Exhibit 3: Total cost of ownership of a 55-ton BET utilizing a fixed charging and battery-swapping system

Note: TCO analysis considers a seven-year operating period beginning in 2026. Inputs used to calculate TCO are as follows: Chennai–Bengaluru (Daily distance traveled: 347 km; Charging price: INR 16/unit; Swapping price: INR 21/unit), Delhi–Jaipur (Daily distance traveled: 270 km; Charging price: INR 11.5/unit; Swapping price: INR 15.6/unit), Kolkata–Haldia (Daily distance traveled: 244 km; Charging price: INR 10.2/unit; Swapping price: INR 15.4/unit).
Source: RMI analysis