In February 2024, the electric 3W retail sales has posted a double digit YoY growth while MoM sales dipped marginally
Following our two earlier sales reports wherein we analyzed electric car and electric two wheeler retail sales for the month of February 2024, we now take a look at three wheeler sales also in the electric category. The electric three wheeler segment is divided into various categories and sales figures included sales of vehicles like three-wheeler (goods), three-wheeler (passenger), three-wheeler (personal), e-rickshaws, and e-rickshaws (carts). Sustained demand across the passenger category while last-mile operators for e-commerce businesses, food deliveries and other similar applications has shown off a good sales trajectory.
Electric 3W Sales In February 2024
Electric 3W sales last month stood at 50,585 units, a YoY growth of 40.10 percent over 36,106 units sold in February 2023. It was however, a decline by 5.09 percent on a MoM basis as compared to 53,298 units sold in January 2024. Sales in this segment were also lower when compared to 57,511 units sold in December 2023 indicating that the past three months have been unfavorable where electric 3Ws are concerned.
Mahindra Group led the segment with 5,010 unit sales last month, a 33.03 percent YoY growth over 3,766 units sold in February 2023. MoM sales also improved by 7.01 percent from 4,682 units sold in January 2024. Most sales were amassed by Mahindra Last mile Mobility with 4,707 units sold last month while Mahindra Limited sales stood at 291 units and Mahindra Reva at 12 units.
At No. 2 was YC Electric with 3,356 unit retail sales last month posting a 28.09 percent YoY growth from 2,620 units sold in February 2023. MoM sales dipped marginally by 0.56 percent from 3,375 units sold in January 2024. The company’s electric 3W portfolio currently includes Yatri Super, Yatri Deluxe and Yatri in the passenger segment while its commercial lineup includes the E-Loader and Yatri Cart.
Saera Electric sales grew to 2,090 units, up 12.61 percent YoY from 1,856 units sold in February 2023 while MoM sales suffered a setback of 11.40 percent when compared to 2,359 units sold in January 2024. Dilli Electric and Piaggio sold an equal number of electric 3 wheelers last month at 1,990 units. However, Piaggio posted an even greater MoM decline and hence lost its No. 4 position held in January 2024 to Dilli.
Ranked at No. 4 on this list was Dilli Electric with 1,990 units sold last month, a 27.24 percent YoY growth from 1,564 units sold in February 2024 while MoM sales fell albeit marginally by 0.85 percent from 2,007 units sold in January 2024. Piaggio sales of its electric 3W models Ape E-City FX Max passenger carrier and Ape E-Xtra FX Max cargo carrier posted lower MoM but it was a significant YoY growth of 87.56 percent when compared to 1,061 units sold in February 2023. It was followed by Bajaj Auto with 1,379 unit sales last month, a 12.67 percent MoM decline from 1,579 units sold in January 2024.
Electric 3W OEMs with Double Digit YoY Growth
Lower down the sales list were a host of OEMs that have posted double digit YoY growth though most of them have experienced lower MoM sales. Mini Metro sales grew to 1,154 units last month, a YoY and MoM growth of 22.51 percent and 3.50 percent respectively. Unique International recorded retail sales at 1,028 units with a 24.61 percent YoY growth but 7.72 percent MoM de-growth.
The list also included Hotage EV (996 units), Energy Electric (919 units), Champion PolyPlast (910 units), JS Auto (903 units) and Alfine Industries (867 units). Other OEMs who manufacture electric 3 wheelers added 27,993 units to total sales last month, a YoY growth of 44.01 percent from 19,438 units sold in February 2023 while MoM sales dipped 6.87 percent over 30,059 units sold in January 2024.
Source: Electric - rushlane.com
