AMU Leasing Partners with EV Firms to Deploy Over 600 ICE-to-EV 3W Cargo Vehicles

AMU Leasing partners with 3ev and 3eco

Non-banking financial company and Delhi-based EV-exclusive lending platform, AMU Leasing Pvt Ltd has joined forces with 3ev Industries Pvt Ltd and 3eco Systems Pvt Ltd. The collaboration looks to introduce a new initiative focussed on the deployment of more than 600 converted ICE-to-EV three-wheel L-5N cargo vehicles in India. This is to be achieved within a period of nine months.

3ev Industries designs, develops, manufactures and operates three-wheel electric vehicles. 3eco provides full stack solutions for three-wheel EV fleet. With this initiative, 3eco Systems plans to expand its hyper-local transportation services in Mumbai with leading enterprise customers such as Amazon, Flipkart, DHL, Big Basket, Decathlon, and Porter, among others.

As part of the partnership, the AMU Leasing claims that it set to launch India’s first commercially proven ICE-to-EV converted three-wheel L-5N, e30x. The loan firm is already in an existing partnership with 3ev towards this purpose, which it will be building on further with the new announcement. The e30x is expected to enhance the overall performance of the vehicle by upgrading its functions and features.

The collaboration, the firms say, will support the acceleration of the penetration of EVs in hyper-local transportation services, building on the existing fleet of over a thousand newly-built EVs at 3eco. The 600 EVs under this partnership are already fully committed by 3eco for turnkey last-mile services to leading enterprise end-customers under multi-year contracts, with all these EVs planned for sale and RTO registration within nine months.

As part of the collaboration, AMU Leasing,  which claims to be India’s leading and only woman-led technology-driven NBFC business exclusively serving the EV ecosystem, will facilitate retro-fitment financing up to 80%. AMU Leasing has set sights on capturing a 20% market share in terms of retro-fitment adoption nationwide.

Nehal Gupta, Director of AMU Leasing, said, “As a technology-driven NBFC in the BFSI industry, AMU Leasing understands the importance of supporting innovative solutions that can propel sustainable revenue generation. By financing the retro-fitment of ICE to EV conversion kits, we are not only enhancing the performance of vehicles, but also contributing to India’s goal of becoming a net zero carbon emissions economy by 2070. We are proud to collaborate with 3ev Industries and 3eco Systems in understanding new-age technology of these EVs and anticipating market needs, where leasing, financing and purchasing is a seamless process. At AMU Leasing, we strive to be the leader in curating financial products that support eco-friendly initiatives for a better future.”

Karan Kadaba, President & Director of 3ev and 3eco, commented, “The targeted diesel (ICE) vehicles for conversions are in their last years of life (road life), often more than ten years old. These vehicles become highly polluting, are less productive and cost-effective, especially in the current environment of high energy prices. The 3ev ICE-to-EV conversion produces a brand new vehicle registration, with a restarted life-cycle.  3eco has proven the commercial viability of the e30X over the last 18 months with several lakh kilometers of reliable performance.”

Peter Voelkner, MD of 3ev and 3eco, said, “3ev makes the best in breed three-wheel EVs engineered to proven, real-world specifications.  Unlike the newly built EVs that are manufactured at our plant in Bengaluru, the e30x and e30c (passenger variant) shall be produced at our wholly owned conversion business, named 3C (Certified Conversion Centres).   The vehicles are fully supported and serviced by our local teams with a three-year or 60,000 km warranty. The battery rental contracts tied to each vehicle sale also provides the lowest TCO in the marketplace today. This is driven by the demand from our customers to accelerate the electrification of transport and the digitalization of hyper-local connectivity services in India and beyond.”

 AMU Leasing has recorded 40% M-o-M sales growth and aims to finance 1 million EVs by 2030.

3ev has a 60,000 sq ft manufacturing facility in Doddaballapur, Bengaluru with currently monthly production capacity of 200 vehicles.