to promote electric public transportation. The company operates under the theme "Sustainability with Profitability" for its product lineup.

The company also demonstrated EKA Connect, its fleet management platform that uses artificial intelligence for predictive diagnostics and real-time efficiency monitoring. This system aims to reduce total cost of ownership and increase vehicle uptime for fleet operators.

EKA Mobility, formally known as Pinnacle Mobility Solutions Pvt. Ltd., has partnerships with Mitsui Co., Ltd. from Japan and VDL Groep from the Netherlands as equity partners. The company manufactures its vehicles in India as part of the government's Atmanirbhar Bharat and Make in India initiatives.

Dr. Sudhir Mehta, the company's founder and chairman, stated that EKA focuses on making clean mobility both sustainable and profitable. The company employs over 500 people in research and development, with women comprising the majority of its workforce.

The International Electric Convention & Green Mobility serves as a platform for electric vehicle manufacturers to showcase technology and build industry connections. EKA's participation demonstrates the growing presence of Indian companies in the commercial electric vehicle sector, which includes buses, trucks, and three-wheelers used for goods and passenger transport.

TVS Motor Company Partners with ALT Mobility to Deploy 3,000 Electric Three-Wheelers

Angitha Suresh — Mon, 15 Sep 2025 12:58:12

TVS Motor Company announced today the signing of a memorandum of understanding with ALT Mobility to deploy up to 3,000 electric three-wheelers during the fiscal year 2025-26. The partnership combines TVS Motor's manufacturing capabilities with ALT Mobility's leasing and asset management services.

Under the agreement, TVS Motor will provide both passenger and cargo electric three-wheelers, while ALT Mobility will handle procurement, leasing, and financing through its network. The vehicles will be distributed through TVS Motor's authorized dealers and ALT's sales points across India.

The deployment will utilize ALT's Drive-to-own leasing model, targeting individual drivers and fleet operators in cargo and passenger transportation sectors. This approach allows users to eventually own the vehicles through lease payments rather than requiring upfront capital investment.

ALT Mobility will provide integrated asset management services including round-the-clock vehicle monitoring and preventive maintenance to reduce downtime. The company's lease plans cover maintenance, insurance, roadside assistance, servicing, and regulatory compliance management.

Rajat Gupta, Business Head for Commercial Mobility at TVS Motor Company, stated that the collaboration represents a step toward sustainable urban and last-mile mobility solutions. He emphasized the company's electric three-wheeler portfolio's focus on range, charging speed, and durability.

Anuj Gupta, Co-founder and Chief Business Officer at ALT Mobility, highlighted the partnership's potential to scale leasing and fleet operations while supporting financial inclusion for drivers. He noted the initiative's role in building zero-emission logistics infrastructure.

The partnership addresses both last-mile logistics and shared passenger mobility markets. It aims to support driver livelihoods and small fleet operators while contributing to India's electric mobility transition.

TVS Motor Company operates as a global two and three-wheeler manufacturer with four manufacturing facilities in India and Indonesia. The company has received the Deming Prize and maintains operations across 80 countries. Its portfolio includes subsidiary Norton Motorcycles in the United Kingdom and TVS Ebike Company AG in Switzerland.

ALT Mobility, founded in 2021 and based in New Delhi, operates as an electric fleet leasing platform. The company currently manages 13,000 vehicles across 20 Indian cities, offering comprehensive services including leasing, servicing, charging infrastructure, and fleet monitoring systems.

Bolt.Earth and Youdha Form Partnership to Expand Home EV Charging Infrastructure

Shristi Ohri — Tue, 09 Sep 2025 12:04:03

The companies signed a Memorandum of Understanding (MOU) focused on expanding charging infrastructure for Youdha's three-wheeler vehicles, specifically targeting the brand's L5 category vehicles manufactured by parent company Zuperia Auto.

Under the agreement, Bolt.Earth and Zuperia Auto plan to deploy 2,000 home charging units by March 2026. The partnership aims to address infrastructure gaps in India's growing electric vehicle market by providing residential charging solutions alongside proper earthing systems for safe installation.

"At Bolt.earth, we're passionate about accelerating the adoption of electric vehicles and making sustainable mobility a reality," said Raghav Bharadwaj, CEO of Bolt.Earth. "Our partnership with Zuperia Auto is a significant step towards achieving this goal."

Ayush Lohia, CEO of Zuperia Auto, stated that the collaboration would "enable us to provide EV owners with seamless and reliable home charging solutions, making electric vehicles an even more attractive option for consumers."

