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Interoperable EV charging, Infrastructure

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Hero Motocorp, Ather Energy Partner for Interoperable EV Charging

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Hero MotoCorp and Ather Energy have partnered to create an interoperable EV charging network in India.

More than 1900 fast charging stations spread across 100 cities will be part of the merged network which will users nationwide will be able to use VIDA and Ather Grids seamlessly.

Customers can use the “My VIDA” and other Apps to locate and navigate to charging stations, ensuring compatibility and availability.

This is the world’s first interoperable fast-charging network for electric vehicle two-wheelers, not just in India. By bolstering the market as a whole and encouraging a convenient ownership experience, the interoperable network will accelerate the adoption of electric vehicles.

It must be noted that the Bureau of Indian Standards (BIS) recently approved the Light Electric Combined Charging System (LECCS), India’s first-ever locally developed AC and DC Combined Charging connector standard for light-electric vehicles. With the use of the authorized charging system, this combined network will be the biggest EV charging ecosystem in the nation.

Dr. Swadesh Srivastava, Chief Business Officer, Emerging Mobility BU, Hero MotoCorp, said, “VIDA’s brand promise is building a Worry-free interoperable EV charging ecosystem. This largest charging network in the country will go a long way in providing a seamless & convenient ownership experience to customers. This network utilizes the government-approved connector standard, thus ensuring customers will be able to use and charge their vehicles without any hassles.”

Swapnil Jain, Co-founder and CTO, Ather Energy, said, “The partnership is a massive win for Indian OEMs to collaborate on scaling up charging infrastructure. It will pave the way for consumers to access an extensive network of charging stations across the country, alleviating range anxiety. Given the technical superiority of LECCS and the fact that it was Made in India for India, we believe more OEMs will find it lucrative to adopt this standard.”

Ather also committed that any OEM that adopts the LECCS standard will have access to Ather Grid across India. “With this interoperability, we are already demonstrating how it is beneficial for all OEMs to be on one standard. We believe that public EV charging infrastructure for two-wheelers is now set for collaborative expansion.”


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Electric vehicles (EVs)

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L&T Finance, Ather Energy Partner for EV LTVs

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Non-Banking Financial Company (NBFC), L&T Finance has announced a partnership with Ather Energy for electric vehicles (EVs). As per the agreement, L&T Finance will provide up to 100% financing of the loan-to-value (LTV) of the EVs offered by Ather Energy to its customers.

The partnership at a glance

L&T Finance to offer loans @ 6.99% interest rate per annum
Customers can avail up to 100% of the Loan-to-Value (LTV) without any income proof
No hypothecation required
Less than 5 mins TAT
On the spot approvals

The offers:

Other customers can avail of EV financing under various lines of products from L&T Finance. These include:

  • Verified Income Proof (VIP) Loan, VIP Pro Loan, Sabse Khaas Loan (SKL), SKL Pro, Centum Loan, and Express Loan.
  • Except for Express Loan, the customers can avail the other loans at an annual rate of interest of 6.99% per annum
  • In the case of Express Loan, a product for all, customers are not required to submit any credit profile or income proof, but the annual rate of interest is 7.99% per annum
  • TAT of under 5 minutes and a loan tenure ranging from 3 months to 48 months

Commenting on the partnership, Mr. Sanjay Garyali, Chief Executive – Urban Finance, L&T Finance, said, “This partnership is a part of our company’s shared commitment to reduce carbon footprint and promote sustainability in India, aligning with our Lakshya 2026 strategy for environmental responsibility and CSR.”

The company expects strong growth in the Indian two-wheeler segment due to improved purchasing power, millennials’ increased mobility, and preference for technology-powered vehicles. Vehicle financing penetration is expected to rise to 75% in the coming years, L&T Finance said in a press release.

Mr. Ravneet Phokela, Chief Business Officer, Ather Energy said, “Today, more than 50% of Ather’s customers opt for vehicle financing as their preferred mode of purchasing our scooters. We are delighted that this collaboration with L&T Finance will allow us to further accelerate EV adoption. Their reach, credibility, and expertise will be a huge asset as we expand our distribution footprint to more geographies.”

It must be noted that L&T Finance has a Two-Wheeler Finance business book size of Rs. 9,190 crore as of the quarter ending June 2023. Ather claims to be India’s first intelligent electric vehicle manufacturer with a presence in 100+ cities across the country.


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