Empowering Businesses to Go Green: Alt Mobility’s Tailored EV Leasing Plans
CXOToday has engaged in an exclusive interview with Mr. Dev Arora – CEO & Co-founder of Alt Mobility
- Can you tell me about Alt Mobility and what makes your EV financing and leasing solutions unique compared to other providers in the market?
We designed FleetLease, our full-stack leasing offering to be the most capex-light, comprehensive, flexible, and reliable way to go electric for commercial fleet operators. Here’s how we do it: (1) FleetLease allows fleets to expand and scale up EV fleets without capex cost – with no downpayment and a small security deposit – logistic companies can expand the fleet size. (2) Our leases are full stack, covering complete vehicle cost, road tax, insurance, and servicing all-inclusive with vehicles that are selectively curated by us through 100+ point technical due diligence. Our FleetOS platform collects data from our smart connected fleet and does predictive maintenance to improve vehicle life and uptime (3) We offer flexibility to fleet partners with the option to own the vehicle, extend the lease or return the vehicle at the end of the lease tenure which is typically between three to five years, the longest in the industry (4) Finally, we manage the vehicle refurbishment, zero capex cost battery pack upgrade to prolong asset life and performance.
- What kinds of EVs are available for financing or leasing through Alt Mobility, and how do you help customers select the right vehicle for their usage patterns?
We are presently working with eight electric two-wheeler and three-wheeler manufacturers, and expanding our OEM base on an ongoing basis. We are selective about OEM partners we work with and underwrite the vehicle model by assessing over 100+ parameters covering cell quality, safety, pack, and drivetrain to BOM level analysis that helps us understand the TCO and life of any vehicle. We continue to monitor and underwrite vehicle performance with ongoing data collection through the FleetOS platform to further drive investment decisions. Our fleet partners and lenders benefit from this approach.
Fleet partners have the option to compare among curated vehicles based on multiple factors such as payload or volumetric capacity, range, fast charging capabilities, safety & certifications, pricing, service costs, warranty terms, and other features.
- How does Alt Mobility work with dealerships or manufacturers to ensure that customers have access to the latest EV models and technology?
ALT Mobility is one of the first partners to take a bet on a new technology. We encourage innovation, reliability, and safety and our underwriting process benchmarks new technologies based on evaluating the electrochemical chemistries and statistical data derived from our operational fleet of thousands of vehicles. We recently deployed the first batch of India’s fastest-charging electric three-wheelers providing a full charge in under 15 minutes. Our fleet partners get access to the latest technologies today and in the second life – when we upgrade the existing fleet with the latest in battery technology, again with a capex light model.
- What kinds of support or resources does Alt Mobility offer to customers during the leasing or financing period, such as roadside assistance or EV charging infrastructure?
ALT Mobility’s full-stack FleetLease covers the cost of a brand-new vehicle, road tax, registrations, comprehensive insurance and servicing, and roadside assistance. We have developed unique insurance products in collaboration with insurers and servicing plans with OEMs that add more predictability to the bottom line of fleet partners, protecting against uncertain and often expensive breakdown costs.
We will soon be launching FleetDepots, which are shared infrastructure for our fleet partners where vehicles can be parked, serviced, and fast-charged. The objective of FleetDepots is to unlock operational efficiency and enable high utilization of the fleets with fast charging. By aggregating demand from fleet partners, we position our FleetDepots in strategic locations to maximize the utilization of shared infrastructure, which results in reduced operating costs and higher income for our partners.
- Can you throw light on the latest employment trends in this sector?
By 2023 and 2025, the Indian electric vehicle market is expected to be worth USD 2 billion and USD 7.09 billion, respectively. The EV industry is projected to expand at a CAGR of 49% between 2022 and 2030 (Invest India 2022). Currently, the automotive sector employs 37 million people the EV industry could add 10 million direct jobs by 2030 which would create 50 million indirect jobs in the sector. The EV push in India presents a segway for business prospects in the three major industries- transportation, infrastructure, and energy. Top EV players have hired 2,236 people during the last six months. The electric vehicle (EV) sector is growing rapidly, and there is a significant demand for skilled professionals in this industry.
Here are some of the latest employment trends in the EV sector:
- Increased Hiring: With the growing demand for electric vehicles, there has been a significant increase in hiring across the entire EV industry. Major automakers, as well as start-ups, are looking for talented professionals to join their teams to help design, manufacture, and market EVs.
- Skill Requirements: There is a high demand for professionals with specialized skills in electric vehicle technology. Some of the skills that are in demand include knowledge of battery technology, electric powertrain design, and software development for EVs.
- Green Jobs: The electric vehicle sector is viewed as a green industry, which has attracted a lot of attention from people who want to work in environmentally friendly jobs. There has been a significant increase in the number of jobs related to EVs, including engineers, technicians, sales and marketing professionals, and supply chain and logistics personnel.
- Growth Potential: The EV sector is still in its early stages, and there is a lot of room for growth. As the industry expands, there will be new job opportunities in areas such as charging infrastructure, battery recycling, and renewable energy.
Overall, the EV industry is anticipated to keep expanding, and there will be a significant need for skilled employees in this field in the years to come.