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Piaggio sees electric 3W penetration hitting 50% by 2028 amid structural shift
Piaggio sees electric 3W penetration hitting 50% by 2028 amid structural shift

Time of India

time6 days ago

  • Automotive
  • Time of India

Piaggio sees electric 3W penetration hitting 50% by 2028 amid structural shift

Piaggio Vehicles Pvt Ltd (PVPL), the Indian arm of Italian auto major Piaggio Group, expects L5 electric three-wheeler penetration in India to reach 50 per cent by mid-2028. The company attributes this to a fundamental shift in the market, rather than temporary factors such as subsidies, PTI reports. Despite the government's decision to slash incentives under the FAME scheme to one-fourth over the past 18 months, the segment has continued to grow. According to Diego Graffy , Chairman and Managing Director of PVPL, the momentum has not only held but accelerated, indicating a more permanent transformation. He believes that even in the absence of incentives, the structural change underway will drive adoption toward the 50 per cent mark over the next few years. e3W market The electric three-wheeler market is divided into two categories — L5 for passenger and cargo use, and L3 for smaller e-carts. While the government introduced the PM E-Drive Scheme with ₹10,900 crore in funding over two years after FAME Phase 2 ended in March 2024, industry players continue to seek clarity on long-term policy. Graffy said the lack of certainty on incentives can disrupt planning and urged the government to communicate clearly, even if it intends to end the subsidies. Industry data shows that L5 passenger three-wheelers accounted for 22.8 per cent of total EV sales in FY25, while goods e-three-wheelers contributed 21.5 per cent. The penetration climbed further in Q1 FY26, with 32.4 per cent of EV sales coming from the passenger L5 segment and 22.8 per cent from the cargo category. Adoption remains lower in the southern and western parts of India, but Piaggio expects these regions to catch up in the coming years, further boosting the national penetration rate. Piaggio's market ready product According to Graffy, the market shift has been enabled by improved charging infrastructure, reduced acquisition costs, better servicing, and more accessible financing options. He said the company is keeping pace with the market's growth and has taken a measured approach to product upgrades, refreshing its electric three-wheeler lineup every two years since 2019. Commenting on the launch of the new Ape E-City Ultra and upgraded Ape FX Maxx, priced at ₹3.80 lakh and ₹3.30 lakh respectively, Graffy said they deliver strong performance, low battery degradation, and minimal operating costs. He described the models as future-ready solutions designed for both cities and smaller towns, aimed at enhancing economic mobility and supporting a more inclusive, sustainable transport ecosystem. Despite concerns around policy continuity, Piaggio remains confident in the long-term prospects of the electric three-wheeler space, backed by rising demand, product innovation, and the ongoing market transition.

Piaggio expects L5 electric 3-wheeler penetration to reach 50pc by mid-2028
Piaggio expects L5 electric 3-wheeler penetration to reach 50pc by mid-2028

