Three Wheels United inks pact with Piaggio Vehicles to procure 3,300 electric three-wheelers

Tech-enabled EV financing firm Three Wheels United (TWU) has inked an initial pact with small commercial vehicle maker Piaggio Vehicles India to procure 3,300 electric three-wheelers, a release said on Monday.

Under the partnership, the company will facilitate easy and affordable financing for individuals and fleet operators to easily switch from conventional engines to EV three-wheelers.

Drivers will be provided loans covering up to 100% of the vehicle cost without any collateral, the company said, adding that its driver app, which provides details on the locations of charging stations, parking options, and vehicle maintenance, will offer constant support to them.

These vehicles will be deployed across Delhi-NCR, Uttar Pradesh, Karnataka, Kerala, Telangana, Maharashtra and Andhra Pradesh over the next one-and-a-half year.

TWU will also provide a buyback option that allows drivers to sell their existing more than 10-year-old vehicles and purchase an Piaggio electric three-wheeler, the company said.

The statement said there are over 13 lakh EVs registered in the country and a lot needs to be done for the mass adoption of these vehicles in the country.

"We need an ecosystem approach to remove barriers to ease adoption. Collaboration among vehicle manufacturers, financiers, and charging infrastructure providers can pave the way for mass adoption of EVs in India," said Cedrick Tandong, Co-founder and CEO, Three Wheels United.

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Piaggio Vehicles Pvt Ltd will offer maintenance and servicing support to these vehicles, ensuring minimal downtime for operations. Vehicle owners will have dedicated service support from Piaggio dealers and the operations team of Three Wheels United.

"The Memorandum of Understanding (MoU) with Three Wheels United will further strengthen our commitment to building India's EV infrastructure with competent and reliable partners," said Diego Graffi, Chairman and Managing Director at Piaggio Vehicles.