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TVS Motor Company has entered India’s electric three-wheeler cargo market with the launch of the TVS King Kargo HD EV, aiming to dominate the urban logistics space.
TVS Motor Company on Monday said electric vehicles will account for 60% of heavy three-wheeler sales by the end of the decade. The firm has entered the electric three-wheeler cargo space with the launch of the TVS King Kargo HD EV, aimed at urban and semi-urban logistics.
Driving Urban Logistics with a New EV
Initially, the TVS King Kargo HD EV will be available in select markets, including Delhi, the National Capital Region (NCR) — covering Faridabad, Noida, Gurgaon, and Ghaziabad — as well as parts of Rajasthan and Bengaluru. The ex-showroom price in Delhi is set at ₹3.85 lakh. TVS also showed its upcoming King Kargo HD CNG variant, which the company plans to introduce before the end of 2025.
“The overall market will continue to grow. We expect 60% of the market to be electric by 2030. The passenger three-wheeler segment is expanding faster, while cargo growth will hinge on logistics demand,” said Rajat Gupta, business head for commercial mobility at TVS Motor.
In FY25, around 1.6 lakh electric L5 three-wheelers were sold, out of an estimated 7.2 lakh total three-wheelers, with passenger vehicles contributing over 80%. EV penetration stood at about 23% for both passenger and cargo categories.
Electric three-wheelers have emerged as a key mode of urban mobility, particularly in tier-2 and tier-3 cities, offering affordable and eco-friendly last-mile connectivity. India remains the world’s largest market for electric three-wheelers, including L3 models, with the segment witnessing the fastest EV adoption.
Mahindra Last Mile Mobility and Bajaj Auto lead the electric L5 market. TVS entered the segment with the King EV Max passenger vehicle in January, joining rivals Piaggio, Montara, Omega Seiki, Atul Auto and Euler.
The Competitive Landscape and Future of Subsidies
So far, government incentives under the PM E-Drive scheme and the production-linked incentive (PLI) scheme have played a crucial role in driving sales. At present, electric three-wheelers receive a subsidy of upto ₹25,000 per vehicle. The incentive is expected to be phased out by the end of this financial year.
While the total cost of ownership of EVs is lower, high upfront cost remains a deterrent.
“The market at present depends on subsidy. When it is phased out, everyone will be geared up for that,” Gupta said.
Meanwhile, traditional OEMs are eyeing the L3 category, comprising low-speed e-rickshaws and e-carts that dominate last-mile connectivity. This segment remains largely unorganised, though Mahindra has entered and Bajaj is expected to launch its first model this quarter.
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This article was first uploaded on August twenty-two, twenty twenty-five, at twenty-two minutes past six in the morning.
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