The partnership comes as India's electric vehicle sector continues to expand, with particular growth in the three-wheeler segment. Home charging infrastructure has been identified as a key factor in driving broader EV adoption, as it addresses range anxiety and provides convenient charging options for vehicle owners.

Bolt.Earth operates India's largest EV charging network, while Youdha focuses on electric three-wheelers through its parent company Zuperia Auto. The companies say their collaboration will concentrate on developing cutting-edge charging infrastructure and promoting sustainable mobility practices.

The partnership represents part of broader efforts to expand India's EV charging ecosystem, which industry observers consider crucial for meeting the country's electric mobility goals. The focus on home charging solutions addresses a specific need in markets where public charging infrastructure may be limited or inconvenient for daily use.

Both companies indicated that the partnership would play a role in shaping India's sustainable mobility landscape as the electric vehicle market continues its growth trajectory.

GST Council cuts tax on three-wheelers to 18% from 28%

Shahkar Abidi — Wed, 03 Sep 2025 23:31:53

India's GST Council on Wednesday approved a reduction in the goods and services tax on three-wheelers to 18% from the current 28%, a move set to lower costs for manufacturers and buyers in a segment vital to urban transport and last-mile logistics.

The decision, announced at the 56th meeting of the GST Council chaired by Finance Minister Nirmala Sitharaman, aims to rationalize tax rates across vehicle categories and stimulate demand in the automotive sector.

The three-wheeler segment, dominated by players like Bajaj Auto, TVS Motor, and Piaggio Vehicles, accounts for about 5–7% of India's overall automotive market by volume, with annual sales hovering around 500,000 units in recent years. However, growth has been hampered by the 28% GST rate introduced in 2017, which inflated ex-showroom prices by up to 10–15% compared to pre-GST levels.

Three-wheelers join small cars, motorcycles up to 350cc, buses, trucks, and ambulances in the reduced 18% bracket, down from the previous 28% rate. Auto parts across all categories will now attract a uniform 18% rate, addressing long-standing inverted duty structure issues that had complicated the supply chain.

As per an IMARC report, the India three-wheeler market size reached USD 379.2 million in 2024. Looking forward, the report expects the market to reach USD 770.7 million by 2033, exhibiting a growth rate (CAGR) of 8.2% during 2025–2033. Government incentives promoting electric mobility, rapid urbanization boosting last-mile connectivity, escalating demand for affordable public transport, expanding charging infrastructure, and rising e-commerce logistics adoption are key factors propelling India's three-wheeler market, fostering innovation, sustainability, and widespread accessibility in both passenger and cargo transportation segments across urban and semi-urban regions.

GST on Small Cars, Motorcycles Slashed to 18% from 28%

Yukta Mudgal — Wed, 03 Sep 2025 22:33:16

The government on Wednesday announced sharp cuts in Goods and Services Tax (GST) rates across a wide swath of vehicles and equipment in a bid to spur demand.

GST on small cars, motorcycles up to 350cc, three-wheelers, buses, trucks, and ambulances has been reduced to 18% from 28%, Finance Minister and GST Council Chairperson Nirmala Sitharaman said after the 56th GST Council meeting. The new rates will take effect from September 22.

Petrol and diesel hybrid cars previously taxed at 28% will now attract only 18% GST, provided they fall within the 1,200cc/4,000mm (petrol) and 1,500cc/4,000mm (diesel) limits.

In a major relief for the auto components sector, the Council also decided to introduce a uniform GST rate of 18% on all auto parts, irrespective of their HS codes.

The agriculture sector, too, will benefit from lower levies. Tractors, soil preparation and cultivation machinery, harvesters, threshers, straw and fodder balers, grass sowing equipment, hay movers, composting machines, and other such agricultural, horticultural, and forestry machines will now attract 5% GST instead of 12%.

Similarly, GST on 12 specified bio-pesticides has been cut from 12% to 5%, aimed at reducing input costs for farmers and encouraging sustainable agricultural practices.

Nirmala Sitharaman, the Finance Minister said the decision is aimed at supporting the “common man, labour-intensive sectors, and agriculture,” while also correcting long-pending anomalies in the tax structure. “Every tax levied on the common man’s daily use items and essential sectors has been reviewed, and in most cases, rates have come down drastically,” she said.

"The GST reduction on small cars to 18% is a strategic boost for India’s auto sector, especially as festive demand builds from Navratri through Diwali. Beyond reviving the entry-level passenger vehicle segment, this move unlocks real potential for affordable innovation in the sub-4 meter category. With lower acquisition costs, Indian consumers can now access feature-rich, compact vehicles without a premium price tag. We expect Maruti, Tata, and Mahindra to lead this shift, especially with popular small crossovers like Fronx and Punch poised to gain significant traction," said Gaurav Vangaal, Associate Director for Light Vehicle Production Forecast at S&P Global Mobility.