Economic Times

time6 days ago

  • Automotive
  • Economic Times

Piaggio expects L5 electric 3-wheeler penetration to reach 50pc by mid-2028

Small commercial vehicle maker Piaggio Vehicles is expecting L5 electric three-wheeler segment penetration in the domestic market reaching 50 per cent at the most by mid-2028, owing to a structural shift and other factors, a top company official has said. The company, which last month rolled out two new electric passenger three-wheelers -- the all-new Ape E-City Ultra and upgraded Ape FX Maxx- also said there is a need for the government to provide clarity on the issue of continuation of the incentives. Piaggio Commercial Vehicles Pvt Ltd (PVPL) is the Indian subsidiary of Italian auto major Piaggio Group. "There is a spike in the penetration of L5 category electric three wheelers in the country in the last one-and-a-half years. And this is when the government incentives under the FAME program have reduced to one-fourth in the same period," Diego Graffy, Chairman and Managing Director of PVPL, told PTI in an interaction. He said that if the level of penetration continues at this pace, "we expect this to reach 50 per cent by the end of 2027 or the beginning of mid-2028 even if the incentives are withdrawn, as there is a structural shift taking place in the market." There are two categories-- L5 and L3-- in the electric three-wheeler segment. L5 Category refers to three-wheeler auto-rickshaws for carrying passengers or cargo while e-carts fall in L3 category. Both the Central Government and state governments are promoting the faster adoption of EVs through various fiscal incentives to the EV buyers. The second phase of the government's flagship scheme, Faster Adoption and Manufacturing of Electric Vehicles (FAME), launched in 2019 with an initial outlay of Rs 10,000 crore, later increased to Rs 11,500 crore, ended in March last year. Subsequently, a new PM E-Drive Scheme with an outlay of Rs 10,900 crore for two years to boost EV sales, replacing FAME programme was announced in September 2024. "The Government reducing the subsidy to one-fourth in the last one-and-a-half years could have definitely been a big disruption (in terms of demand) but instead of depressing the market, it has only kept on increasing. It means that the change or the shift that is happening now is structural and not anymore incidental. And this shift is happening for multiple reasons," Graffy said. Apart from the structural shift, the factors for the higher penetration include improved charging infra, lower cost of acquisition and ease of financing and servicing. "These challenges have largely been addressed in this period leading to increased penetration, particularly of the passenger segment," he said. According to industry statistics, L5 passenger electric three-wheeler penetration accounted for 22.8 per cent in the total EV sales in FY 25 while the goods e-three-wheeler penetartion stood at 21.5 per cent in the same period. Also, in the April-June quarter of this fiscal, as much as 32.4 per cent of the total ev penetration was recorded in the passenger e-three wheeler segment and 22.8 per cent in the cargo e-three-wheeler segment. Graffy said that the adoption rate across Southern and Western parts of the country however, is still much lower, adding that, it is expected to increase in the next couple of years and when it happens, the overall penetration rate would go much higher than 50 per cent." He said that the e-commerce transition was leading to the demand for cargo e-three-wheelers, which is on the wane now while the passenger segment is picking up very rapidly due to the reason cited earlier. Due to a structural transition that we see, now the passenger segment will have a much higher rate of adoption in the next few months, he stated. He said that Piaggio Vehicles is "maintaining" more or less the pace at which the industry is growing, adding that the company keeps on renewing its product portfolio every two years since 2019 when it first introduced its e-three-wheeler in the country. "We are not doing (renewing products) so frequently unlike many other players are doing in the space. We prefer to take our time. So, we are reviving our products every two years trying to introduce new features with innovation and technology," he said. "We believe EVs are an opportunity to reshape urban transport and improve livelihoods. New ApA© E-City Ultra and ApA© E-City FX Maxx are being built with these realities in mind. They deliver what the Indian customer needs: best in class range, low battery degradation, strong performance, and minimal operating costs," Graffy said on the launch of the two models, which are priced at Rs 3.80-lakh and Rs 3.30 lakh, respectively. "These vehicles are enablers of economic mobility, future-ready solutions that can scale across cities and small towns alike. Our focus is not only on innovation but also on contributing to a more inclusive and sustainable future," he said. On the incentives, he said," uncertainty on (the continuation) of the incentives is definitely very disturbing and some clarity going forward is required." "Even if the government wants the incentives to discontinue from a particular date, declare it clearly so that every OEM can plan the strategy accordingly," Graffy said.

Piaggio expects L5 electric 3-wheeler penetration to reach 50pc by mid-2028
Piaggio expects L5 electric 3-wheeler penetration to reach 50pc by mid-2028

