Electric light commercial vehicle manufacturer, Etrio Automobiles has entered into a long-term strategic alliance with Turno, an EV financing solutions company to accelerate commercial EV deployments across India.
The Memorandum of Understanding which was signed by both companies is for the initial phase of financing and the deployment of 1,000 electric three-wheelers cargo vehicles manufactured in Etrio over the next 12 months.
Etrio’s 3W model “Touro Max”, flagship vehicle, will be used in a variety of first-mile as well as last-mile logistics and commercial transport uses-cases. This includes, but is not limited to, retail and e-commerce logistics, gas delivery, and other innovative commercial EV usage cases.
Etrio and Turno will be deploying the vehicles in cities such as Chennai, Hyderabad, and Delhi. They already have a strong presence there and plan to expand their reach to other parts of India. Etrio, Turno will also work together to improve vehicle intelligence to offer a superior customer experience.
Etrio and Turno will collaborate to create innovative EV financing options. This will allow for a shorter delivery time, maximize asset utilization, and improve the residual life of the vehicles.
Etrio’s collaboration with Turno will help them achieve their mutual goals and mission to fortify the EV ecosystem, increase value by increasing asset value, and increase EV adoption in the country.
Kalyan C Korimerla, MD & Cofounder, Etrio, spoke about the importance of the partnership. “Today we are advancing toward a future in which smart EV adoption is bound to accelerate due to better performance, efficient vehicle and fleet management, as well as superior operating economies. Etrio is thrilled to partner with Turno in order to enable the widespread deployment of our vehicles across a wide range of applications. We also provide superior asset economics for our customers through Turno’s innovative financing solutions.”
He said, “The Turno partnership is aligned with our growth agenda in 3 ways – First, it will allow us to scale up our vehicle deployments across various Commercial EV use cases, Pan India; secondly it will help us offer affordable EV financing options to our customers and thirdly, it’ll increase our overall value proposition for our customers through vehicle intelligence and data analytics solutions.”
Hemanth Aluru, CEO & co-founder, of Turno, says, “The partnership we have with Etrio aligns with our vision of creating viable financial solutions to encourage commercial EV adoption. Etrio already has extensive knowledge and insight into electric vehicles’ performance across various terrains and multiple uses. Etrio can now draw immense value from the data it has gathered. They can use this to assess how the vehicles will perform over a range of different uses and lifespans. We will work together to ensure Etrio’s vehicles are deployed efficiently and provide end-of-life asset appraisal support.”
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