Etrio launches leasing plans for its electric 3-wheeler Touro

PTI, Dec 2, 2020, 6:23 PM IST

Mumbai: Electric vehicle start-up Etrio on Tuesday said its recently launched electric cargo three-wheeler Touro can now be acquired on lease rentals, starting at Rs 7,000 per month.

The Hyderabad-based company entered the e-three-wheeler space with the rollout of Touro range of products, with prices starting at Rs 1.7 lakh, in October this year.

Considering the tremendous demand for its electric three-wheelers, Etrio is coming out with a special leasing plan ‘E-Lease’ for select large corporate customers to enable mass deployment of the vehicles, the company said in a release.

The plan will initially be available for Touro Mini in Hyderabad, Delhi and Bengaluru, but over the next few months, it will be extended to cover Touro Max and would be available in other major cities of the country, it said.

The leasing plan will be applicable for both the cargo variants of Etrio’s new e-three-wheelers Touro Mini and Touro Max. The lease period will range from 18 to 42 months and will be provided for a minimum order quantity of 20 units, Etrio said in a release.

The leasing plan will be provided to customers based on the strength of their financial and operational track record, it said, adding that it will have additional top-up services like annual maintenance contract (AMC) and roadside assistance (RSA), among others.

The company aims to put 1,000 vehicles on the Indian roads in the next six months through a combination of sales and leasing channels, it said.

“With the launch of Touro, we have built sizeable order books with the leading logistics players especially those operating in the e-commerce last mile ecosystem. We have also successfully completed a series of pilots with them,” said Deepak MV, CEO and co-founder of Etrio.

“Through E-Lease, we intend to unlock this current strong demand for electric cargo vehicles. Our ground-breaking lease offering will provide a great opportunity for various corporates including logistic players to electrify their fleet and at the same time retain their asset-light business model. Through this model, we propel our mission to be the leading EV player in the intra-city logistics space,” he added.

The plan provides the customer with a lease rental which is much lower than the EMI loan as a prescribed resale value of the vehicle is deducted upfront. Further, the customer has two options of either returning the vehicle or owning the vehicle by paying the agreed resale value at the end of the leasing period, he added.

According to the release, the ‘E-Lease’ will come in different plans such as basic plan, covering just the vehicle, the to-end plan that enables the customer to cover insurance, maintenance and telematics costs as part of the plan.

The plan starts at an attractive Rs 7,000 per month and changes based on the model, and service inclusions, the company said.