M&M subsidiary records 73% market share in 3-wheel EV category during FY22

Mahindra Electric Mobility, a part of the Mahindra Group, closed the financial year with a market share of 73.4%, recording a 214% growth from FY21.

Mahindra Electric has one of the largest portfolio of electric 3-wheelers with the Treo auto, Treo Yaari, Treo Zor, e Alfa Mini and e Alfa Cargo to suit the needs of its varied customers. Treo was the first Li-ion electric 3-wheeler platform to cross 18,000 sales since launch. The Treo auto is one of the top-selling electric 3-wheeler in the passenger category with a market share of 70.4% while the Treo Zor has a market share of 52.1%.

Suman Mishra, the chief executive officer (CEO) of Mahindra Electric Mobility, said, I am delighted that over this past year, we have significantly expanded our EV footprint while reducing pollution (that would otherwise have needed 20 lakh trees to be planted) and contributed to the Government's vision of sustainable development. I would like to share this success with our stakeholders and expect to maintain this momentum in FY'23 through a range of exciting products and solutions in the last mile mobility space.

Mahindra & Mahindra's (M&M) consolidated net profit surged 127.2% to Rs 1,828.69 crore on a 9.1% increase in net sales to Rs 23,594.46 crore in Q3 December 2021 over Q3 December 2020.

M&M enjoys a leadership position in farm equipment and utility vehicles in India and is the world's largest tractor company by volume. It offers a wide range of products and solutions ranging from SUVs, pickups, commercial vehicles, and tractors, to electric vehicles, two-wheelers, and construction equipment.

Shares of Mahindra & Mahindra lost 0.39% to Rs 923.05 on BSE.

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