Bengaluru-based, tech-enabled financier of light EVs Three Wheels United (TWU) has announced its partnership with EV manufacturer Euler Motors. Via this partnership, the two companies aim to accelerate the adoption of electric three-wheelers in India and promote sustainable mobility. Additionally, TWU and Euler Motors will deploy 1000+ electric three-wheelers across Delhi NCR, Bengaluru, Chennai, and Hyderabad by FY 2023. The biggest predicament faced by current electric three-wheelers in India is the lack of available financing for its drivers.
Reasons behind the partnership
This current predicament faced by drivers of three-wheelers prevents them from easily switching towards using a less polluting vehicle. Despite witnessing the long-term benefits of electric rickshaws, drivers still end up paying an extravagant cost upfront for the EV. Therefore, most drivers cannot make the shift to EVs despite the lower total cost of ownership and higher profitability. TWU aims to solve this issue by providing loans that cover up to 100% of the asset cost for electric three-wheelers.
TWU will provide the cargo vehicle owners with the required financing solutions that will enable a seamless switch to EVs. Euler Motors will then assist the electric three-wheeler owners by offering a charging infrastructure, maintenance, and servicing of the vehicles. These steps will ensure minimal downtime for operation and help create the ‘first-generation EV driver entrepreneurs’ in India. This will also prevent the renting of electric three-wheelers and instead promote the ownership of these vehicles for their benefit.
Euler HiLoad EV: Highlights
Launched in December 2021, the HiLoad EV is Euler Motor’s first electric three-wheeler cargo carrier for the Indian market. Considered the country’s most powerful electric three-wheeler, the HiLoad EV sports 688 Kg of payload capacity, the highest in India. Euler Motors has equipped the HiLoad EV with a 12.4 kWh, liquid-cooled battery pack that delivers enhanced performance.
With a certified range of 151 Km, the HiLoad EV can easily tackle unpredictable Indian road and weather conditions. Meanwhile, TWU has over 50,000 drivers on its platform, for which they offer various products and services throughout India. The company has also financed 4000+ auto-rickshaws, reducing CO2 emissions by 1,72,000+ and generating USD 71 million in income.