The Bengaluru-based tech-enabled financier of light electric vehicles, Three Wheels United (TWU), has partnered with Euler Motors to deploy 1000 e3Ws across Delhi NCR, Bengaluru, Chennai, and Hyderabad by the end of FY23.
As a part of this JV, TWU will provide the required financing solutions for cargo vehicle drivers to switch to EV three-wheelers seamlessly, and Euler Motors will assist them with access to charging infrastructure, maintenance, and service of the vehicles, ensuring minimal downtime for operations.
According to the press release from the company, the JV aims to create ‘first generation EV driver entrepreneurs’ by helping them transition from renting to owning their vehicles.
Saurav Kumar, Founder and CEO, Euler Motors, said, “Access to easy financing is a critical market enabler for India to make a large-scale EV transition. Euler Motors and TWU, both, are committed towards solving these EV ecosystem issues from the ground up. TWU 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. This partnership will help us drive a faster deployment of our customer order book of 3,500 HiLoads with the required financing solutions.”
Cedrick Tandong, CEO and Co-Founder, TWU, said, “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.”
TWU claims to have 50,000 drivers on its platform. Furthermore, it has financed over 4,000 auto-rickshaws, resulting in an extra $71 million income for the drivers, the release added.