Exclusive: TVS Motor Sells Over 10,000 Electric 3-Wheelers in Eight Months

Ajit Dalvi — Tue, 02 Sep 2025 09:21:47

TVS Motor Co, the latest legacy ICE three-wheeler OEM to enter the electric three-wheeler market in India, has achieved its first key sales milestone: 10,000 units. As per the latest retail sales data on the Vahan portal, the company has delivered a total of 10,044 units between January and August 2025, with sales increasing month on month (see eight-month data table below).

August’s 2,212 units are the highest monthly e-3W sales yet for TVS Motor and give it a 3.50% share of the 63,478 e-3Ws sold in India.

As the data table above depicts, sales have risen rapidly month on month – starting from 133 units in January and scaling a high of 2,212 units in August, which gives it a market share of 3.5% of the 63,478 e-3Ws sold in India last month.

TVS’ cumulative sales of 10,044 e-3Ws over the past eight months of CY2025 give it a 2% market share of the total 494,300 units sold and the No. 6 rank in a field of 600 players.

That’s creditable given that the company entered the three-wheeler e-mobility business only recently. The five OEMs ahead of TVS are longstanding market leader Mahindra Last Mile Mobility, Bajaj Auto, YC Electric, Saera Auto and Dilli Electric Vehicles.

TVS Motor Co’s vehicle of entry into the e-3W market was the King EV Max, whose styling is close to the petrol-engined TVS King. Powered by a 9.7 kWh lithium-ion LFP battery pack, it is claimed to deliver a travel range of 179km per charge and a top speed of 60kph.

The TVS King EV Max, which develops maximum power of 11 kW and 40 Nm of torque, has three riding modes with different top speed limits – Eco (40kph), City (50kph) and Power (60kph). As per the TVS King EV Max’s tech specs, 0-100% charging takes three-and-a-half hours while a 0-80% charge takes two hours and 15 minutes.

TVS has entered the e-3W cargo market with the King Kargo HD EV priced at Rs 385,000.

Plugging into the electric 3W cargo market

On August 21, TVS officially entered the growing electric three-wheeler cargo market with the TVS King Kargo HD EV priced at Rs 385,000 (ex-showroom Delhi). The King Kargo HD EV’s key highlights are a 6.6-feet loading deck with a low loading height of 703mm, top speed of 60kph, 3420mm turning radius, and a warranty of six years / 150,000km.

In the first phase, the TVS King Kargo HD EV will be available across key markets including Delhi, NCR (Faridabad, Noida, Gurgaon, Ghaziabad), Rajasthan and Bengaluru.

Will TVS move higher up the e-3W ladder in the coming months? That remains to be seen, given the high level of competition from the market leader Mahindra & Mahindra and its immediate No. 2 rival Bajaj Auto. But TVS Motor Co’s top management is confident it has what it takes to be among the movers and shakers of the e-3W industry.

Speaking in an analyst call in early August after the company’s Q1 FY2026 results, K N Radhakrishan, director and CEO, TVS Motor Co, said: “The TVS King EV Max is doing extremely well. Customers are definitely liking it and the response is very positive. We'll be scaling it further. The market is also doing well. It is growing very fast. I am pretty confident that we will reach a prominent place in this EV three-wheeler (business) this year.”

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Atul Auto's EV Sales Slump in August as L3 Segment Continues to Falter

Shristi Ohri — Mon, 01 Sep 2025 12:26:33

Atul Auto Limited's electric vehicle segment faced another challenging month in August 2025, with EV-L3 sales plummeting 31.14% to just 575 units compared to 835 units in August 2024, highlighting the sustained difficulties plaguing India's electric three-wheeler market.

EV Segment Woes Dominate Performance

The electric vehicle decline has become a defining characteristic of Atul Auto's recent performance, with the EV-L3 category suffering consistent double-digit drops throughout the fiscal year. August's 31% decline represents one of the steepest monthly falls, bringing year-to-date EV-L3 sales down 21.48% to 2,431 units compared to 3,096 units in the previous fiscal.

The L3 and L5 designations refer to different vehicle categories under India's motor vehicle regulations. L3 vehicles are three-wheelers with an engine capacity not exceeding 50cc (for petrol) or equivalent power for electric variants, typically including passenger auto-rickshaws and light commercial three-wheelers with lower payload capacity. These are the most common three-wheelers seen on Indian roads for last-mile passenger transport and small goods delivery.

