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Top banks and NBFCs eye electric two-wheeler financing as prices set to soar

Money Control

Money Control · 2y ago

Top banks and NBFCs eye electric two-wheeler financing as prices set to soar

Indian banks and non-banking financial companies (NBFCs) are entering the electric vehicle (EV) financing business, particularly in the two-wheeler segment, as EV prices are expected to rise with increased demand. Ola Electric partners with Shriram City Union Finance, and Ather Energy offers up to 100% on-road financing through collaborations with banks like IDFC First Bank, HDFC Bank, and ICICI Bank. Hero Electric also collaborates with IDFC FIRST Bank for affordable finance options. The partnerships aim to make EVs more accessible and accelerate their adoption amid reduced government subsidies for EV two-wheelers.

Related News

Easy ways to finance your superbike purchase

IndianStartupNews

IndianStartupNews · 2m ago

Easy ways to finance your superbike purchase

Purchasing a superbike can be an expensive endeavor, but various financing options make it more accessible. These options include two-wheeler loans, personal loans, and specialized bike loans for students, which often offer up to 100% financing and flexible repayment terms. Lenders such as banks, NBFCs, and dealerships provide these loans through both online and offline platforms. Prospective buyers should compare interest rates, repayment terms, and eligibility criteria to select the most suitable option for their needs.

Vehicle Financing Startup OTO Bags $10 Mn To Scale Up EV Two Wheeler Playbook

Inc42 · 1y ago

Vehicle Financing Startup OTO Bags $10 Mn To Scale Up EV Two Wheeler Playbook

Vehicle financing startup OTO has raised $10 million in a funding round led by GMO Venture Partners, with participation from Turbostart and cricketer KL Rahul. The company plans to expand to over 30 cities in India and focus on financing two-wheeler electric vehicle purchases. OTO has partnerships with leading two-wheeler brands and offers a leasing-like financing model for customers. The funding will support its growth in the electric vehicle market. The two-wheeler EV market is predicted to reach INR 35,000-40,000 crore by FY26, with financing expected to reach INR 13,000-15,000 crore.

Revenue-based financer GetVantage disburses Rs 300 Cr since 2020

Entrackr

Entrackr · 2y ago

Revenue-based financer GetVantage disburses Rs 300 Cr since 2020

Revenue-based financing platforms have gained ground in the past two-three years as small and medium enterprises (SMEs) and direct-to-consumer (D2C) companies tend to choose them over debt financing from banks and non-banking financial corporations (NBFCs). The reasons for this shift include fast remittance, less paper-work and flexible repayment options.

CEAT keen to grow market share in electric 4-wheeler segment

Thehindubusinessline

Thehindubusinessline · 1y ago

CEAT keen to grow market share in electric 4-wheeler segment

Tyremaker CEAT Ltd aims to increase its market share by up to 16% in the electric vehicle four-wheeler segment. The company has partnered with OEMs to develop electric two- and four-wheeler tyres, as the importance of electric vehicles in the overall vehicle production continues to grow. CEAT currently holds a 40% market share in the two-wheeler electric vehicle space. The company is investing in new manufacturing technology to produce electric vehicle tyres and expects an increase in raw material prices in Q4. CEAT reported a net profit of INR 181 crore for the quarter ended December.

Ola Electric races to file DRHP in two weeks

Livemint

Livemint · 1y ago

Ola Electric races to file DRHP in two weeks

Ola Electric is set to file draft share sale papers within the next two weeks as it prepares for an IPO early next year. The company aims to strengthen its market position by implementing an aggressive retail strategy, including launching products at a discount and reducing prices of existing products. Ola Electric currently holds the largest market share in India's electric two-wheeler market, but faces increasing competition from other manufacturers. The company is expected to seek a valuation of nearly $8-10 billion when it goes public to raise around $700 million.

UK's Zapp EV plans to expand globally, with early start in India

TechCrunch · 1y ago

UK's Zapp EV plans to expand globally, with early start in India

London-based electric two-wheeler brand Zapp Electric Vehicles is set to launch its first product, an urban electric two-wheeler called the i300, in the UK next month, followed by Thailand. Zapp aims to expand its footprint globally and has now added India to its plans, considering it a massive market. The company has partnered with Indian electric two-wheeler maker Bounce Electric 1 to manufacture and sell the i300 locally, with sales expected to start in 2025. Zapp's broader goal is to have a minimum production capacity of 5,000 units per year in India and 25,000 units globally by 2026.

Total EV registrations touch record levels in March on price cuts and pre-buying

Thehindubusinessline

Thehindubusinessline · 1y ago

Total EV registrations touch record levels in March on price cuts and pre-buying

In March, India saw a surge in registrations of electric vehicles (EVs), particularly electric two-wheelers, as consumers rushed to take advantage of price reductions and beat the deadline for revised subsidy schemes. Total EV registrations reached a record high of 175,000 units, with electric two-wheeler sales crossing 100,000 units. The surge is attributed to price reductions by leading manufacturers and a drop in battery prices. The Indian government also recently announced a ₹500 crore ($66.7 million) Electric Mobility Promotion Scheme for the adoption of electric two- and three-wheelers.

Ola Electric slashes S1 X scooter prices

Economic Times

Economic Times · 1y ago

Ola Electric slashes S1 X scooter prices

Ola Electric has reduced the prices of its S1 X range of scooters in a bid to strengthen its position in the electric two-wheeler market. The 4 kWh variant of the S1 X is now priced at Rs 99,999, down from Rs 1,09,999, while the 3 kWh version is now priced at Rs 84,999, down from Rs 89,999. Ola Electric also reduced the price of the 2 kWh version of the scooter from Rs 79,999 to Rs 69,999. Deliveries of the vehicles are set to begin next week. Ola Electric's move comes shortly after rival Ather Energy launched its own scooter range, Rizta, with prices starting at Rs 1.09 lakh.

Ola Electric to launch electric autorickshaw ahead of planned IPO, says report

Livemint

Livemint · 1y ago

Ola Electric to launch electric autorickshaw ahead of planned IPO, says report

Ola Electric is set to launch its electric autorickshaw, reportedly named 'Raahi', later this month. The company has been developing the three-wheeler vehicle for the past few years as part of its strategy to enter the commercial vehicle market. The electric autorickshaw will challenge established players such as Mahindra Treo, Piaggio Ape e-city, and Bajaj RE. Ola Electric is also expected to make significant announcements regarding its gigafactory and IPO plans in the coming months. The company currently holds a significant share in the electric scooter segment and is expanding its presence in the two-wheeler market as well.

No Party In 2-Wheeler EV Space Despite Subsidies: Rajiv Bajaj

Inc42 · 1y ago

No Party In 2-Wheeler EV Space Despite Subsidies: Rajiv Bajaj

Bajaj CEO, Rajiv Bajaj, stated that despite major electric two-wheeler manufacturers offering discounts of up to INR 10,000 monthly, the penetration of electric two-wheelers remains low. He attributed this to issues such as limited range, lack of charging infrastructure, and safety concerns. Bajaj emphasised that there is currently no significant growth in the electric two-wheeler market.

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