Piaggio and RiseWise Capital Introduce Battery Replacement Financing for Electric Three-Wheelers

Piaggio Vehicles Pvt Ltd has joined forces with RiseWise Capital to introduce a battery replacement financing scheme to Indian electric three-wheeler operators. The scheme extends up to 100% of the cost of battery replacement, to be initiated after three or four years of vehicle operation, with repayment periods that can go up to 24 months.

The funding extends to principal and interest, with the minimum rate of 10.99% a year. Repayment modes can be selected by operators such as ECS, NACH and UPI AutoPay to ensure smooth cash flow without interfering with business. Battery replacement insurance is compulsory and may be managed through Piaggio dealers or program partners. The scheme is initially available for Maharashtra, Gujarat, Chhattisgarh and Karnataka, but eventually to be rolled out across India. Owners can apply at authorized Piaggio showrooms, providing their existing vehicle as collateral.

In India's commercial electric vehicle market, the battery replacement costs have been an important issue. Generally, three-wheeler batteries need to be replaced every three to four years, which is costly for the operator and disrupts operations. Piaggio and RiseWise Capital provide structured financing to lessen upfront costs and allow commercial users, such as passenger carriers or last-mile delivery outfits, to keep their vehicles using as electric vehicles.

Diego Graffi, Managing Director and Chairman of Piaggio Vehicles, said the program intends to make it financially feasible for commercial vehicle owners to own electric vehicles. Tejal Bhartiya, MD and CEO at RiseWise Capital, further said that the scheme promotes uninterrupted vehicle uptime without high initial financial load.

Piaggio Vehicles, an arm of Piaggio Group, has had a presence in India since 1999. It manufactures 330,000 commercial vehicles and 180,000 two-wheelers per year at its Baramati facility, with diesel, petrol, CNG, LPG and electric variants available. RiseWise Capital provides mobility financing solutions in four states in India, developing market-specific financial products that help meet the needs of the transport segment.

This partnership addresses the total cost of ownership issue in the electric three-wheeler market, allowing operators to responsibly project battery lifecycle ownership expenses. By utilizing structured financing, electric mobility can become both environmentally-friendly and financially viable for commercial operators throughout India.

For more articles and news, stay updated with 91trucks. Subscribe to our YouTube channel and follow us on Facebook, Instagram and LinkedIn for the latest videos and updates from the automotive world!