Piaggio & RiseWise’s Battery Replacement Plan Eases Costs, Making EV Three-Wheeler Ownership More Affordable and Sustainable
In a first-of-its-kind initiative to boost India’s electric mobility ecosystem, Piaggio Vehicles Pvt Ltd, a wholly owned subsidiary of the Italian auto major Piaggio Group, has partnered with RiseWise Capital, a fintech company specializing in mobility financing, to launch India’s first battery replacement financing programme for electric three-wheeler (3W) customers.
The programme is designed to tackle one of the biggest challenges for commercial EV operators — the high cost of battery replacement after three to four years of use. By offering flexible financing, the scheme aims to make EV ownership more affordable and sustainable, encouraging wider adoption of electric three-wheelers across the country.
Under the new plan, Piaggio’s electric 3W customers can avail up to 100% financing for battery replacement after a few years of vehicle usage. The initiative currently covers Maharashtra, Gujarat, Chhattisgarh, and Karnataka, with expansion plans for additional states in the coming months.
“By partnering exclusively with RiseWise Capital, we are enabling commercial EV operators to sustain their operations without worrying about battery replacement costs,” said Diego Graffi, Chairman and Managing Director, Piaggio Vehicles Pvt Ltd. “This initiative will set a benchmark in the electric three-wheeler industry and accelerate EV adoption nationwide.”
Customers can apply for financing through authorised Piaggio 3W dealerships, with repayment options up to 24 months at competitive interest rates starting from 10.99%. The existing Piaggio electric vehicle will serve as collateral, while mandatory battery replacement insurance—facilitated via Piaggio’s authorised dealer network—ensures a secure and seamless process.With this strategic move, Piaggio and RiseWise Capital are not only supporting India’s electric mobility mission but also pioneering innovative financial solutions that enhance the long-term viability of EV ownership.
