Aims for 100% Fleet Conversion Over Next Five Years with Government Support and Industry Partnerships
New Delhi, India: June 5th, 2024 – Revfin, India’s pioneering digital lending platform for sustainable mobility, has announced a collaboration with Kalyani Powertrain Ltd (KPTL) and Bluwheelz to introduce retrofitted electric trucks to the Indian logistics sector. This initiative aims for the 100% conversion of truck fleets in the N3 category over the next five years, supported by government schemes and partnerships with OEMs and fleet operators, in line with Revfin’s mission to promote sustainable transportation.
In a groundbreaking move, KPTL has successfully homologated retrofitted electric trucks in the 10-16T GVW category for the N3 Goods Carrier segment. These trucks are designed to serve sectors such as FMCG, e-commerce, cement, steel, and perishable goods, enhancing the availability of ‘Made in India’ solutions for the global automotive market.
Retrofitting EVs is crucial for urban transport evolution, contributing significantly to sustainable and smart cities. Retrofitting extends the lifespan of old vehicles by up to 5 to 7 years, helping avoid scrappage as mandated by regulations, and represents a practical step towards a fully electric future.
Faster adoption of retrofitted EVs and EVs, in general, requires affordable financing from financial and climate-focused institutions. Supporting schemes and incentives for earning carbon credits can significantly reduce financing costs, facilitating broader EV adoption.
“We are dedicated to revolutionizing sustainable mobility and strengthening the EV ecosystem,” said Sameer Aggarwal, CEO and Founder of Revfin. “Retrofitting is key to achieving decarbonization and net-zero goals, making EV adoption more accessible while fostering a greener future. By financing retrofitted vehicles, Revfin supports broader sustainability goals. We advocate for regulations that simplify retrofitting processes and extend the vehicle registration period beyond 15 years.”
“This marks the launch of India’s first medium-duty retrofitted electric trucks for mid-mile logistics,” said CP Sethi, CEO and Co-founder of Bluwheelz. “These trucks are designed to operate on intercity routes and serve various sectors, fulfilling green and clean mobility goals. We appreciate the invaluable support from Revfin and KPTL in making this journey towards sustainability possible.”
“KPTL is dedicated to developing sustainable transportation infrastructure,” said Amit Kalyani, Vice-Chairman & Joint Managing Director of Bharat Forge Ltd. “By introducing groundbreaking EV products and promoting retrofitted vehicles, we aim to make these vehicles the preferred choice for customers, resulting in a 24% reduction in the Total Cost of Ownership (TCO) compared to new electric models.”
Transitioning from internal combustion engine-powered vehicles to electric ones presents challenges. However, coordinated efforts involving government initiatives, industry collaboration, and public engagement can pave the way for a sustainable future and lead the charge towards a cleaner, greener world.
