With the penetration of electric vehicles increasing in the Indian automobile market, Mahindra & Mahindra is increasing its production capacity and adding more dealer touchpoints. The company is now the market leader in the electric three-wheeler segment with a 7.9 per cent market share.
The company sold 1,000 electric vehicles in March 2021, which doubled by March 2022. In November 2022 the company sold 4,000 units.
According to a BNP Paribas report, the electric three-wheeler market grew 115 per cent in volume year-on-year and 11 per cent month-on-month. The report further mentions that Mahindra & Mahindra is marginally leading the highly fragmented electric three-wheeler market followed by YC Electric.
“In this financial year, we aim to increase the production capacity, add more dealer touchpoints and bring in cutting-edge, technology-driven last-mile mobility EVs. Mahindra Last Mile Mobility will continue to focus on increasing the 3-wheeler EV penetration through our customer-centric products and bringing the true electric vehicle experience to our driver partners,” said Suman Mishra, CEO of Mahindra Electric—Last Mile Mobility.
Penetration highest in UP
The penetration of electric three-wheelers is the highest in Uttar Pradesh with 79 per cent in FYTD 23 followed by Punjab and Delhi.
“We have a pan-India presence, with more than 800 touchpoints – the North, and East, have progressively adopted more 3-wheeler electric vehicles than other regions. The electric three-wheeler industry is now almost 30 thousand strong YTD, as per SIAM. Our electric vehicles have been providing employment opportunities through sustainable mobility,” added Mishra
The sales of three-wheelers had also seen an uptick. Earlier businessline had reported that the domestic sales of three-wheelers in September has been the highest uptick this fiscal according to data by the Society of Indian Automobile Manufacturers (SIAM). While the domestic sales were up, the export market had witnessed a dip.