Piaggio targets doubling Ape Electric sales from 10,000 3-Wheeler EVs in the current year

Pune-based Piaggio Vehicles, India’s second-largest three-wheeler maker and a leader in the L5 small commercial vehicle category is looking to double its Ape Electric sales post delivering over 10,000 units in the current year 2022-23.

Sharing the future plans for Piaggio, Diego Graffi, Chairman and Managing Director, of Piaggio Vehicles said, “We continue to make significant contributions to India’s EV infrastructure. Delivering over 10,000 Ape Electric vehicles is a momentous feat and I look forward to doubling this by end of 2023.”

Graffi, who was also present for the SIAM summit at the Auto Expo 2023 said that the company is looking to make India it’s manufacturing base for eyeing south East Asian and ASEAN market shores.

Graffi who is also, Chairman, of SIAM 3W CEOs Council, also stated that the high cost of electric three-wheelers even after the subsidy was limiting the growth of this sector due to the high cost of financing options which he says the “government needs to look into in the ensuing budget.”

“As compared to the growth of the e2w market in India, the higher financing costs of E3Ws are a concern for their owners who have to grapple with low disposable incomes. Reducing the overall cost of acquisition through lower financing will be critical for growth in this sector” Graffi added.