SIDBI’s Recognition Enables Certain Gogoro Vehicles to Qualify for Financial Programs Aimed at Boosting Electric Vehicle Adoption in India.
Gogoro, an electric two-wheeler OEM and battery-swapping provider has recently achieved recognition from the Small Industries Development Bank of India (SIDBI). This recognition positions Gogoro as an empanelled Original Equipment Manufacturer (OEM), enabling its registered vehicles to be eligible for SIDBI’s electric vehicle (EV) financing programs. This marks a significant milestone, as Gogoro becomes the first international electric two-wheeler OEM and the pioneering battery-swapping entity to be eligible for such empanelment with SIDBI.
This partnership aligns with SIDBI’s “50K-EV4ECO” mission, which Dr. R. K Singh, Chief General Manager of SIDBI, highlights as a strategic initiative to promote the adoption of electric vehicles across India. SIDBI’s mission includes providing innovative financing solutions to bolster the EV ecosystem, particularly for commercial use. This approach involves both direct and indirect lending strategies that aid enterprises in their transition towards electric mobility.
Horace Luke, CEO and founder of Gogoro expressed that this collaboration represents a crucial step in establishing a strong EV infrastructure in India. It aims to facilitate the shift towards more sustainable transportation options by offering financial support. This initiative is particularly beneficial for potential two-wheeler EV buyers and fleet operators, providing them with financial assistance on favourable terms to adopt Gogoro’s vehicles and battery-swapping technologies.
This development aligns with the Government of India’s EV30@30 mission, underscoring the nation’s commitment to accelerating EV adoption. Such initiatives are instrumental in driving forward the transition to electric vehicles, contributing significantly to the growth of a cleaner and more environmentally friendly transportation landscape in India.