“Mission 50K-EV4ECO”-Electrifying the last mile one Treo at a time
Suman Mishra, CEO of Mahindra Last Mile Mobility shared how excited she is to announce that they are now empaneled by SIDBI as part of “Mission 50K-EV4ECO”-Electrifying the last mile one Treo at a time.
Through this partnership, Mahindra LMM’s most popular selling and trending EV Treo will be able to reach a wider audience. This collaboration has the potential to make a significant impact on the last-mile transportation sector and contribute to a greener future.
SIDBI’s “Mission 50K-EV4ECO”
In an effort to strengthen the entire ecosystem of electric vehicles, the Small Industries Development Bank of India (SIDBI) launched a pilot program. That is “Mission 50K-EV4ECO”. Through direct and indirect financing, the aim is to strengthen the electric vehicle ecosystem, including the introduction of two-, three- and four-wheelers. This pilot project is the predecessor of the SIDBI/World Bank EVOLVE program and consists of two components: Direct and Indirect lending.
SIDBI directly finances eligible MSMEs (including aggregators, fleet operators and EV leasing companies) for EV purchases and charging infrastructure development, including battery replacement. This indirect program targets NBFCs, including small, unrated and emerging NBFCs actively engaged in EV financing, by facilitating access to finance while reducing overall costs for companies. Works up to the last mile.
SIDBI’s corporate growth strategy includes NBFC (Non-Bank Financial Companies). According to SIDBI Chairman and CEO Shivasbramanian Raman, they have adopted an innovative and flexible lending model, understanding the local ecosystem as well as credit ratings in particular. It shows willingness and ability to approach companies at the bottom of the pyramid in regions with low wages.
He previously explained that SIDBI had made the introduction of electric vehicles a priority, in line with its EV30@30 national mission. They would like to promote the entire EV value chain under the mission of 50K-EV4ECO.
Mahindra LMM
Mahindra Last Mile Mobility is a leading electric tricycle manufacturer in FY23 India. With its acclaimed Treo, Zor, Alfa, and Jeeto last-mile mobility vehicles, Mahindra LMM is part of the Mahindra Group. With 1,150 touchpoints spread across India, 10,000+ charging stations deployed and the reliability of the Mahindra brand, LMM maintains its position as the number one electric vehicle manufacturer. In fiscal year 2023, LMM added a high-performance three-wheel electric vehicle, the Zor Grand, which gave it a backlog of over 23,000 units within a year of its launch. LMM also offers the Treo series, Alfas – Mini and Cargo, and the Zor Grand as part of its electric portfolio. To date, LMM has sold over 100,000 three-wheel electric vehicles based on customer trust. This strengthens its position as the number one three-wheel electric vehicle manufacturer.
According to Suman Mishra, in 2023 they continued their leadership in electric tricycles with the highest market share. Also achieved the milestone of one million electric vehicles sold in June 2023, reflecting their extensive experience and leadership in this field. They strive to provide innovative, sustainable and affordable mobility solutions for the last mile. These solutions help improve the lives of its valued customers while contributing to the country’s carbon footprint goals.
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