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[Editor’s note: It is good to remember that because many places, such as many parts of India, are behind in development, they are able to develop green infrastructure at a point before more damage is done. This is the one blessing of underdeveloped countries. As they play catchup in development, they can start more originally with green development.]

By RMI India

Pursuing low-carbon development is central to India’s Paris Agreement climate goals. In this pursuit, net-zero energy buildings (NZEBs) and electric vehicles (EVs) are the two high-leverage areas. The ability to deliver vast emissions reductions across rural and urban settings has brought NZEBs and EVs to the center of the climate change mitigation agenda. In the Indian context, vehicles and homes also have the distinction of being the two most important purchases consumers make.

Once purchased, assets such as gasoline-powered cars and energy-guzzling homes can be hard for consumers to change, thereby locking in emissions for several decades. Getting it right the first time thus proves especially important.

Lower operational costs for adopters are one of the key advantages of both EVs and NZEBs. However, the upfront cost of both NZEBs and EVs remains a barrier, stalling mass adoption. Price-conscious Indian consumers naturally ask: Who will pay for the gap between conventional and greener alternatives?

Central and state subsidies are already playing a role in bridging the cost premium between vehicles running on gas/diesel and EVs. Buildings certified under various rating programs such as the Indian Green Building Council (IGBC) and Green Rating for Integrated Habitat Assessment (GRIHA) are increasingly being allocated incentives by different government entities. In both cases, this government assistance has helped create momentum. However, there exists an oft-overlooked opportunity to reduce the cost premium and improve the attractiveness of both EVs and NZEBs — retail finance.

Retail Finance Can Improve Affordability, Awareness, and Adoption

Retail finance is a key driver of economic growth. Access to credit (in the form of mortgages and loans) has made homes and vehicles more affordable, enabling millions of first-time buyers.

In March 2021, the outstanding housing loans in India amounted to US$298 billion and vehicle loans to US$61.7 billion. Retail banking overall forms a fifth of all bank credits (not including the non-banking financial companies or NBFCs). This large market size is indicative of the influence that financial institutions (FIs) can have on transitioning India’s vehicle and housing stock to greener alternatives.

Dedicated “green” loans or mortgages with affordable interest rates and long tenures can help borrowers spread cost premiums across time. Lower operational costs of EVs or NZEBs improve the ability of the borrower to afford equated monthly installments. This reduces the probability of default, creating a win-win scenario for both the FI and the borrower.

The mortgage example structure in Exhibit 1 shows how a green building can make ownership affordable for the borrower while realizing higher incomes for a bank. Longer tenures can be even more advantageous for both.

Exhibit 1: Green mortgage illustrative example for first year (in $). Source: Modified from IFC, 2019

Affordability is only part of the possible impact. FIs also have the potential to enhance consumer awareness. Commercial banks and NBFCs are in regular contact with individuals interested in purchasing new assets. This channel can be instrumental in communicating the financial benefits of EVs or NZEBs and busting myths on ownership. The resulting behavioral change on purchase decisions has the potential of raising the aspirational value and desirability of green assets. Hence, by improving affordability and awareness, FIs can help scale adoption.

Solutions Exist but Risks Need to Be Overcome

Dedicated green loans and mortgages are not new inventions. In India, too, a few forward-thinking FIs have started developing these products. For example, the State Bank of India has launched a Green Car Loan, whereas the National Housing Bank’s SUNREF India program is facilitating affordable green housing credit worth ₹800 crore (US$107 million) in India.

Replicating such products across the retail finance ecosystem requires us to consider current barriers. Unique challenges exist: For EVs, the lack of secondary market is a concern. Meanwhile for NZEBs, developers lack incentives to construct property where operational benefits will pass on to the occupant. However, many risks are common. In both cases, unproven asset value, low awareness of techno-economics, and an uncertain policy environment are seen to be holding back finance.

Moving forward, overcoming these barriers will be important for unlocking the opportunity inherent in greening retail finance. Building the capacity of FIs for developments in EVs and NZEBs will be needed to maximize the potential of dedicated loan or mortgage products. Another common area that needs to be prioritized is data availability on loan performance of EVs and NZEBs. To this end, the Reserve Bank of India (RBI) can designate green assets such as EVs and NZEBs as financial reporting sub-sectors.

Also, the RBI can consider the creation of a sustainable finance taxonomy by setting baselines and definitions for green assets. This will help develop insights into existing green financial products and direct finance to the most effective technologies.

