Electric three-wheelers rev up for rapid growth in India's EV market

Manufacturers hitch a ride on this fast-growing segment of the EV market, which is leading the electric mobility charge

Encouraged by the rapid growth of the electric three-wheelers, manufacturers of such vehicles are betting big on the segment. Most of them have lined up aggressive expansion plans in capacities and new products. Among other things, the segment, like the e-two-wheelers, has immensely benefited from the government’s policy push, particularly the FAME II subsidy scheme.

The FAME scheme, which stands for Faster Adoption and Manufacturing of Hybrid and Electric vehicles, has made e-three-wheeler pricing more competitive than internal combustion engine (ICE)-powered vehicles. For instance, a Mahindra Treo auto rickshaw costs Rs 2.22 lakh whereas a Bajaj Compact RE costs Rs