Pakistan, October 10, 2023 – YES Electromotive (SMC-Private) Limited, a leading electric vehicle (EV) innovator, has partnered with WASL Investment Finance Ltd, a non-bank finance company (NBFC), to offer accessible EV financing options for their upcoming “MUVA” an electric three-wheeler, scheduled to be launching in early 2024.
A formal signing ceremony that commemorated this partnership was attended by senior executives from both parties.
As per the arrangement, WASL will be the primary financing source for MUVA customers such as drivers and corporates, providing competitive installment options.
In the current economic context marked by inflation, last-mile delivery, and customer goods delivery hold significant importance. YES Electromotive’s MUVA promises to reduce operating costs by an impressive 75% compared to traditional internal combustion engines, making it a key player in addressing the issue.
EVs typically have higher upfront costs, and intermediaries like WASL will play a crucial role in bridging the initial financing gap, which is offset by future fuel savings.
Elaborating on the partnership, Hasan Mian, CEO of YES Electromotive summarized “Runaway inflation is the biggest political and economic challenge facing many countries today. Fuel cost being the most stubborn, talked-about and dollarized component in Pakistan can be solved through the electrification of mobility. While we spearhead innovation and manufacture of vehicles in this space, an alliance with WASL will take care of lowering the upfront costs. It’s a win-win-win-win-win; Us, WASL, End-User, Economy and the Environment.”
Faraz Zaidi, CEO of WASL Investment Finance Ltd., expressed optimism, saying, “This collaboration promises not only financial benefits through improved efficiencies but also an enhanced experience for drivers and passengers, intending to reduce our nation’s dependence on fossil fuels.
The partnership represents a milestone in democratizing access to sustainable and cost-effective transportation, aligning with global efforts to combat soaring fuel costs and reduce environmental impact.