The vehicle and housing finance industries can simultaneously learn from each other. For example, the Government of India’s Partial Risk Sharing Facility for Energy Efficiency is a promising instrument enabling FIs to lend to energy-efficient projects. Risks of financing energy service companies wishing to retrofit buildings are partially covered under this facility, reducing overall transaction costs. Such risk-sharing programs need to be introduced for EVs as well to improve the lending confidence of FIs.

For EVs, partnerships between FIs and manufacturers help mainstream low-cost financing. Developer-FI partnerships for net-zero energy housing similarly need to be scaled. IIFL Home Finance is an FI already piloting green certification and lending programs with local developers in Indian cities. Providing technical assistance and data-driven support to the value chain is helping develop a pipeline of NZEBs.

Governments can enable more such partnerships by offering interest rate subventions, stamp duty reductions, and incentives for longer tenures. Creating a shared roadmap for the development of NZEBs will additionally provide direction to the entire ecosystem.

Financial Institutions that Take the Lead, Can Reap the Rewards

For EVs alone, the cumulative capital investment required by the end of the decade could be as much as  US$266 billion (see Exhibit 2). This translates to a loan market of US$50 billion in 2030. Similarly, estimates suggest a US$1.25 trillion investment opportunity in green housing by 2030. FIs that champion green loans and mortgages and proactively enable the market stand to gain the most in these scenarios.

Exhibit 2: Cumulative capital cost of India’s EV transition, 2020–2030, including EVs, batteries, and electric vehicle supply equipment. Source: NITI Aayog and RMI, 2021

Energy transition-related risks will also make EVs or NZEBs more worthwhile to lend to in the near-term. Many of the gas/diesel vehicles that FIs are financing today will start to lose their value as the upfront cost of EVs decreases, emission norms are tightened, and fuel prices increase.

Similarly, as the Energy Conservation Building Code for residential buildings is notified across India and incentive structures are enhanced, the possibility of stranded real estate assets may increase. Resilience and energy cost volatility risks should also be considered.

The RBI has already begun to commit to climate action: in April 2021, it joined the Network for Greening the Financial System, a green finance coalition for central banks. This commitment signals the inevitability of green finance in India, of which green lending will be an essential part. Most recently, the Climate Finance Leadership Initiative’s launch in India is demonstrative of the financial potential to accelerate mass consumer adoption of green assets such as EVs and NZEBs, leading the country closer to Paris Agreement goals. With the stage being set, now retail finance must step up.

Featured image courtesy of Blu Smart, Move for Change.

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Honda now has an electric Ruckus. Will they bring it to the US?

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Honda now has an electric Ruckus. Will they bring it to the US?

The Honda Ruckus has earned cult status thanks to its minimalist styling, exposed frame, and seemingly endless customizability. The scooter, also known in international markets as the Honda Zoomer, has spent years being seen as a blank canvas for scooter tuners, urban commuters, and anyone who just wanted something simple, small, and kind of weird to zip around town. A few years ago, Honda finally answered the call for an updated version by announcing and producing the “Zoomer e:”, which was an electric version of the Honda Ruckus. So where is it?

When Honda launched the all-electric version of the Ruckus, the Zoomer e:, back in 2023, many fans hoped it was only a matter of time before we saw it quietly glide onto U.S. streets.

But two years later, there’s still no sign of a stateside release, and no indication that Honda plans to change that anytime soon.

The Zoomer e: was first introduced in China in early 2023 alongside two other retro-inspired electrics: the Cub e: and Dax e:.

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The Zoomer e: keeps the stripped-down, industrial look of the classic gas-powered Ruckus, but swaps the 49cc engine for a 400W rear hub motor and a 48V 24Ah battery (around 1.15 kWh).

It was originally given a top speed of a mere 25 km/h (15.5 mph) to keep it street legal as an electric bicycle in its first market of China, where it also came with functional but stubby pedals so riders could pretend it was actually pedalable.

The first version of the electric scooter claimed a range of up to 80–90 km (50–56 miles) from its removable lithium-ion battery, depending on conditions.

An advertisement for a Honda Zoomer e: in the Philippines via Facebook

We’ve since seen the performance bumped up to 40 km/h (25 mph) top speeds when the scooter was introduced into the Philippines market, where the local L1B classification allowed for higher speeds. It’s fairly obvious that the performance can be software-tweaked by Honda depending on the market, though likely to a limit. To achieve speeds much higher than 25 mph, a motor and controller swap may be required, though neither would be complicated.

In other words, the electric Ruckus’ debut revealed an ultra-lightweight, street-legal runabout designed for countries with expansive low-speed e-bike laws. But in the U.S., these types of quasi-e-bikes that are actually scooters are few and far between. The same performance can be had from a $1,000 electric bicycle, and in fact, Class 3 e-bikes in the US can go nearly twice as fast as the original electric Ruckus.

