Japanese electric vehicle (EV) manufacturer Terra Motors has announced its partnership with RevFin for its EV financing option that was announced during the EV Expo in July 2021.
The aim of this partnership is to provide easily accessible loans to EV owners and to create better opportunities to support daily wage-earners, who aspire to own electric three-wheeler in India. Further, this development will also support the adaptability of EVs in India and the goals of the Indian government to promote electric mobility penetration in the country.
Akihiro Ueda, President and CEO, Terra Motors India said the aim is to improve the adaptability of e-vehicles in India not only for personal transportation but also for commercial transportation and last-mile delivery.
“By providing an opportunity to low-income groups, we can aim to achieve the same by creating employment while promoting e-mobility. This will also help in attaining the Government of India’s plan to reduce emission intensity by 33-35% by 2030 by promoting the use of EVs,” Ueda added.
Adding to Ueda’s comments, Sameer Aggarwal, CEO, RevFin said the goal is to aid the same with its financial services, while achieving 15-20% of the market share when it comes to EV financing especially in the eastern region.
The partnership, meanwhile, will provide flexibility to a buyer to purchase an EV on easy monthly instalments. Terra Motors claims to have achieved good sales in the last quarter and looks forward to tie-ups like this, which are very crucial in achieving its goal of creating a sustainable transportation infrastructure.