Three Wheels United (TWU), a global fintech company for EV financing, has signed a Memorandum of Understanding (MoU) with Piaggio Vehicles for the procurement of 3,300 electric 3-wheelers to be deployed over the next 18 months across Delhi NCR, Uttar Pradesh, Karnataka, Kerala, Telangana, Maharashtra and Andhra Pradesh.
Under this partnership, TWU will facilitate financing for individuals and fleet operators to switch from conventional engines to EV three-wheelers easily. Additionally, it 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. Drivers can make a down payment of INR 29,999 and take home a new vehicle.
PVPL will offer the necessary support for the maintenance and servicing of the vehicles, ensuring minimal downtime for operations.
Cedrick Tandong, CEO and Co-Founder, TWU, said, “Currently, there are over 13 lakh EVs registered in the country. A lot needs to be done in order 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.”
Diego Graffi, Chairman & MD, Piaggio Vehicles, said, “The MoU with TWU will further strengthen our commitment to building India’s EV infrastructure with competent and reliable partners.”
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