TVS Motor Company announced today the signing of a memorandum of understanding with ALT Mobility to deploy up to 3,000 electric three-wheelers during the fiscal year 2025-26. The partnership combines TVS Motor’s manufacturing capabilities with ALT Mobility’s leasing and asset management services.
Under the agreement, TVS Motor will provide both passenger and cargo electric three-wheelers, while ALT Mobility will handle procurement, leasing, and financing through its network. The vehicles will be distributed through TVS Motor’s authorized dealers and ALT’s sales points across India.
The deployment will utilize ALT’s Drive-to-own leasing model, targeting individual drivers and fleet operators in cargo and passenger transportation sectors. This approach allows users to eventually own the vehicles through lease payments rather than requiring upfront capital investment.
ALT Mobility will provide integrated asset management services including round-the-clock vehicle monitoring and preventive maintenance to reduce downtime. The company’s lease plans cover maintenance, insurance, roadside assistance, servicing, and regulatory compliance management.
Rajat Gupta, Business Head for Commercial Mobility at TVS Motor Company, stated that the collaboration represents a step toward sustainable urban and last-mile mobility solutions. He emphasized the company’s electric three-wheeler portfolio’s focus on range, charging speed, and durability.
Anuj Gupta, Co-founder and Chief Business Officer at ALT Mobility, highlighted the partnership’s potential to scale leasing and fleet operations while supporting financial inclusion for drivers. He noted the initiative’s role in building zero-emission logistics infrastructure.
The partnership addresses both last-mile logistics and shared passenger mobility markets. It aims to support driver livelihoods and small fleet operators while contributing to India’s electric mobility transition.
TVS Motor Company operates as a global two and three-wheeler manufacturer with four manufacturing facilities in India and Indonesia. The company has received the Deming Prize and maintains operations across 80 countries. Its portfolio includes subsidiary Norton Motorcycles in the United Kingdom and TVS Ebike Company AG in Switzerland.
ALT Mobility, founded in 2021 and based in New Delhi, operates as an electric fleet leasing platform. The company currently manages 13,000 vehicles across 20 Indian cities, offering comprehensive services including leasing, servicing, charging infrastructure, and fleet monitoring systems.