Piaggio Vehicles Pvt Ltd has also signed a deal with RiseWise Capital in a significant move towards electric mobility in India to offer a battery replacement loan scheme to the owners of the electric three-wheelers. The program is aimed at ensuring that EV ownership can be made more sustainable by VW through financing battery replacements up to 100 percent after three to four years of vehicle usage repayment over 24 months.
It will be launched first in Maharashtra, Gujarat, Chattisgarh, and Karnataka and then will be rolled out nationally in phases. The owner of the three-wheeler electric is eligible to take the loan using authorized dealers of Piaggio, and the existing vehicle is used as security. Interest rates will be 10.99, and it will have a variety of repayment options such as ECS, NACH, and UPI AutoPay.
The issue of battery replacement has been traditionally a high obstacle toward EV uptake in the business environment because in the case of electric three-wheelers battery life is three to four years. The cost of replacement is high, and it may impact small and medium operators’ cash flow. This new financing program is a solution to that problem, as it allows an operator to operate his vehicle constantly without bearing high startup fees.
Diego Graffi, Piaggio Vehicles’ Chairman and Managing Director, said, “This program is focused on alleviating the commercial operators’ cost burden while reinforcing the total cost of ownership value proposition of an electric vehicle.” Tejal Bhartiya, MD and CEO of RiseWise Capital, added, “The assurance of a battery replacement warranty ensures dependability and continuity of operations for our customers.”
Piaggio Vehicles, a division of the Piaggio Group based in Italy, has its production plant in Baramati, Maharashtra, which manufactures three-wheelers in different types of fuel, including electric. RiseWise Capital is an existing company, functioning in four states, that deals in mobility financing solutions to commercial transportation operators.
With the electric three-wheeler market steadily growing in India, the partnership reflects the relevance of battery life-cycle management and new financing tools in breaking the EV adoption barrier and offers a viable solution to lower the costs and support the sustainable commercial transportation activity.
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