Three Wheels United (TWU), a Bengaluru-based tech-enabled financier of light electric vehicles, has partnered with electric vehicle maker Euler Motors to accelerate the adoption of electric three-wheelers in India and promote sustainable mobility.
As a part of the partnership, TWU and Euler Motors will deploy over 1000 EV 3-wheelers across Delhi NCR, Bengaluru, Chennai, and Hyderabad by the end of the financial year 2023.
One of the key impediments for large-scale penetration of EV three-wheelers is the lack of available financing for drivers to easily switch to a less polluting vehicle. Although the long-term benefits of electric auto-rickshaws, such as lower total cost of ownership and higher profitability compared to fuel-operated ones, are attractive, their upfront cost is higher.
Most drivers are unable to make the shift due to a lack of financing options that are suitable for them. Three Wheels United was founded with an aim to remove these barriers in the adoption of electric vehicles by providing loans covering upto 100% of the asset cost.
Three Wheels United and Euler Motors will jointly work towards promoting the adoption of electric cargo three-wheeler ‘Euler HiLoad EV’. With a payload capacity of 688 kg, Euler HiLoad is India’s most powerful three-wheeler cargo. Boasting the highest payload capacity across the 3W cargo segment in India (including ICE), it also has a powerful combination of highest liquid cooled battery pack (12.4 kWh) with a certified range (151 KM). Designed uniquely for India, from India, HiLoad EV is suited to deliver highest performance and longer life in the unpredictable Indian road and weather conditions.
TWU will provide the required financing solutions for cargo vehicle drivers to seamlessly switch to EV three-wheelers, and Euler Motors will assist them with access to charging infrastructure, maintenance, and service of the vehicles, ensuring minimal downtime for operations. Through this partnership, TWU and Euler Motors aim to create ‘first generation EV driver entrepreneurs’ by helping them transition from renting to owning their own vehicles.
Three Wheels United has over 50,000 drivers on its platform, offering them various products and services. The company has financed over 4000 auto-rickshaws resulting in the reduction of 1,72,000+ tonnes of CO2 emissions, and the generation of an extra $71M in income for the drivers.
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