Ather Energy has teamed up with IDFC Bank to lower the cost and increase the accessibility of their electric scooters to potential consumers. A lucrative financing option will be made available to Ather customers as part of the partnership, which aims to accelerate the adoption of electric vehicles. According to the company, using the financing option will enable customers to own an Ather 450X scooter for the same monthly cost as a typical petrol scooter.
The program also gives clients the option to buy an Ather 450X or 450 Plus with a down payment of 5% of the on-road pricing in the relevant city. All of this is being offered by IDFC at a 48-month loan tenor, which is a first for the electric two-wheeler market. With this, Ather becomes the first OEM in the sector to have their scooters granted a 48-month term. Customers will also be able to receive approval in 45 minutes with no processing charges.
Customers who participate in the program may also trade their old bikes or scooters for new ones with no down payment. According to Ravneet S. Phokela, Chief Business Officer of Ather Energy, "We think that appealing financing plans and innovative financial models surrounding adoption will play a vital role in bringing about the next phase of growth for the sector."
The number of active Ather scooters on the road increased 202% year over year between April and October, according to the two-wheeler manufacturer. In addition, by shipping 8,213 units in the previous month, the firm had its biggest monthly sales ever. The business believes that demand will continue to increase.
Ather has already set up over 600 fast-charging stations across more than 55 locations in an effort to create a favorable EV environment in the nation. By the end of FY23, it also intends to install 1,400 Ather Grids. By March 2023, it also intends to increase its retail footprint to 150 locations across more than 100 cities.
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