Electric two-wheeler maker Okinawa has announced its partnership with OTO Capital for its leasing program. Under the partnership, Okinawa's range of electric scooters will be available with different leasing options. Compared to outright ownership, the leasing programme allows accessibility to the scooters at a lower price point, while also ensuring that the user pays only for the months used. The minimum tenure for the leasing program stands at 12 months, which can be increased up to 36 months. Customers have the option to purchase the scooter by paying the balance cost at the end of the program or upgrade to a new model.
The lease option will be made available to customers in Bengaluru and Pune first through Okinawa dealerships, while OTO Capital plans to make it accessible in other parts of the country in the coming months. The e-scooters can be booked online on OTO's website or a dealer outlet. OTO says that its lease option offers cost savings up to 30 per cent per month as opposed to a similar EMI scheme. With respect to pricing, the average cost of leasing an Okinawa Praise for two years will be about ₹ 2950/month, which is cheaper than an EMI of ₹ 3,960/month for a traditional bank loan, according to the company.
Speaking on the leasing program, Jeetender Sharma, Founder & MD, Okinawa siad, "Okinawa always remain ahead of the curve through their innovation and research. EV industry is dynamic and equipped with many possibilities. One such possibility is to trying different business models. We are happy to announce our association with OTO capital and looking forward for fruitful collaboration. This collaboration will really help customer to opt for sustainable future in the coming festive season."
Speaking about the partnership, Sumit Chhazed, Co-founder, OTO Capital said, "We are happy to welcome Okinawa onboard as our partner. The EV market is at the precipice of change. The younger buyers who are owning their first vehicle want to buy electric, and they want it at an affordable cost. Our financing will bring down the cost of owning an EV significantly so that people can save more and spend less on monthly EMIs. The auto industry is coming out of the slump and we hope that the festival offers and online purchasing will attract more customers."
This is the fourth such partnership for OTO Capital with a two-wheeler maker. Having completed its first year of operations recently, the company announced similar tie-ups with Ampere Vehicles, Hero Electric and Piaggio India for leasing their range of offerings. Okinawa aims to capitalise on the demand for personal mobility post the lockdown and the leasing option is expected to catapult sales for the company, especially with the arrival of the festive season. The company says it has delivered over 2000 electric scooters post lockdown, witnessing strong demand.
The tie-up with OTO Capital will also allow dealers and OEMs to look at digital deals and advertising. Okinawa will be promoting new deals and discounts on OTO's platform during the festive months. The leasing program plans to lease at least 1000 more electric vehicles by the end of 2020.