Piaggio Vehicles has launched a battery replacement financing program for electric three-wheelers in partnership with RiseWise Capital. This initiative aims to provide financial support to electric three-wheeler operators in India, allowing them to replace old batteries without incurring significant upfront costs. The program offers up to 100% financing for battery replacement, with repayment periods of up to 24 months and flexible EMI options.
The program will initially be available in four states – Maharashtra, Gujarat, Chhattisgarh, and Karnataka – with plans to expand nationwide. Customers can apply for financing through authorized Piaggio dealers, with interest rates starting at 10.99% per annum. Multiple payment modes are available, including ECS, NACH, and UPI AutoPay. Additionally, battery replacement insurance will be mandatory, which can be arranged through Piaggio dealers or partners.
This financing program is expected to reduce the financial burden on electric three-wheeler operators, who typically face significant costs when replacing batteries. The battery accounts for 30-40% of an electric vehicle’s total cost, making replacement a major financial challenge. By spreading the cost over EMIs, operators can minimize downtime and ensure continuous operations.
According to Diego Graffi, Chairman and Managing Director of Piaggio Vehicles, this initiative is a significant step towards reducing the financial burden of EV owners and ensuring the sustainability of their businesses. Tejal Bhartiya, Managing Director and CEO of RiseWise Capital, added that the program will help operators replace batteries without heavy upfront costs, ensuring continuous operations and minimal downtime.
The launch of this financing program is expected to further encourage the adoption of electric mobility in the commercial vehicle sector, particularly in last-mile delivery and passenger transport. As India’s electric three-wheeler market continues to expand, Piaggio’s initiative is likely to have a positive impact on the industry. With its focus on reducing financial barriers and promoting sustainable mobility, this program is a significant development in the Indian electric vehicle market.