In a landmark initiative aimed at propelling the growth of e-Rickshaws in India, the Electric Mobility Financiers Association of India (EMFAI) orchestrated a pivotal gathering in Delhi. This gathering served as a nexus, bringing together members from E-rickshaw OEM associations EVMS (Electric Vehicles Manufacturer’s Society) and over 30 financiers, heralding a new era in electric mobility financing within the country.
The convergence of OEM associations, EVMS, and financiers under the aegis of EMFAI marked a significant milestone in shaping the trajectory of electric mobility financing in India. Deliberations centered on identifying best practices, addressing challenges, capitalizing on opportunities, and devising strategies to render the e-rickshaw industry scalable and sustainable.
India has emerged as the largest market for electric three-wheelers globally, as evidenced by sales figures exceeding 580,000 units in 2023, as per the latest Global Electric Vehicle Outlook 2024 by the International Energy Agency. These three-wheeled EVs, serving both passengers and cargo, play a pivotal role in revolutionizing last-mile transportation across India, offering a sustainable, cost-effective, and eco-friendly mode of travel. Their widespread adoption has not only contributed to mitigating pollution and carbon emissions but has also catalyzed job creation and enhanced livelihoods for numerous individuals.
The collaborative efforts spearheaded by EMFAI are poised to unveil a spectrum of opportunities and strategies geared towards fostering scalability and sustainability within the e-rickshaw industry. This partnership is poised to significantly augment the reach and penetration of electric vehicles across India, expediting the transition towards a greener and more sustainable mobility ecosystem.
Expressing fervent optimism regarding the collaborative initiative, Sameer Aggarwal, President of EMFAI, remarked, “The electric rickshaw sector has had a transformative impact on the lives of over 30 million individuals in India, while also championing emission-free last-mile transportation for countless others. This meeting epitomizes a significant leap forward in our collective journey towards a cleaner, greener future for India.”
Echoing Aggarwal’s sentiments, Mr. Ashwani Sehgal, President of EVMS, emphasized the pivotal role of collaboration between electric vehicle manufacturers and financiers in fostering the widespread adoption of electric three-wheelers. He underscored the collective endeavor’s potential in paving the way for India’s sustainable and prosperous future.