In contrast, L5 vehicles represent a higher category of three-wheelers with greater engine capacity or power output, typically used for heavier commercial applications such as goods transportation and cargo delivery. L5 vehicles generally have higher payload capacity, more robust construction, and are designed for intensive commercial use. In Atul Auto's case, the company manufactures L3 vehicles directly while L5 vehicles are produced through its subsidiary Atul Greentech Private Limited, which specializes in the electric variants of these heavier-duty commercial three-wheelers.

Market Dynamics and Adoption Challenges

The sharp contraction in EV-L3 sales comes despite government push for electric mobility and various incentive schemes designed to accelerate adoption. Industry experts point to several factors contributing to this downturn, including inadequate charging infrastructure, higher upfront costs, concerns about vehicle range and reliability, and evolving policy frameworks that may have created uncertainty among buyers.

Comparing July and August figures reveals the persistence of these challenges. While EV-L3 sales showed a marginal improvement from 497 units in July to 575 units in August, the year-on-year comparison remains deeply troubling, indicating that recovery remains elusive.

Subsidiary Shows Promise Amid Broader Struggles

In stark contrast to the EV-L3 segment's troubles, Atul Auto's subsidiary Atul Greentech Private Limited, which handles EV-L5 category vehicles, demonstrated resilience with 18.92% growth in August, selling 132 units versus 111 units in the previous year. However, this positive performance represents a small fraction of the company's total EV portfolio and has been insufficient to offset the broader electric vehicle segment decline.

The EV-L5 category's year-to-date performance of 67.29% growth (629 units vs 376 units) provides a glimmer of hope, suggesting that certain segments of the electric three-wheeler market may be finding acceptance. However, the absolute numbers remain modest compared to the larger EV-L3 market.

IC Engines Fill the Gap

As electric vehicle sales continue to struggle, Atul Auto's traditional IC engine three-wheelers have stepped up to partially compensate for the EV shortfall. Domestic IC engine sales grew 5.99% in August to 1,894 units, while export markets showed even stronger appetite with 22.83% growth when including international sales.

This trend suggests that despite policy emphasis on electrification, market reality continues to favor conventional powertrains in the commercial three-wheeler segment. The reliability, established service networks, and lower total cost of ownership of IC engine vehicles appear to be winning over fleet operators and individual buyers.

India’s EV Penetration In L5 3-Wheelers To Hit 60% By 2030: TVS Motor

Kiran Murali — Thu, 21 Aug 2025 19:35:16

TVS Motor Company anticipates robust demand for electric three-wheelers going forward on the back of growing urban mobility needs and lower total cost of ownership, and projects that electric vehicles to account for 60% of three-wheeler sales [in the L5 category only] by the end of this decade. The optimistic outlook coincides with the company's entry into the electric three-wheeler cargo space on Thursday, marking a strategic move to capitalize on the anticipated growth.

“The overall market will continue to grow. We expect 60% of the market to be electric vehicles by 2030. The passenger three-wheeler market is growing faster. For cargo, a lot of it depends on the logistics. There is growing demand for last-mile cargo requirements, and there are a lot of hub and spoke models being talked about," TVS Motor's business head for commercial mobility Rajat Gupta told reporters on Thursday.

In the financial year 2025, around 1.6 lakh electric L5 three-wheelers have been sold while total three-wheelers, including electric and ICE, are estimated to be around 7.2 lakh units with the passenger segment contributing over 80%. The electric vehicle penetration stood at around 23%. The penetration for the passenger and cargo categories remains at a similar level.

Electric three-wheelers have become an important part of urban mobility, particularly in tier-2 and tier-3 cities, where they provide affordable, efficient, and eco-friendly last-mile connectivity. Today, India is the world’s largest market for electric three-wheelers [including L3] and this segment is witnessing the fastest adoption of electric vehicles in the country.

Mahindra Last Mile Mobility and Bajaj Auto dominated the electric L5 three-wheeler market, respectively. TVS Motor made its debut in this space with an electric passenger three-wheeler - King EV Max - in January. Piaggio Vehicles, Murugappa Group’s Montara, Omega Seiki, Atul Auto and Euler are the other major players in this segment.

Demand incentive given by the government through the PM E-Drive scheme (previously EMPS, FAME) has been crucial in driving the electric three-wheeler sales in India. The government also has a production-linked incentive scheme, which provides subsidies for companies manufacturing electric vehicles. Electric three-wheeler models made by companies including TVS Motor, Mahindra and Bajaj Auto are eligible for government incentives under both PM E-Drive and PLI.

