COGOS partners with Three Wheels United to provide EV financing to driver partners, Auto News, ET Auto
New Delhi: Bengaluru-based logistic startup COGOS on Tuesday announced its partnership with Three Wheels United (TWU), financier of light electric vehicles, to provide electric vehicle (EV) financing solutions to driver partners.
According to a media release, this partnership will further encourage driver partners to stay relevant to the changing needs of the logistic business and get easy financing for EVs. This tie-up will enable easy financing of over 500 EVs.
COGOS and TWU tie-up addresses the current market challenges by providing smoother finance on the on-road price, easy payments and assured earnings, the company release said.
he changing landscape and evolving demands of clients have changed the dynamics of logistic businesses. EV as a business model looks ideal for many; however, EV finance has been a major hurdle for a complete EV adoption..Prasad Sreeram, CEO and co-founder, COGOS
Prasad Sreeram, CEO and co-founder, COGOS, said, “The changing landscape and evolving demands of clients have changed the dynamics of logistic businesses. EV as a business model looks ideal for many; however, EV finance has been a major hurdle for a complete EV adoption. We are very excited about the partnership with TWU. Beyond ensuring acceleration of our EV adoption goals it also helps our driver partners to be relevant to the current market demands.”
Cedrick Tandong, CEO and co-founder, Three Wheels United, said, “We continue to expand our partnership with logistic operators making it easier for logistic partners and their drivers to switch to electric vehicles through the TWU platform. Our partnership shows our commitment to logistic operators and their drivers who can now easily shift to economical, highly profitable, and less polluting vehicles. We welcome other partners onboard”
COGOS said it plans to deploy the EV fleets starting from Tier 1 and Tier 2 cities.
The startup recently announced its plan for deploying 2500 electric vehicles by the end of 2023. The company states that its EV fleet could contribute to a reduction of 15,000 tonnes of CO2 a year, when running at full capacity.