Victory Electric Targets Surge in India's EV Three-Wheeler Market
Overview
Victory Electric Vehicles International Limited is positioning itself as a significant player in India's rapidly expanding electric three-wheeler (L3 and L5) market. Leveraging ICAT certifications and a cost-efficient product strategy, the company aims to capture demand driven by economics rather than subsidies, building on its manufacturing capacity in Bahadurgarh, Haryana, and a dealer network spanning over 15 states.
India's Electrifying Three-Wheeler Segment
India's electric vehicle ecosystem is witnessing a significant structural shift, with electric three-wheelers emerging as a cornerstone of last-mile mobility. In 2025, these vehicles, encompassing both L3 and L5 categories, accounted for approximately 0.8 million units, making up a substantial 35% of the nation's total EV sales. This segment's centrality to India's electrification journey is undeniable.
L5 Segment's Rapid Electrification
The L5 segment, high-speed electric three-wheelers, recorded the highest EV penetration across all fuel types at roughly 32% in 2025, significantly outpacing many other vehicle categories. Total L5 electric three-wheeler sales reached 2.37 lakh units in the same year. This growth is fueled by the replacement of traditional CNG and petrol autos, improved driver economics, higher payload capacities, and increased availability of financing and after-sales support.
While established manufacturers like Mahindra Last Mile Mobility and Bajaj Auto command a combined 70% of L5 volumes, the segment's rapid expansion presents significant opportunities for new, certified entrants focused on cost-effectiveness and specific applications.
Victory Electric's Strategic Entry
Victory Electric Vehicles International Limited is steadily establishing itself as a credible and scalable player in both the L3 and L5 electric three-wheeler segments. In Fiscal Year 2025, the company manufactured 550 L5 electric e-rickshaws, marking its first full year of scaled participation. Although this volume is modest compared to the top OEMs, it signifies a foundational scale-up.
Victory's entry into the L5 segment was notably post-securing the ICAT license, a key regulatory hurdle. This positioning allows the company to scale responsibly as market demand shifts from subsidy-driven adoption to economic viability.
Manufacturing Prowess and Market Reach
The company operates a state-of-the-art manufacturing facility in Bahadurgarh, Haryana, with an installed capacity of 4,300 units in FY25 and a utilization rate of 65.7%. This indicates substantial room for growth. In-house R&D and integrated production processes enable continuous product enhancement, cost optimization, and faster customization. Victory's product range emphasizes value for money, durability, and low operating costs, making them ideal for rural and semi-urban markets.
Victory has established a dealer-led presence across more than 15 states, actively participating in key markets like Uttar Pradesh, Bihar, Delhi, and Rajasthan. Their L3 vehicles are optimized for mass last-mile and rural mobility, while L5 models are designed as direct electric substitutes for CNG and petrol autos, offering higher speed and payload capacities for urban commercial operations.
Positioned for Growth
Victory Electric Vehicles stands as an emerging player at a critical entry-to-growth inflection point in India's electric three-wheeler market. Its early L5 presence, stable L3 base, ICAT and ISO certifications, manufacturing capacity, value-driven products, and pan-India operations position it well for the market's next expansion phase.
