~Plans to finance 10000 units to drive growth in the EV 3W sector~
Bangalore – July 15, 2024: Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Ltd. (M&M), today announced a strategic partnership with Ecofy, India’s green-only NBFC backed by Eversource Capital, committed to financing India’s green transition. The partnership is expected to boost the adoption of electric three-wheelers in India. MLMML is India’s No.1* electric three-wheeler manufacturer and offers the widest range of electric three-wheelers. The collaboration aims to provide impetus to the growing EV 3W demand by combining Mahindra’s expertise in electric vehicle manufacturing with Ecofy’s innovative financing solutions.
Ms. Suman Mishra, MD & CEO of MLMML, said, “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.”
Speaking on the occasion, Rajashree Nambiar, Co-Founder, MD & CEO of Ecofy, said, “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 CAGR of around 10% from 2021 to 2027. With robust government incentives and subsidies promoting electric mobility, this partnership signifies a crucial advancement towards a greener, more sustainable future for India’s transportation industry.
*As per SIAM data
