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EMFAI Unites EVMS Members and 30+ Financiers in Landmark Delhi Meeting

Propelling EV Adoption and Empowering E-Rickshaw Entrepreneurs

New Delhi – May 16th, 2024: The Electric Mobility Financiers Association of India (EMFAI) has made a significant move to advance the e-rickshaw industry by hosting a landmark meeting in Delhi. This pivotal gathering brought together members of the Electric Vehicles Manufacturer’s Society (EVMS) and over 30 key financiers, aiming to foster collaboration and shape the future of electric mobility financing in India.

During the meeting, EMFAI and EVMS members, along with financiers, discussed best practices, challenges, opportunities, and strategies to scale and sustain the e-rickshaw industry. This collaboration is expected to significantly accelerate the adoption and reach of electric vehicles across the country.

India, currently the largest market for electric three-wheelers, recorded sales of over 580,000 units in 2023, according to the International Energy Agency’s Global Electric Vehicle Outlook 2024. These electric three-wheelers, crucial for both passenger and cargo transport, are revolutionizing last-mile transportation by offering a sustainable, economical, and eco-friendly mode of travel. Their widespread use has reduced pollution and carbon emissions, created jobs, and improved livelihoods for many.

Sameer Aggarwal, President of EMFAI, expressed his enthusiasm for the collaborative effort, stating, “The electric rickshaw sector has positively influenced the lives of over 30 million individuals in India while 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.”

Echoing this sentiment, Ashwani Sehgal, President of EVMS, said, “This collaboration between electric vehicle manufacturers and financiers is 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.”

The Electric Mobility Financiers Association of India (EMFAI) serves as a common platform for financiers, risk analysts, and other financial institutions involved in the financing of electric vehicles and related products and services. EMFAI’s mission is to promote the rapid and extensive adoption of electric vehicles in India by making EV financing sustainable and mitigating associated risks. The organization collaborates with all ecosystem partners, including government bodies, OEMs, dealers, fleet operators, e-commerce companies, and insurers.

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