Piaggio & RiseWise Launch India’s First Battery Replacement Finance Plan – Making EV Ownership Easier, Cheaper, and Smarter for 3-Wheeler Owners!

Key Highlights:

• 100% battery replacement financing

• Loan tenure up to 24 months

• Interest rate starts at 10.99%

• Available in four Indian states

• Includes battery replacement insurance

Piaggio Vehicles Pvt. Ltd., a subsidiary of the Italian Piaggio Group, has partnered with RiseWise Capital to launch India’s first battery replacement finance plan for electric three-wheelers. This innovative initiative aims to reduce the financial burden on EV owners who struggle with high battery replacement costs after a few years of use.

The plan is designed mainly for commercial EV operators, helping them continue their business without worrying about heavy upfront expenses.

Making EV Ownership Sustainable

Battery replacement is one of the biggest expenses for electric vehicle users, especially after three to four years of regular use. To solve this challenge, Piaggio and RiseWise have introduced a financing option that provides up to 100% funding for battery replacement.

This means owners can replace old batteries easily without paying a large amount in one go. The plan also includes battery replacement insurance through Piaggio’s authorised dealer network, ensuring a safe and hassle-free process.

Interestingly, the existing Piaggio electric 3-wheeler can be used as collateral for the loan, making it more accessible to current owners.

Attractive Loan Terms and Easy Repayment

The scheme offers flexible repayment options with loan tenures of up to 24 months. Customers can apply directly through authorised Piaggio dealerships.

Interest rates start at a competitive 10.99%, allowing customers to manage repayments conveniently without affecting their daily income.

Currently, this plan is available in Maharashtra, Gujarat, Chhattisgarh, and Karnataka, with plans to expand it to more states in the near future.

Boosting India’s EV Adoption

According to Diego Graffi, Chairman and Managing Director of Piaggio Vehicles Pvt. Ltd., this partnership is a major step toward supporting India’s growing EV ecosystem. He said the initiative will help commercial vehicle operators run their businesses smoothly while promoting faster adoption of electric mobility across the country.

India’s EV industry is witnessing rapid growth; it was valued at US$2 billion in 2023 and is expected to reach US$7.09 billion by 2025. By 2030, annual EV sales are projected to reach 10 million units, showing the country’s strong shift toward cleaner transportation.

Moving Toward a Greener Future

Piaggio and RiseWise Capital’s collaboration marks a significant milestone in India’s EV journey. By making battery replacement affordable and convenient, the plan not only supports small business owners and drivers but also contributes to a sustainable and eco-friendly mobility future for India.

This initiative is a clear example of how innovation in financing can make green mobility more accessible and practical for everyone.

Also Read: Tata Capital and Jupiter EV Join Hands to Boost Electric LCV Financing in India

CMV360 Says

Piaggio and RiseWise Capital’s new battery replacement finance plan marks a major milestone in supporting India’s electric vehicle ecosystem. It offers affordable, flexible, and accessible financing options for commercial EV users, reducing ownership costs and promoting sustainability. This initiative will help speed up EV adoption and ensure uninterrupted operations for electric three-wheeler owners.