EMFAI, the Electric Mobility Financiers Association of India, has taken a substantial stride in bolstering the growth of e-Rickshaws in India. Spearheading a landmark gathering in Delhi, EMFAI brought together members from E rickshaw OEM associations EVMS (Electric Vehicles Manufacturer’s Society) and over 30 financiers. This convergence marked a pivotal moment in shaping the future landscape of electric mobility financing in the country.
The associations of OEMs, EVMS and financiers EMFAI, met recently to deliberate on best practices, challenges, opportunities and strategies to make this industry scalable and sustainable.
India has become the biggest market for electric three-wheelers globally, recording a sales figure of over 5,80,000 in 2023, according to the International Energy Agency’s latest Global Electric Vehicle Outlook 2024. These 3w EVs, serving passengers and cargo, play a crucial role in revolutionizing India’s last-mile transportation, offering a sustainable, economical, and eco-friendly mode of travel. Their widespread acceptance has reduced pollution and carbon emissions, spurred job creation and improved livelihoods for many.
These collaborative efforts will lead to the identification of opportunities and strategies to make this industry scalable and sustainable. This partnership will help expand the reach and penetration of electric vehicles across India at a much faster pace.
Expressing the enthusiasm of EMFAI members towards the collaborative endeavour, Sameer Aggarwal, President EMFAI, said, “The electric rickshaw sector has positively influenced the lives of over 30 million individuals in India, while also promoting emission-free last-mile transportation for countless others. This meeting represents a significant stride in our journey towards a cleaner, greener future for India.”
The President of the EVMS, Ashwani Sehgal echoed this sentiment, stating, “This collaboration between electric vehicle manufacturers and financiers represents a significant step toward promoting the widespread adoption of electric three-wheelers. Together, we can pave the way for India’s sustainable and prosperous future.”