Quick Overview
- Mahindra holds 41 % share in electric three‑wheeler sales for June 2025, its 37th straight month on top
- Over 2.5 lakh Mahindra electric cargo and passenger 3Ws now on Indian roads, led by Treo and Zor Grand
- L5 segment electrification has quadrupled since FY23, touching 31 % in Q1 FY26
Mahindra’s early punt on battery‑powered last‑mile movers is paying off. The company first put lithium ion under an auto‑rickshaw back in 2017, when most rivals still swore by CNG. Eight years on, that head start has turned into a moat. June 2025 retail data from Vahan shows Mahindra topping the electric commercial vehicle charts yet again, extending a three‑year streak.
Electric three‑wheeler sales tell the story. Industry volumes in the L5 category—vehicles registered to carry four passengers or large cargo—have climbed from under eight per cent in FY23 to 31 per cent in the first quarter of FY26. Mahindra alone moved more than 50,000 EV 3‑Ws in the last eight months, taking its cumulative electric CV tally past 2.5 lakh units.
Flagship workhorses
The Treo Auto remains Mahindra’s blue‑chip passenger EV. Its 10.24 kWh battery powers an 8 kW motor for a 130 km real‑world range and a 45 km/h top speed. The cargo‑oriented Zor Grand bumps output to 12 kW, hauls 550 kg, and covers 125 km on a charge. Both use a modular, IP67‑rated pack and CCS2 fast‑charge in under four hours. A five‑year/120,000 km transferable warranty sweetens fleet maths.
Competition heats up
Piaggio’s Ape E‑City FX now runs a 5.4 kWh fixed battery but only manages 110 km between plugs. Euler Motors’ HiLoad EV offers a brawny 688 kg payload yet remains supply‑constrained. Omega Seiki’s Rage+ and Kinetic Green’s Safar Shakti undercut on price but lag in service reach and telematics depth. Mahindra counters with 1,150 EV‑authorised service points and an eight‑city battery‑swap pilot that cuts downtime to three minutes.
Why it matters
Fuel prices have climbed 14 % since January, and most state incentives now favour commercial EVs after FAME II wound down in March. Fleet owners chasing per‑km costs below ₹1.00 increasingly skip CNG and step straight into lithium. Industry trackers expect the electric share of three‑wheelers to breach 40 % by March 2026, with four‑wheel mini‑trucks following suit once cell prices dip under $90 kWh.
Final Thoughts
Picture the humble Indian three‑wheeler, only now it hums instead of rattles, beams live data to a cloud, and sneaks into low‑emission zones for peanuts per kilometre. Mahindra didn’t just place an early bet; it bought the whole roulette wheel. Rivals may bring flashier dashboards, but the boys from Kandivali are shipping metal—and in logistics, volume usually trumps vibe.