Electric vehicle financing company, Three Wheels United (TWU) has signed an agreement with Piaggio Vehicles for the procurement of over 3,300 electric three-wheelers, to be deployed over the next 18 months across the country.
As per the understanding, TWU will provide easy financing solutions for individuals as well as fleet operators who are switching to electric vehicles from conventional engines.
Drivers will be provided affordable loans covering up to 100 percent of the cost of the vehicle without any collateral, the company said in a statement. TWU’s driver app, which provides details on the locations of charging stations, parking options, and vehicle maintenance, will offer constant support to drivers.
Additionally, the fintech firm will provide a buyback option that allows drivers to sell their existing pollutive vehicles that are older than ten years and purchase Piaggio’s Ape Electrik EVs by just paying a down payment of Rs 29,999.
Piaggio, on the other hand, will cater to the maintenance and service demands of the vehicles through its dealers network.
Diego Graffi, Chairman & MD, Piaggio Vehicles said, “Our recently launched passenger vehicles Apé E-City FX Max and Apé E-Xtra FX Max have received an overwhelming response, especially from last-mile delivery partners. The MoU with Three Wheels United will further strengthen our commitment to building India’s EV infrastructure with competent and reliable partners.”
Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, “Currently, there are over 13 lahks EVs registered in the country. A lot needs to be done to achieve mass adoption of EVs in India. We need an ecosystem approach to remove the barriers to easy adoption. Collaboration among vehicle manufacturers, financiers, and charging infrastructure providers can pave the way for mass adoption of EVs in India.”
“We are pleased to partner with PVPL and we believe that this partnership will further strengthen our commitment to reducing the environmental impact of the transportation sector in India.” he added.