Three Wheels United, Euler Motors To Accelerate Electric Three-wheeler Adoption
The collaboration between the two EV proponents comes at a time when the EV space in India is rapidly expanding
Euler Motors announced on Wednesday it has joined hands with Three Wheels United (TWU) to increase the adoption of electric three-wheelers as the former looks to create "first-gen EV driver entrepreneurs". As part of the partnership, TWU and Euler Motors will deploy over 1,000 EV three-wheelers across Delhi-NCR, Bengaluru, Chennai and Hyderabad by the end of the financial year 2023. TWU will provide the required financing solutions for cargo vehicle drivers to seamlessly switch to EV three-wheelers, and Euler Motors will assist with access to charging infrastructure, maintenance and service of the vehicles, ensuring minimal downtime for operations.
"We are excited to partner with Three Wheels United and execute our common vision of zero-emission logistics and sustainable business operations. This partnership will help us drive a faster deployment of our customer order book of 3500 HiLoads with the required financing solutions," said Saurav Kumar, Founder and CEO, Euler Motors.
The collaboration comes at a time when the EV space in India is rapidly expanding. This expansion of the EV sector coincides with India's attempt to become a carbon-neutral country as Prime Minister Narendra Modi has pledged to cut emissions to net-zero by 2070. The government has also been pushing for the rapid adoption of EVs by introducing subsidies, namely FAME and FAME II. Finance minister Nirmala Sitharaman announced a battery-swapping policy and encouraged the private sector to develop a different business model, energy-as-a-service which will directly improve efficiency and adoption in the EV sector.
TWU has over 50,000 drivers on its platform, offering them various products and services. The company has financed over 4,000 auto-rickshaws resulting in the reduction of 172,000-plus tonnes of CO2 emissions, and the generation of an extra $71M in income for the drivers. Three Wheels United and Euler Motors will jointly work towards promoting the adoption of electric cargo three-wheeler "Euler HiLoad EV'.
"Euler Motors and Three Wheels United have a shared vision of reducing the climate impact of the transportation sector by eradicating barriers to mass adoption of EVs in India. I am excited to partner with a brand that is known for creating innovative and superior alternatives to traditional last-mile logistics" said Cedrick Tandong, CEO and Co-Founder, Three Wheels United.
Founded in 2018, Euler launched its E3W "HiLoad' which has subsequently disrupted the 3-wheel cargo vehicle sector. The company has been emphasizing the "Make in India' initiative as it looks to provide solutions for India's rough terrain whereas Three Wheels United is a Bangalore-based fintech company that has developed a platform to finance light electric vehicles. TWU employs behavior-informed proprietary technology to increase the accuracy of credit risk assessment and loan repayment rates, expanding access to financial products to populations that are otherwise excluded from vehicle financing.