Three Wheels United Enters Into An Agreement with Piaggio Vehicles Pvt. Ltd. to Procure 3300 Electric 3-Wheelers
Piaggio and TWU MoU Signing

Three Wheels United (TWU), a global fintech company for EV financing, has signed a Memorandum of Understanding (MoU) with Piaggio Vehicles Pvt. Ltd. (PVPL) for the procurement of 3300 electric 3-wheelers to be deployed over the next 18 months across Delhi NCR, Uttar Pradesh, Karnataka, Kerala, Telangana, Maharashtra and Andhra Pradesh.

Under this partnership, Three Wheels United will facilitate easy and affordable financing for individuals as well as for fleet operators to easily switch from conventional engines to EV three wheelers. Drivers will be provided affordable loans covering up to 100% of the cost of the vehicle without any collateral. Furthermore, Three Wheels United's driver app, which provides details on the locations of charging stations, parking options, and vehicle maintenance, will offer constant support to drivers. Additionally, TWU will provide a buyback option that allows drivers to sell their existing pollutive vehicles that are older than ten years and purchase Piaggio’s Ape Electrik EVs. Drivers can make a down payment of Rs 29,999/- and take home a new vehicle.

PVPL will offer the required support for the maintenance and speedy servicing of the vehicles, ensuring minimal downtime for operations. The vehicle owners will have dedicated service support from Piaggio dealers and from the operations team of Three Wheels United.

The new Apé FX Max range comes with advanced battery performance resulting in a longer run, enhanced earnings, and effective cost of ownership. The vehicles also have a reserve range of up to 5 kms, to combat range anxiety. Bigger tyres of 12” give drivers a better ride & handling experience, and control over rough, uneven road conditions making the journey safer as well as accessible to remote destinations. To provide better visibility and control while driving, the vehicle’s seat height has also been adjusted. Advanced telematics 2.0 gives drivers better navigation and allows fleet owners to track and manage the fleet with utmost efficiency.

Speaking on the tie-up, Mr. Diego Graffi, Chairman & MD, Piaggio Vehicles Pvt. Ltd. said, “Piaggio is known for its path-breaking solutions in last-mile connectivity. Our recently launched passenger vehicle Apé E-City FX Max and Apé E-Xtra FX Max have received overwhelming response especially from last-mile delivery partners. The MoU with Three Wheels United will further strengthen our commitment to building India’s EV infrastructure with competent and reliable partners. We are sure of a successful collaboration that will significantly benefit customers.”

Commenting on the partnership, Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, “Currently, there are over 13 lakh EVs registered in the country. A lot needs to be done in order to achieve mass adoption of EVs in India. We need an ecosystem approach to remove the barriers to easy adoption. Collaboration among vehicle manufacturers, financiers, and charging infrastructure providers can pave the way for mass adoption of EVs in India.”

“PVPL and Three Wheels United have a shared vision of promoting the adoption of sustainable e-mobility. We are pleased to partner with PVPL and we believe that this partnership will further strengthen our commitment to reducing the environmental impact of the transportation sector in India.” Cedrick added. 

About Three Wheels United (TWU)

Three Wheels United is a global fintech company that has developed a disruptive platform to finance light electric vehicles. The company leverages technology to provide the most comprehensive, affordable loans, and rent-to-own options to India’s micro entrepreneurs to help them easily switch to EV two and three-wheelers. TWU employs behaviour-informed proprietary technology to increase the accuracy of credit risk assessment and loan repayment rates, expanding access to financial products to populations that would be otherwise excluded from vehicle financing.

About Piaggio Vehicles Pvt. Ltd. (PVPL)

Piaggio Vehicles Pvt. Ltd. is a 100% owned subsidiary of the Piaggio Group. The Company commenced operations in India in 1999 with the launch of the three-wheeler brand Apé, which was an immediate success and has grown from strength to strength over the years. PVPL created the market, grew it, and has sustained a dominant position in the Diesel and Alternate fuel 3-wheeler segments. Piaggio is a leading player in the light transportation industry with a complete range of three-wheelers in Diesel, Petrol, CNG, LPG fuel variants & has also entered the Electric vehicle market. The Company’s products are not only endorsed by over 3.0 million satisfied customers across India but also exported to more than 50 countries worldwide. Piaggio has a state-of-the-art manufacturing plant at Baramati in Maharashtra, with an installed annual production capacity of over 3,80,000 commercial vehicles & 1,50,000 two-wheelers. It is also self-reliant in some of the engine categories with its advanced engines plant with a capacity of 2,00,000 engines. Piaggio has an over 4000-strong workforce comprising experienced engineers, R&D specialists, plant workers, sales, service and marketing professionals.

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