MLR Auto Limited and Vidyuttech Form Strategic Partnership to Boost Electric Three-Wheeler Adoption.
Vidyuttech (VT) to offer flexible financing for MLR electric three-wheeler portfolio making upfront cost 40% lower.
MLR Auto Limited, a subsidiary of Greaves Electric Mobility Private Limited (GEMPL), has announced a strategic partnership with Vidyuttech, a leading financing platform and lifecycle management service provider. The collaboration is set to revolutionize the electric three-wheeler market by offering customers simplified ownership and flexible financing options.
Under the partnership, Vidyuttech will leverage its expertise in financing and lifecycle management services to provide flexible financing solutions for MLR’s electric three-wheelers. This move aims to address one of the primary concerns hindering the widespread adoption of EVs: affordability. By offering a unique pay-per-km battery lease and an attractive interest rate of approximately 10%, Vidyuttech seeks to make electric three-wheelers a more accessible and sustainable choice for customers.
Vidyuttech is providing over 90% on-road funding for potential customers. This provision substantially reduces the burden of the initial down payment, making electric vehicle ownership more feasible for a broader range of consumers. By easing the financial strain associated with EV purchases, MLR and Vidyuttech hope to encourage a significant shift towards sustainable transportation alternatives across the country.
Commenting on the partnership, Nirmal NR, Chief Executive Officer & Wholetime Director, MLR Auto Limited, said, “We are delighted to partner with Vidyuttech to enhance the adoption of electric vehicles in the L5 segment. This partnership will provide our customers with accessible and hassle-free financing options, simplifying their transition to electric three-wheelers and contributing to a more sustainable and emission-free future.”
“We are very excited to partner with MLR Auto. Our battery leasing and low-cost financing is designed to make EV transition a no-brainer for our customers,” said Xitij Kothi, Co-Founder, Vidyuttech.
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