Mahindra and Ecofy partner to revolutionize EV three-wheeler finance

Update On: Wed Jul 10 2024 by Gaurav Sharma
Mahindra and Ecofy partner to revolutionize EV three-wheeler finance

To promote the growth of eco-friendly transportation Mahindra Last Mile Mobility Limited (MLMML) has partnered with Ecofy to finance the electric three-wheeler. This partnership aims to boost the use of electric three-wheelers in India which will be a great step towards a greener future.  

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.”

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 electric three-wheelers market is valued at around USD 677 million in 2020. The electric three-wheeler market will see a compound annual growth rate of 10% between 2021 to 2027. This partnership is a big step towards a greener future and will help reduce pollution in India.

Mahindra electric three wheelrs

Mahindra Electric three-wheeler in India

Mahindra Treo: Mahindra Treo helps to get a low maintenance cost of only 10 paise per kilometer. People can save a lot of money with the use of Electric treo. The electric three-wheeler has a higher power of 8kW which helps in better acceleration and pickup. Treo has Lithium-Ion technology with 3 years of standard warranty and 5 years of battery life.

Mahindra e-alfa cargo: Mahindra E alfa cargo is the perfect vehicle for all cargo transportation needs. The electric three-wheeler comes with 10 lakh accidental insurance with a year warranty on the vehicle and an 18-month warranty on the battery. The E alfa cargo has a high payload of 310 kg excluding the driver weight. The vehicle gives superior performance with a peak power of 1.6 kW and a maximum torque of 22 Nm.

Mahindra Zor Grand: Mahindra Zor Grand provides higher savings as it costs 12 paise per Km which will help you save around more than one lakh in a year. The electric three-wheeler has a high power of 12kW which produces 50 Nm of torque. The high power allows better acceleration and performance. The lithium-ion battery of the Zor Grand has a battery life of 5 years which makes it more durable and secure.

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