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Unlocking Electric Vehicle Adoption: Is Affordable Financing the Game Changer?

Key Takeaways:

  • Affordable electric vehicle financing could potentially contribute to greater EV adoption.
  • Turno, a Bengaluru-based fintech startup, provides 3-wheeled electric vehicles and financing options, promoting the switch from gasoline to electricity.
  • The company offers a diverse range of EVs from various OEMs, with the value guarantee of their batteries to maximize return on investment for the EV owners.
  • Turno may potentially play a key role in driving the growth of the EV sector in India by providing affordable financing solutions.

The world is on the cusp of an electric vehicle (EV) revolution, and at the forefront stands India, one of the largest markets for automobiles. Despite this, a significant barrier to EV adoption has been the lack of affordable financing options for customers. This is where Bengaluru-based fintech startup, Turno, steps in with a vision to convert gasoline miles to electric miles by providing EV solutions, and importantly, affordable financing to operators and owners. Their work presents an interesting model and case study to understand if affordable financing could indeed be a game changer in unlocking EV adoption.

Turno, a brainchild of founders Hemanth Aluru and Sudhindra Reddy, goes beyond selling EVs. Beyond the online and physical sale of a diverse range of EVs (manufactured by varying brands), the fintech startup assuages customers’ concerns about battery degradation by offering a battery value guarantee. Furthermore, Turno helps to break financial barriers with their affordable financing options, thereby promoting seamless transitions to greener, cleaner, and cheaper modes of transportation.

The distinguishing factor of Turno lies in its holistic and customer-centric approach. By providing affordable finance options to customers, enabling purchase of their electric vehicles, the company has addressed a cardinal factor hampering EV adoption — high upfront costs. Furthermore, by dealing with the concerns of battery degradation, they’re targeting another key concern surrounding EV ownership thereby making a switch from conventional vehicles to EVs more attractive.

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The company’s approach of offering a buy-back guarantee for used batteries is yet another novelty. It not only addresses customers’ concerns about battery performance over time, but also enables responsible disposal and potential avenues for recycling, contributing to a more sustainable EV ecosystem. Moreover, their partnerships with multiple OEMs to offer a diverse range of vehicles caters to different customer needs and preferences, further enabling EV adoption.

Turno’s innovative approach points to an optimistic future for the EV industry, potentially becoming a catalyst for increased EV adoption in India. Given the growing global trends toward cleaner and more sustainable transportation options, companies like Turno that address critical barriers to EV adoption hold great potential. As such, they could be instrumental in revolutionising the automotive industry, particularly in emerging markets.

Tune in to the game-changing journey of Turno through its social channels: Follow them on Facebook and LinkedIn to keep track of their latest activities and offerings. Look out for them as they drive change, one electric mile at a time.

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