Mahindra & Ecofy Partner To Drive Sustainable EV Three-Wheeler Growth

Abhijeet Singh
10 Jul 2024
12:00 PM
1 Min Read

This collaboration is set to finance 10,000 electric three-wheelers, driving growth in the EV sector and supporting India's green transition.

Mahindra & Ecofy Partner To Drive Sustainable E3W Growth mobility outlook

Mahindra Last Mile Mobility Limited (MLMML) has announced a strategic partnership with Ecofy, India’s green-only non-banking financial company (NBFC) backed by Eversource Capital. This partnership aims to accelerate the adoption of electric three-wheelers in India, combining Mahindra's manufacturing expertise with Ecofy's innovative financing solutions.

Mahindra offers a wide range of these vehicles designed to cater to various market needs. The collaboration with Ecofy is expected to significantly boost the demand for electric three-wheelers by providing tailored finance solutions to customers, thus promoting green mobility across the country.

Suman Mishra, Managing Director and CEO of MLMML, stated “Our partnership marks a significant stride in accelerating the adoption of electric three-wheelers in India. This tie-up will help bring tailored finance solutions to our customers and bring them closer to their micro-entrepreneurial journey. Together with Ecofy, we are committed to making green mobility accessible and affordable for all.”

Rajashree Nambiar, Co-Founder, Managing Director, and CEO of Ecofy, added 'This partnership with Mahindra LMM perfectly aligns with our mission to promote sustainable transportation solutions. Together, we will accelerate the adoption of electric three-wheelers, contributing directly to India's target of achieving 30% EV penetration by 2030. The collaboration brings substantial benefits to both companies. Through this partnership, Ecofy now caters to 85% of industry demand and is already offering financing, leasing, and subscription models.”

The global market for electric three-wheelers, valued at approximately USD 677 million in 2020, is expected to grow at a compound annual growth rate (CAGR) of around 10% from 2021 to 2027. With robust government incentives and subsidies promoting electric mobility, this partnership represents a crucial step towards a greener, more sustainable future for India's transportation industry.

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