India’s electric three-wheeler market is witnessing intensifying competition as Bajaj Auto has outsold Mahindra & Mahindra’s EV arm Mahindra Last Mile Mobility (MLMM) for the second consecutive month in 2026.
According to revised Vahan registration data as of March 4, Bajaj Auto sold 6,934 electric three-wheelers (passenger and cargo combined) in February 2026, registering a 73% year-on-year growth. In comparison, Mahindra Last Mile Mobility recorded 6,465 units, reflecting a 24% YoY increase. Bajaj’s performance gave it a 469-unit lead over Mahindra during the month.
The milestone follows a similar trend in January 2026, when Bajaj Auto overtook Mahindra for the first time since entering the electric three-wheeler segment in June 2023. In January, Bajaj sold 7,064 units, compared to 6,321 units by MLMM.
Overall, India recorded 58,577 electric three-wheelers sold in February 2026 by around 584 companies. Bajaj Auto captured approximately 12% market share, while Mahindra Last Mile Mobility accounted for about 11%.
Bajaj’s recent entry into the e-rickshaw passenger and cargo sub-segment with the Bajaj Riki model—estimated to be a 45,000-units-per-month market—has helped boost its monthly sales volumes. The company is also reportedly scaling up production to strengthen its presence in the segment.
The rivalry between the two manufacturers was further highlighted by new product launches in February. On February 9, Bajaj Auto introduced the Bajaj Wego P9018 electric three-wheeler, featuring a 17.7 kWh battery, the largest in its category, and a certified range of 296 km. The vehicle is priced at ₹4.41 lakh (ex-showroom) and offers a top speed of 45 km/h, targeting urban, semi-urban and rural passenger transport markets.
Just days later, on February 12, Mahindra Last Mile Mobility launched the Mahindra UDO electric three-wheeler. Priced at ₹3.59 lakh (ex-showroom), the vehicle features a segment-first full monocoque construction, a 11.7 kWh battery pack, and a certified range of 265 km. It delivers 10 kW peak power and 52 Nm torque, with a top speed of 55 km/h, and is manufactured at the company’s Zaheerabad plant.
With new product launches and rising EV adoption in the last-mile mobility segment, competition between Bajaj Auto and Mahindra Last Mile Mobility is expected to intensify further in India’s rapidly expanding electric three-wheeler market.
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