So Honda obviously hasn’t been in a rush to bring its low-spec version of the bike to the US market, where it would be a slower and heavier competitor to the wide range of cheap imported electric bicycles. However, its iconic design and cultural legacy have kept enthusiasm up for riders who have managed to privately import their own models. One Redditor appears to have imported two Honda Zoomer e: models in parts to assemble in the US, while someone else posted a YouTube video of his completely assembled Honda Dax e: model that was launched along the Zoomer e:.

Despite clear consumer interest and a growing market for low-speed electric vehicles, as well as Honda’s own proven interest in growing its electric scooter market, the company hasn’t made any moves to release the Zoomer e: in the US. That’s not surprising since America still lacks a robust electric scooter culture (or even a gasoline scooter culture, for that matter), and anything motorcycle-shaped that doesn’t hit 30+ mph tends to get passed over by mainstream buyers.

But perhaps that could change one day. Technically, bringing the Zoomer e: to the US wouldn’t be a monumental task for Honda. The U.S. is a self-certify country, meaning Honda could design a version that meets federal vehicle safety standards, beef up the motor and controller for higher speeds, and sell it as either a Class 2/3 e-bike, or perhaps more appropriately, as a low-speed motorcycle with a top speed in the 35-45 mph range (55-70 km/h).

With the rise of micromobility, electrification, and growing frustration with car-centric cities, now might actually be the perfect time for a reborn electric Ruckus to hit US roads. But until Honda decides to take that step, American riders will have to keep dreaming – or start importing.

A private import of a Honda Zoomer e: to the US

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BMW ups the ante with the fastest, most powerful electric maxi-scooter

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BMW ups the ante with the fastest, most powerful electric maxi-scooter

BMW Motorrad’s futuristic electric scooter just got its first real refresh since beginning production in 2021. The BMW CE 04, already one of the most capable and stylish electric maxi-scooters on the market, now gets a set of upgraded trim options, new aesthetic touches, and a more robust list of features that aim to make this urban commuter even more appealing to riders looking for serious electric performance on two wheels.

The BMW CE 04 has always stood out for its sci-fi styling and high-performance drivetrain. It’s built on a mid-mounted liquid-cooled motor that puts out 31 kW (42 hp) and 62 Nm of torque. That’s enough to rocket the scooter from 0 to 50 km/h (31 mph) in just 2.6 seconds – quite fast for anything with a step-through frame.

The top speed is electronically limited to 120 km/h (75 mph), making it perfectly capable for city riding and fast enough to hold its own on highway stretches. Range is rated at 130 km (81 miles) on the WMTC cycle, thanks to the 8.9 kWh battery pack tucked low in the frame.

But while the core performance hasn’t changed, BMW’s 2025 update focuses on refining the package and giving riders more options to tailor the scooter to their taste. The new CE 04 is available in three trims: Basic, Avantgarde, and Exclusive.

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The Basic trim keeps things clean and classic with a Lightwhite paint scheme and a clear windshield. It’s subtle, sleek, and very much in line with the CE 04’s clean-lined aesthetic. The Avantgarde model adds a splash of color with a Gravity Blue main body and bright São Paulo Yellow accents, along with a dark windshield and a laser-engraved rim. The top-shelf Exclusive trim is where things get fancy, with a premium Spacesilver metallic paint job, upgraded wind protection, heated grips, a luxury embroidered seat, and its own unique engraved rim treatment.

There are also a few new tech upgrades baked into the options list. Riders can now spec a 6.9 kW quick charger that reduces the 0–80% charge time to just 45 minutes (down from nearly 4 hours with the standard 2.3 kW onboard charger). Tire pressure monitoring, a center stand, and BMW’s “Headlight Pro” adaptive lighting system are also available as add-ons, along with an emergency eCall system and Dynamic Traction Control.

BMW has kept the core riding components in place: a steel-tube chassis, 15-inch wheels, Bosch ABS (with optional ABS Pro), and the impressive 10.25” TFT display with integrated navigation and smartphone connectivity. The under-seat storage still swallows a full-face helmet, and the long, low frame design means the scooter looks like something out of Blade Runner but rides like a luxury commuter.

With these updates, BMW seems to be further cementing the CE 04’s role at the high end of the electric scooter market. It’s not cheap, starting around €12,000 in Europe and around US $12,500 in the US, with prices going up from there depending on configuration. However, the maxi-scooter delivers real motorcycle-grade performance in a package that’s easier to live with for daily riders.

