Three Wheels United (TWU), a Bengaluru-based tech-enabled financier of light electric vehicles, has partnered with Electric Vehicle maker Euler Motors to accelerate the adoption of electric three-wheelers in India and promote sustainable mobility. As a part of the partnership, TWU and Euler Motors will deploy over 1000 EV 3-wheelers across Delhi NCR, Bengaluru, Chennai, and Hyderabad by the end of the financial year 2023.
One of the key impediments for large-scale penetration of EV three-wheelers is the lack of available financing for drivers to easily switch to a less polluting vehicle. Although the long-term benefits of electric auto-rickshaws, such as lower total cost of ownership and higher profitability compared to fuel-operated ones, are attractive, their upfront cost is higher. Most drivers are unable to make the shift due to a lack of financing options that are suitable for them. Three Wheels United was founded with an aim to remove these barriers in the adoption of electric vehicles by providing loans covering upto 100% of the asset cost.
Three Wheels United and Euler Motors will jointly work towards promoting the adoption of electric cargo three-wheeler ‘Euler HiLoad EV’. With a payload capacity of 688 kg, Euler HiLoad is India’s most powerful three-wheeler cargo. Boasting the highest payload capacity across the 3W cargo segment in India (including ICE), it also has a powerful combination of highest liquid cooled battery pack (12.4 kWh) with a certified range (151 KM). Designed uniquely for India, from India, HiLoad EV is suited to deliver highest performance and longer life in the unpredictable Indian road and weather conditions.
TWU will provide the required financing solutions for cargo vehicle drivers to seamlessly switch to EV three-wheelers, and Euler Motors will assist them with access to charging infrastructure, maintenance, and service of the vehicles, ensuring minimal downtime for operations. Through this partnership, TWU and Euler Motors aim to create ‘first generation EV driver entrepreneurs’ by helping them transition from renting to owning their own vehicles.
“Access to easy financing is a critical market enabler for India to make a large-scale EV transition. Euler Motors and Three Wheels United, both, are committed towards solving these EV ecosystem issues from the ground up. Three Wheels United is an expert financier in the electric CV space, and their proven success with their tailor made and flexible EV financing solutions is already elevating the EV segment. We are excited to partner with Three Wheels United and execute our common vision of zero emission logistics, and sustainable business operations. This partnership will help us drive a faster deployment of our customer order book of 3500 HiLoads with the required financing solutions. Euler Motors will continue to prioritize partnering with other players in the ecosystem who are accelerating adoption of electric commercial EVs in India.
At a user level it also unlocks entrepreneurial opportunities, to empower drivers, provide them the required financial assistance and reap steady returns from EV operations”, said Saurav Kumar, Founder and CEO, Euler Motors
Commenting on the partnership, Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said “Euler Motors and Three Wheels United have a shared vision of reducing the climate impact of the transportation sector by eradicating barriers to mass adoption of EVs in India. I am excited to partner with a brand that is known for creating innovative and superior alternatives to traditional last-mile logistics. With their deep focus on user experience and products tailored to Indian conditions, Euler Motors has emerged as one of the leading players in the EV three-wheeler category. We will continue to partner with large electric vehicle manufacturers to accelerate our efforts towards promoting sustainable last-mile connectivity. Through our support, drivers can now easily shift to electric three-wheelers and positively impact the environment”
Three Wheels United has over 50,000 drivers on its platform, offering them various products and services. The company has financed over 4000 auto-rickshaws resulting in the reduction of 1,72,000+ tonnes of CO2 emissions, and the generation of an extra $71M in income for the drivers.
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