Time of India

time6 days ago

  • Automotive
  • Time of India

Piaggio expects L5 electric 3-wheeler penetration to reach 50pc by mid-2028

Small commercial vehicle maker Piaggio Vehicles is expecting L5 electric three-wheeler segment penetration in the domestic market reaching 50 per cent at the most by mid-2028, owing to a structural shift and other factors, a top company official has said. The company, which last month rolled out two new electric passenger three-wheelers -- the all-new Ape E-City Ultra and upgraded Ape FX Maxx- also said there is a need for the government to provide clarity on the issue of continuation of the incentives. Explore courses from Top Institutes in Please select course: Select a Course Category Technology PGDM MBA Cybersecurity Artificial Intelligence Data Science MCA others Product Management Design Thinking Healthcare Finance Operations Management Management Degree healthcare Public Policy Digital Marketing Data Analytics Leadership Project Management Data Science CXO Others Skills you'll gain: Duration: 12 Weeks MIT xPRO CERT-MIT XPRO Building AI Prod India Starts on undefined Get Details Piaggio Commercial Vehicles Pvt Ltd (PVPL) is the Indian subsidiary of Italian auto major Piaggio Group. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like With temperatures hitting 95°F, this is the mini air conditioner everyone's buying in the U.S News of the Discovery Undo "There is a spike in the penetration of L5 category electric three wheelers in the country in the last one-and-a-half years. And this is when the government incentives under the FAME program have reduced to one-fourth in the same period," Diego Graffy, Chairman and Managing Director of PVPL, told PTI in an interaction. He said that if the level of penetration continues at this pace, "we expect this to reach 50 per cent by the end of 2027 or the beginning of mid-2028 even if the incentives are withdrawn, as there is a structural shift taking place in the market." Live Events There are two categories-- L5 and L3-- in the electric three-wheeler segment. L5 Category refers to three-wheeler auto-rickshaws for carrying passengers or cargo while e-carts fall in L3 category. Both the Central Government and state governments are promoting the faster adoption of EVs through various fiscal incentives to the EV buyers. The second phase of the government's flagship scheme, Faster Adoption and Manufacturing of Electric Vehicles (FAME), launched in 2019 with an initial outlay of Rs 10,000 crore, later increased to Rs 11,500 crore, ended in March last year. Subsequently, a new PM E-Drive Scheme with an outlay of Rs 10,900 crore for two years to boost EV sales, replacing FAME programme was announced in September 2024. "The Government reducing the subsidy to one-fourth in the last one-and-a-half years could have definitely been a big disruption (in terms of demand) but instead of depressing the market, it has only kept on increasing. It means that the change or the shift that is happening now is structural and not anymore incidental. And this shift is happening for multiple reasons," Graffy said. Apart from the structural shift, the factors for the higher penetration include improved charging infra, lower cost of acquisition and ease of financing and servicing. "These challenges have largely been addressed in this period leading to increased penetration, particularly of the passenger segment," he said. According to industry statistics, L5 passenger electric three-wheeler penetration accounted for 22.8 per cent in the total EV sales in FY 25 while the goods e-three-wheeler penetartion stood at 21.5 per cent in the same period. Also, in the April-June quarter of this fiscal, as much as 32.4 per cent of the total ev penetration was recorded in the passenger e-three wheeler segment and 22.8 per cent in the cargo e-three-wheeler segment. Graffy said that the adoption rate across Southern and Western parts of the country however, is still much lower, adding that, it is expected to increase in the next couple of years and when it happens, the overall penetration rate would go much higher than 50 per cent." He said that the e-commerce transition was leading to the demand for cargo e-three-wheelers, which is on the wane now while the passenger segment is picking up very rapidly due to the reason cited earlier. Due to a structural transition that we see, now the passenger segment will have a much higher rate of adoption in the next few months, he stated. He said that Piaggio Vehicles is "maintaining" more or less the pace at which the industry is growing, adding that the company keeps on renewing its product portfolio every two years since 2019 when it first introduced its e-three-wheeler in the country. "We are not doing (renewing products) so frequently unlike many other players are doing in the space. We prefer to take our time. So, we are reviving our products every two years trying to introduce new features with innovation and technology," he said. "We believe EVs are an opportunity to reshape urban transport and improve livelihoods. New ApA© E-City Ultra and ApA© E-City FX Maxx are being built with these realities in mind. They deliver what the Indian customer needs: best in class range, low battery degradation, strong performance, and minimal operating costs," Graffy said on the launch of the two models, which are priced at Rs 3.80-lakh and Rs 3.30 lakh, respectively. "These vehicles are enablers of economic mobility, future-ready solutions that can scale across cities and small towns alike. Our focus is not only on innovation but also on contributing to a more inclusive and sustainable future," he said. On the incentives, he said," uncertainty on (the continuation) of the incentives is definitely very disturbing and some clarity going forward is required." "Even if the government wants the incentives to discontinue from a particular date, declare it clearly so that every OEM can plan the strategy accordingly," Graffy said.

