New Delhi, India | October 2024
Alt Mobility, a technology-driven electric vehicle (EV) leasing and asset lifecycle management provider, has extended its offerings to include commercial 4-wheeler passenger vehicles. This move targets growing demands for sustainable transportation solutions across various sectors, including employee transportation, ride-hailing services, airport transfers, hotels, and tourism.
Market Dynamics and Benefits of EV Leasing
With the return to office-based work and increased focus on sustainability, more companies in India are transitioning to electric vehicles for their transportation needs. EVs not only minimize environmental impact but also provide significant cost advantages over traditional combustion engine vehicles.
According to Alt Mobility, EVs can save up to 80% on monthly operating costs and 35% on total ownership costs over a 10-year period, including expenses for battery replacement. As companies prioritize environmentally friendly options and lower operational costs, the market for EV leasing continues to grow.
Cost Comparison: 4-Wheeler ICE (CNG) vs. 4-Wheeler EV
- CNG Vehicle Costs: The average monthly operating cost for a CNG vehicle is ₹5.2 per kilometer, with a total ownership cost of ₹7 per kilometer.
- EV Vehicle Costs: In contrast, an EV has an operating cost of ₹1.2 per kilometer, leading to an 80% savings. The total ownership cost stands at ₹4.6 per kilometer, offering a 35% reduction in comparison.
This data is based on the Tata Tigor Express 2.0 model and assumes daily usage of 220 km over 26 days per month, accounting for fuel, charging, maintenance, and battery replacement over a decade.
Alt Mobility’s Integrated Fleet-as-a-Service Solution
Dev Arora, Co-founder and CEO of Alt Mobility, emphasized the complexities of fleet electrification, particularly in the 4-wheeler passenger segment. Reliable vehicles, infrastructure, and operational hubs are crucial for maintaining high uptime. To address these challenges, Alt Mobility offers a comprehensive fleet-as-a-service solution, which includes:
- EV Integration: End-to-end support for electrifying fleets.
- Charging Infrastructure: Access to reliable charging stations and solutions.
- Operational Management: Uptime management, servicing, battery refurbishment, and upgrades.
This approach not only helps businesses lower infrastructure costs but also ensures efficient and reliable fleet operations while meeting their ESG compliance goals.
Expanding Operations and Partnerships
Alt Mobility’s leasing model allows businesses to minimize capital expenditures, enabling them to expand their vehicle fleets with lower initial investments. The company has already partnered with operators like Snape E-Cabs, Zero Leap, and Refex Green Mobility to deploy EV 4-wheeler fleets in cities such as Kolkata, Pune, and Bangalore. As the demand for EVs grows, Alt Mobility aims to add 3,000 passenger 4-wheelers to its fleet by March 2026, scaling operations and reducing emissions.
Impact on EV Adoption
Alt Mobility’s expansion into the commercial 4-wheeler passenger segment is poised to accelerate EV adoption in India. By offering cost-effective, sustainable transportation solutions, the company supports businesses transitioning to EVs, making electric mobility accessible for a broader audience. The fleet-as-a-service model simplifies infrastructure setup and operational management, encouraging more businesses to switch to greener options.
