Omega Seiki Mobility leads e-3W L5 cargo sales in March 2024

Omega Seiki Mobility (OSM) has emerged as the leader in electric cargo L5 sales for March 2024, outperforming competitors such as Mahindra Last Mile Mobility and Piaggio by a sizeable margin. Mr Uday Narang, the Founder of Omega Seiki Mobility, attributed this sales performance to catering to various customer segments, including B2B, B2C, and B2G, with a diverse range of vehicles offering features such as swappable batteries, fixed batteries, and fast-charging capabilities. He mentioned that many prospective sales converted into successful transactions in March 2024, similar to their exceptional sales performance in March 2023.

In March 2024, OSM sold 2069 L5 goods EVs, followed by the Mahindra Last Mile Mobility (1860 vehicles) and Piaggio (644 vehicles).

Electric L5 Cargo Sales data for March 2024

Electric vehicles are increasingly making their presence felt and are tying for the top sales among all vehicles irrespective of the fuel type, especially in the 3W L5 Auto segment. In Mar 2024, the overall penetration of EVs for passenger 3W autos was 24.3%, and for cargo 3W autos, it was 45%. As seen from the table below, almost all top cargo 3W sellers across fuel types have a sizeable share of EVs in their sales.

Electric L5 Pax Sales data for March 2024

On fundraise

Regarding funding, OSM has so far relied on internal sources, including financing from the Anglian Omega Group, which has a longstanding presence of 55 years. Mr Narang, who has prior experience as a hedge fund manager in the US and Europe, emphasized their intention to seek funds only through long-term strategic partnerships, reflecting an open but cautious approach towards fundraising.

Focus for upcoming months

– OSM’s plans for fiscal year 2024-25 include a heightened focus on passenger L5 vehicles. An imminent launch of a passenger L5 vehicle featuring fast-charging capabilities is also in the works.

– Additionally, they plan to introduce the E-4W good carrier M1KA, which is due to undergo homologation at iCAT. To ensure competitiveness against rivals like Tata ACE EV, OSM has revised its vehicle design and pricing strategy.

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