AMU Leasing, 3ev, 3eco to deploy 600+ ICE-to-EV cargo vehicles

AMU Leasing, 3ev Industries, and 3eco Systems have announced a new collaboration to introduce a new initiative aimed at deploying over 600 converted ICE-to-EV 3-wheel L-5N cargo vehicles in India within nine months.

As part of the partnership, AMU Leasing will launch India’s first commercially proven ICE-to-EV converted 3-wheel L-5N, e30x, building on its existing partnership with 3ev. The e30x is expected to enhance the overall performance of the vehicle by upgrading its functions and features, and will support 3eco’s plans to expand its operations in Mumbai with leading enterprise customers such as Amazon, Flipkart, DHL, Big Basket, Decathlon, and Porter, among others.

The collaboration is expected to accelerate the penetration of EVs in hyper-local transportation services, building on the existing fleet of 1000+ 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, 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 plans to capture 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 & 3eco Systems in understanding new-age technology of these EVs and anticipating market needs, where leasing, financing & 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."

This collaboration is a significant step towards the widespread adoption of EVs in India, and the initiative is expected to create a positive impact on the environment and contribute towards the country's goal of becoming a Net Zero Carbon Emissions economy by 2070.

Karan Kadaba, president & director of 3ev and 3eco, said, “The targeted Diesel (ICE) vehicles for conversions are in their last years of life (Road life), often more than 10 years old. These vehicles become highly polluting, are less productive & 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 3-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 3-years 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.”