Piaggio expects L5 electric 3-wheeler penetration to reach 50pc by mid-2028
Piaggio expects L5 electric 3-wheeler penetration to reach 50pc by mid-2028

News18

time6 days ago

  • Automotive
  • News18

Piaggio expects L5 electric 3-wheeler penetration to reach 50pc by mid-2028

Mumbai, Aug 3 (PTI) Small commercial vehicle maker Piaggio Vehicles is expecting L5 electric three-wheeler segment penetration in the domestic market reaching 50 per cent at the most by mid-2028, owing to a structural shift and other factors, a top company official has said. The company, which last month rolled out two new electric passenger three-wheelers — the all-new Ape E-City Ultra and upgraded Ape FX Maxx- also said there is a need for the government to provide clarity on the issue of continuation of the incentives. Piaggio Commercial Vehicles Pvt Ltd (PVPL) is the Indian subsidiary of Italian auto major Piaggio Group. 'There is a spike in the penetration of L5 category electric three wheelers in the country in the last one-and-a-half years. And this is when the government incentives under the FAME program have reduced to one-fourth in the same period," Diego Graffy, Chairman and Managing Director of PVPL, told PTI in an interaction. He said that if the level of penetration continues at this pace, 'we expect this to reach 50 per cent by the end of 2027 or the beginning of mid-2028 even if the incentives are withdrawn, as there is a structural shift taking place in the market." There are two categories– L5 and L3– in the electric three-wheeler segment. L5 Category refers to three-wheeler auto-rickshaws for carrying passengers or cargo while e-carts fall in L3 category. The second phase of the government's flagship scheme, Faster Adoption and Manufacturing of Electric Vehicles (FAME), launched in 2019 with an initial outlay of Rs 10,000 crore, later increased to Rs 11,500 crore, ended in March last year. Subsequently, a new PM E-Drive Scheme with an outlay of Rs 10,900 crore for two years to boost EV sales, replacing FAME programme was announced in September 2024. 'The Government reducing the subsidy to one-fourth in the last one-and-a-half years could have definitely been a big disruption (in terms of demand) but instead of depressing the market, it has only kept on increasing. It means that the change or the shift that is happening now is structural and not anymore incidental. And this shift is happening for multiple reasons," Graffy said. Apart from the structural shift, the factors for the higher penetration include improved charging infra, lower cost of acquisition and ease of financing and servicing. 'These challenges have largely been addressed in this period leading to increased penetration, particularly of the passenger segment," he said. According to industry statistics, L5 passenger electric three-wheeler penetration accounted for 22.8 per cent in the total EV sales in FY 25 while the goods e-three-wheeler penetartion stood at 21.5 per cent in the same period. Also, in the April-June quarter of this fiscal, as much as 32.4 per cent of the total ev penetration was recorded in the passenger e-three wheeler segment and 22.8 per cent in the cargo e-three-wheeler segment. Graffy said that the adoption rate across Southern and Western parts of the country however, is still much lower, adding that, it is expected to increase in the next couple of years and when it happens, the overall penetration rate would go much higher than 50 per cent." He said that the e-commerce transition was leading to the demand for cargo e-three-wheelers, which is on the wane now while the passenger segment is picking up very rapidly due to the reason cited earlier. Due to a structural transition that we see, now the passenger segment will have a much higher rate of adoption in the next few months, he stated. He said that Piaggio Vehicles is 'maintaining" more or less the pace at which the industry is growing, adding that the company keeps on renewing its product portfolio every two years since 2019 when it first introduced its e-three-wheeler in the country. 'We are not doing (renewing products) so frequently unlike many other players are doing in the space. We prefer to take our time. So, we are reviving our products every two years trying to introduce new features with innovation and technology," he said. 'We believe EVs are an opportunity to reshape urban transport and improve livelihoods. New Apé E-City Ultra and Apé E-City FX Maxx are being built with these realities in mind. They deliver what the Indian customer needs: best in class range, low battery degradation, strong performance, and minimal operating costs," Graffy said on the launch of the two models, which are priced at Rs 3.80-lakh and Rs 3.30 lakh, respectively. top videos View all 'These vehicles are enablers of economic mobility, future-ready solutions that can scale across cities and small towns alike. Our focus is not only on innovation but also on contributing to a more inclusive and sustainable future," he said. On the incentives, he said," uncertainty on (the continuation) of the incentives is definitely very disturbing and some clarity going forward is required." 'Even if the government wants the incentives to discontinue from a particular date, declare it clearly so that every OEM can plan the strategy accordingly," Graffy said. PTI IAS MR MR (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: August 03, 2025, 20:00 IST News agency-feeds Piaggio expects L5 electric 3-wheeler penetration to reach 50pc by mid-2028 Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

