Ecofy and Mahindra LMML have teamed up to achieve a 30% market penetration for electric vehicles in India by 2030. Valued at USD 677 million, the electric three-wheeler sector is projected to expand at a 10% compound annual growth rate from 2021 to 2027. This partnership will focus on leasing and subscription models bolstered by government incentives. Executives Nambiar and Mishra are advocating for green mobility and sustainability through this initiative.
Ecofy, a green-focused non-banking financial company backed by Eversource Capital, has entered into a partnership with Mahindra Last Mile Mobility Limited (MLMML), a branch of Mahindra & Mahindra Ltd. The goal of this collaboration is to boost the adoption of electric three-wheelers across India by combining Mahindra’s prowess in electric vehicle production with Ecofy’s innovative financial services. This endeavour, which supports sustainable transport, was announced in a recent press release.
Rajashree Nambiar, Co-Founder, Managing Director, and CEO of Ecofy, stated that their partnership is perfectly in line with their mission to advance sustainable transportation solutions. She noted that collaborating with Mahindra LMML plays a crucial role in striving towards India’s ambitious target of 30% electric vehicle (EV) penetration by 2030. The partnership also enables Ecofy to cater to 85% of the industry’s demand, providing a range of financial services such as financing, leasing, and subscription models.
Suman Mishra, Managing Director and CEO of MLMML highlighted the importance of their joint effort. He explained that this partnership significantly enhances the adoption of electric three-wheelers in India by offering customized financial solutions that aid the micro-entrepreneurial journeys of their customers. Together with Ecofy, they are committed to making green mobility both accessible and affordable to a broader audience.
The electric three-wheeler market, which was valued at approximately USD 677 million in 2020, is projected to experience a compound annual growth rate of about 10% from 2021 to 2027. Supported by robust government incentives and subsidies for electric mobility, this partnership is viewed as a critical move towards a more sustainable transport future in India.
Mahindra Last Mile Mobility Limited, recognized as a leader in India’s electric three-wheeler sector, offers an extensive range of electric vehicles. This partnership aims to meet the growing demands of the EV market and make a significant contribution to India’s green transition objectives. It’s a concerted effort to make green mobility more widely available and economically feasible for a larger population.
