India’s electric three-wheeler market reached around 0.8 million units in 2025, accounting for roughly 35% of total EV sales. L5 segment penetration hit about 32%, with 2.37 lakh units. Victory Electric Vehicles produced 550 L5 units in FY25 post-ICAT approval, operates a Bahadurgarh plant with 4,300-unit capacity at 65.7% utilisation, and serves more than 15 states.