Piaggio Ape E-City Ultra and Ape E-City FX Maxx launched in India, starting at ₹3.30 lakh
Piaggio Ape E-City Ultra and Ape E-City FX Maxx launched in India, starting at ₹3.30 lakh

Hindustan Times

time25-07-2025

  • Automotive
  • Hindustan Times

Piaggio Ape E-City Ultra and Ape E-City FX Maxx launched in India, starting at ₹3.30 lakh

Piaggio has introduced the 2025 Ape Electrik range in India, starting at ₹3.30 lakh (ex-showroom). The lineup includes two electric three-wheelers, the new Ape E-City Ultra and the updated Ape E-City FX Maxx. Aimed at addressing last-mile mobility needs, both models expand the company's electric passenger vehicle portfolio. Ape E-City Ultra The Ape E-City Ultra features a full-metal body and a 10.2 kWh lithium ferro phosphate (LFP) battery paired with a 3 kW charger. It has a certified range of 236 km and a top speed of 55 kmph. The electric motor delivers a peak power of 9.55 kW and 45 Nm of torque. Additional features include a 28 per cent gradeability, a Climb Assist Mode for inclines, and a digital speedometer that shows speed, battery status, and system alerts. The model also includes 4G telematics for functions like live tracking and remote immobilisation. It comes with a 5-year or 2,25,000 km warranty. Ape E-City FX Maxx The Ape E-City FX Maxx, which builds on Piaggio's existing electric platform, now includes an 8.0 kWh battery and delivers a certified range of 174 km. The motor offers 7.4 kW peak power and 30 Nm of torque, with a gradeability of 19 per cent. It uses prismatic cell technology to manage battery performance and includes smart energy monitoring for battery health. Like the Ultra, the FX Maxx is also covered by a 5-year or 2,25,000 km warranty. Diego Graffi, Chairman and Managing Director of PVPL, stated that the electric three-wheeler segment continues to evolve and that the new models are aligned with market needs for low operating costs and reliable performance. He noted the role of electric mobility in reshaping urban transport and supporting broader sustainability goals. Amit Sagar, Executive Vice President of CV Domestic Business and Retail Finance, said that the new models were developed with a focus on range, battery life, and reduced maintenance costs. He highlighted the features such as the vehicles' charging capabilities and long warranties, which are intended to offer practical value for daily commercial use. Pricing and availability The Ape E-City FX Maxx is priced at ₹3,30,000 and the Ape E-City Ultra at ₹3,88,000 (both ex-showroom, India). Both models are now available through Piaggio's dealership network across the country. Check out Upcoming EV Cars in India, Upcoming EV Bikes in India. First Published Date:

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