The government has been gradually reducing the quantum of demand incentive over the period and is expected to stop it by the end of this financial year. Currently, electric three-wheelers get a subsidy of Rs 2,500 per kWh with a cap of Rs 25,000 per vehicle. While the total cost of ownership for electric vehicles is lower in the long run, the initial upfront cost has been a major deterrent for customers. Government subsidies have played an important role in bridging this gap by making the initial acquisition more affordable.

When asked if the market is ready to grow independently of government subsidies, Gupta expressed confidence that companies will be prepared to "drive themselves" once the support ends. “The market at present depends on subsidies. We will have to wait and watch, it is very difficult to comment as of now. A lot of people even initial acquisition cost after the subsidy is more. When the subsidy is phased out, everyone will be geared up for that,” he added.

Meanwhile, traditional OEMs are looking to capitalize on the demand in the L3 market. The L3 category refers to low-speed electric three-wheelers, often called e-rickshaws or e-carts, that are designed for carrying passengers or goods, respectively. These vehicles are characterized by their lower speed limits and motor power compared to the higher-speed L5.

The L3 market continues to be populated by a plethora of smaller local and unorganised players. Among legacy OEMs, Mahindra has entered this market, while Bajaj Auto is expected to launch its first L3 model in this quarter. Last-mile connectivity for daily commuters and office-goers, especially from metro stations in urban India, is being fulfilled by such vehicles. Demand for electric rickshaws is strongest in North India, particularly in Uttar Pradesh and Delhi.

Including the L3 category, a total of 7 lakh electric three-wheelers were estimated to have been registered in the financial year 2025, representing a penetration of over 50%.

Montra Electric Opens Dual Dealerships in Raipur

Shruti Shiraguppi — Thu, 21 Aug 2025 17:24:07

Montra Electric inaugurated its Small Commercial Vehicle (e-SCV) and Three-Wheeler (e-3W) dealerships in Raipur on Wednesday, expanding its Central India footprint through channel partner Ralas Wheels Pvt Ltd to serve the city's growing electric commercial vehicle demand.

The dual launch brings Montra Electric's EViator 4-wheeler e-SCV and Super Auto and Super Cargo e-3-wheelers to Chhattisgarh customers. Both outlets will provide comprehensive sales, service, and maintenance facilities.

The inauguration was attended by Arun Murugappan, Chairman TI Clean Mobility (Montra Electric), Smt. Meenal Choubey, Mayor Raipur, Jalaj Gupta, Managing Director TI Clean Mobility (Montra Electric), Saju Nair, CEO TIVOLT Electric Vehicles Pvt Ltd, Mohit Singhania, Managing Director Ralas Wheels Pvt Ltd, and Himanshu Aggarwal, Head Sales & Service Montra Electric Lastmile.

Speaking at the launch, Jalaj Gupta said, "The opening of both our both e-SCV and e-3W dealerships in Raipur reflects our commitment to creating a strong and inclusive EV ecosystem across India. With our EViator, Super Auto, and Super Cargo, we are offering reliable, high-performance products that address both logistics and passenger mobility needs. These dealerships strengthen our promise of advanced products, dependable service, and long-term value creation for customers in Chhattisgarh."

Mohit Singhania shared, "We are delighted to partner with Montra Electric to bring both the e-SCV and 3W range to Raipur. The city is witnessing rising demand for sustainable logistics and passenger mobility, and we see immense potential for Montra Electric's products here. Our dealerships are fully equipped to deliver a seamless sales and service experience, ensuring that customers enjoy the benefits of electric mobility with complete confidence."

The EViator offers a certified range of 245 km and real-world range of 170+ km, powered by an 80-kW motor delivering 300 Nm torque. The vehicle comes with advanced telematics ensuring over 95% uptime and a 7-year or 2.5 lakh km extended warranty.

The Super Auto provides a real-world range exceeding 155 km through a 10-kW motor delivering 60 Nm torque, with a 3-year or 1,00,000 km warranty extendable by 2 years or 50,000 km.

The Super Cargo delivers a real-world range of 170+ km via an 11-kW peak motor producing 70 Nm torque, supporting fast charging under 60 minutes and offering a 5-year or 1.75 lakh km battery warranty.

Montra Electric operates under TI Clean Mobility Private Limited, part of the 125-year-old Murugappa Group. The company runs four business verticals covering Heavy Commercial Vehicle, Mid & Small Commercial Vehicles, Last Mile Three-wheelers and Electric Tractors.