Electrek’s Take

I believe that the CE 04’s biggest strength has always been that it’s not trying to be a toy or a gimmick. It’s a real vehicle. Sure, it’s futuristic and funky looking, but it delivers on its promises. And in a market that’s still surprisingly sparse when it comes to premium electric scooters, BMW has had the lane mostly to itself. That may not last forever, though. LiveWire, Harley-Davidson’s electric spin-off brand, has teased plans for a maxi-scooter-style urban electric vehicle in the coming years, but as of now, it remains something of an undefined future plan.

Meanwhile, BMW is delivering not just a concept bike but a mature, well-equipped, and ready-to-ride electric scooter that keeps improving. For riders who want something faster and more capable than a Class 3 e-bike but aren’t ready to jump to a full-size electric motorcycle, the CE 04 hits a sweet spot. It delivers the performance and capability of a commuter e-motorcycle, yet with the approachability of a scooter. And with these new trims and upgrades, it’s doing it with even more style.

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I found this cheap Chinese e-cargo trike that hauls more than your car!

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I found this cheap Chinese e-cargo trike that hauls more than your car!

If you’ve ever wondered what happens when you combine a fruit cart, a cargo bike, and a Piaggio Ape all in one vehicle, now you’ve got your answer. I submit, for your approval, this week’s feature for the Awesomely Weird Alibaba Electric Vehicle of the Week column – and it’s a beautiful doozie.

Feast your eyes on this salad slinging, coleslaw cruising, tuber taxiing produce chariot!

I think this electric vegetable trike might finally scratch the itch long felt by many of my readers. It seems every time I cover an electric trike, even the really cool ones, I always get commenters poo-poo-ing it for having two wheels in the rear instead of two wheels in the front. Well, here you go, folks!

Designed with two front wheels for maximum stability, this trike keeps your cucumbers in check through every corner. Because trust me, you don’t want to hit a pothole and suddenly be juggling peaches like you’re in Cirque du Soleil: Farmers Market Edition.

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To avoid the extra cost of designing a linked steering system for a pair of front wheels, the engineers who brought this salad shuttle to life simply side-stepped that complexity altogether by steering the entire fixed front end. I’ve got articulating electric tractors that steer like this, and so if it works for a several-ton work machine, it should work for a couple hundred pounds of cargo bike.

Featuring a giant cargo bed up front with four cascading fruit baskets set up for roadside sales, this cargo bike is something of a blank slate. Sure, you could monetize grandma’s vegetable garden, or you could fill it with your own ideas and concoctions. Our exceedingly talented graphics wizard sees it as the perfect coffee and pastry e-bike for my new startup, The Handlebarista, and I’m not one to argue. Basically, the sky is the limit with a blank slate bike like this!

Sure, the quality doesn’t quite match something like a fancy Tern cargo bike. The rim brakes aren’t exactly confidence-inspiring, but at least there are three of them. And if they should all give out, or just not quite slow you down enough to avoid that quickly approaching brick wall, then at least you’ve got a couple hundred pounds of tomatoes as a tasty crumple zone.

The electrical system does seem a bit underpowered. With a 36V battery and a 250W motor, I don’t know if one-third of a horsepower is enough to haul a full load to the local farmer’s market. But I guess if the weight is a bit much for the little motor, you could always do some snacking along the way. On the other hand, all the pictures seem to show a non-electric version. So if this cart is presumably mobile on pedal power alone, then that extra motor assist, however small, is going to feel like a very welcome guest.

The $950 price is presumably for the electric version, since that’s what’s in the title of the listing, though I wouldn’t get too excited just yet. I’ve bought a LOT of stuff on Alibaba, including many electric vehicles, and the too-good-to-be-true price is always exactly that. In my experience, you can multiply the Alibaba price by 3-4x to get the actual landed price for things like these. Even so, $3,000-$4,000 wouldn’t be a terrible price, considering a lot of electric trikes stateside already cost that much and don’t even come with a quad-set of vegetable baskets on board!

I should also put my normal caveat in here about not actually buying one of these. Please, please don’t try to buy one of these awesome cargo e-trikes. This is a silly, tongue-in-cheek weekend column where I scour the ever-entertaining underbelly of China’s massive e-commerce site Alibaba in search of fun, quirky, and just plain awesomely weird electric vehicles. While I’ve successfully bought several fun things on the platform, I’ve also gotten scammed more than once, so this is not for the timid or the tight-budgeted among us.

That isn’t to say that some of my more stubborn readers haven’t followed in my footsteps before, ignoring my advice and setting out on their own wild journey. But please don’t be the one who risks it all and gets nothing in return. Don’t say I didn’t warn you; this is the warning.

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