Mahindra Last Mile Mobility Limited (MLMML) has retained its position as India’s top commercial electric vehicle (EV) manufacturer for the fourth consecutive year, backed by strong sales in the three-wheeler L5 segment. The company closed FY25 with a 37.3 percent market share in the category, outperforming both legacy competitors and newer entrants. This leadership comes at a time when the overall electric vehicle penetration in the L5 segment reached 24.2 percent, up from 16.9 percent in the previous financial year.
A key milestone for MLMML in FY25 was becoming the first Indian manufacturer to cross cumulative sales of 2 lakh commercial EVs. Among these, the Treo alone has sold over 1 lakh units, making it the highest-selling electric auto in the country. This achievement reinforces Mahindra’s stronghold in the electric three-wheeler space, where cost sensitivity and operating efficiency are primary concerns for fleet owners and small-scale transporters. The Treo is priced between INR 2.85 lakh and INR 3.50 lakh (ex-showroom, depending on variant), making it a viable option for many first-time commercial EV buyers.
In addition to maintaining dominance in the three-wheeler segment, Mahindra also expanded its EV portfolio this year. The company launched a metal body version of the Treo, aimed at customers seeking greater durability in tougher operating environments. More significantly, Mahindra introduced the ZEO, a four-wheeler electric small commercial vehicle (SCV), which marks its entry into a segment traditionally dominated by diesel and CNG variants.
MLMML’s continued growth has largely been aided by rising fuel costs, favourable state EV policies, and increased awareness among transporters about the lower running costs of electric vehicles.
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