Mahindra Leads The Charge As India's Top Electric Three-Wheeler Manufacturer
Modified On Feb 09, 2024 02:42 PM
Mahindra Last Mile Mobility continues to lead in the electric 3-wheeler market, achieving an impressive milestone in FY24. Here are the details. Read on
In India's electric vehicle market, Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra and Mahindra continues to dominate the market, achieving an impressive milestone in FY24. MLMML claims to have the title of India's top electric 3-wheeler manufacturer, having sold an impressive tally of over 1.4 lakh electric vehicles to date.
As a testament to its growing influence, the company has attained a remarkable market share of 9.3 percent in India's electric 3-wheeler segment. Moreover, in the competitive L5 electric vehicle category, MLMML claims to have a staggering 55.1 percent market share, solidifying its position as the frontrunner in the industry.
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Mahindra’s Business Insights
Fueling this upward trajectory is the recent surge in sales. In just eight months, MLMML asserts that they have demonstrated remarkable growth selling 40,000 electric vehicles. MLMML says this surge can be attributed to the strategic launch of two new products – the Treo Plus and the e-Alfa Super rickshaw and cargo variants.
As per the brand, this significant achievement showcases the accelerating demand for Mahindra’s electric vehicles in India. Furthermore, to keep pace with this escalating demand, MLMML has ramped up production threefold, leveraging its manufacturing facilities in Bengaluru, Haridwar, and Zaheerabad.
Vehicles Contributing To Growth
MLMML offers an extensive range of 3-wheeled electric vehicles, including the Treo, Treo Plus, Treo Zor, Treo Yaari, Zor Grand, e-Alfa Super, and e-Alfa Cargo, catering to diverse consumer needs and preferences. These offerings have significantly boosted Mahindra's business growth and profitability.
Suman Mishra, MD and CEO, MLMML, said, “In FY24, our customer-first approach has helped intensify our efforts to electrify the last-mile transportation space. Sales of 40,000 electric 3-wheelers within eight months reflect the inclusive income generation our electric vehicles accord to the drivers.”
Mahindra’s UDAY Program
Mahindra Last Mile Mobility offers the UDAY program, aimed at further enhancing the customer experience. Under this program, drivers purchasing an MLMML EV receive an accident insurance cover of Rs 10 lakh for the first year. Mahindra says this emphasises Mahindra's dedication to ensuring the safety and well-being of its customers.
What We Think?
As India steers towards a greener, more sustainable future, Mahindra's leadership in the electric 3-wheeler segment not only signifies its market dominance but also its role in driving positive change within the mobility landscape.