Electric vehicles (EVs) have the potential to transform the automotive industry in the next years, setting the framework for a more environmentally conscious society. In Vision 2030, the Indian government intends to electrify public transportation and increase the number of electric passenger vehicles. To comply with the challenging AIS-123 standard established by the Central Motor Car Rules (CMVR) for EV retrofits, EV conversions must thoroughly preserve and replace crucial components from gasoline-powered vehicles with the standard. The primary goal of the research work focuses on fine-tuning battery parameter characteristics for PMSM drive retrofitting electric three-wheelers. The proposed electric retrofit kit offers an affordable and practical solution for auto rickshaw drivers to transition from gasoline-powered vehicles to electric mobility with an enhanced optimization technique. Featuring a 6-kWh battery with a 95 km range per charge, the kit is designed for the daily operational needs of auto rickshaws. Priced at Rs. 79,800, the kit enables conversion of existing rickshaws into electric vehicles, reducing fuel dependency and avoiding high upfront costs of new electric vehicles. It delivers significant financial savings through reduced fuel and maintenance costs, improving profit margins. Rigorous testing ensures long-term reliability, making the retrofit kit a sustainable, cost-effective, and environmentally friendly solution.