Our Terms & Conditions | Our Privacy Policy
The partnership also offers MG EV customers an assured 60% buyback value after three years of ownership, facilitating a seamless and confident ownership experience.Bengaluru-based full-stack EV ecosystem startup Vidyut has partnered with JSW MG Motor India to launch Battery-as-a-Service (BaaS) financing for passenger cars, including MG Comet EV, MG Windsor EV, and MG ZS EV. This new initiative, which commenced recently, allows EV owners to pay a minimum rental fee starting at INR 2.5/km for battery usage, aiming to reduce running costs by 40% compared to traditional internal combustion engine (ICE) vehicles.What is BaaS model?
The BaaS model distinguishes itself by enabling customers to purchase the EV minus the battery, which significantly reduces the initial acquisition cost. The BaaS framework further lowers driving expenses, making EV ownership more accessible. After completing the financing tenure of the vehicle minus the battery—which ranges from three to five years depending on the vehicle model—customers have the option to continue with the battery rental program or buy the battery outright. Vidyut also allows customers to leave the program at any time by paying the residual value of the battery.“People think of battery as an asset, but we think battery as a fuel. So why should you pay for it when the vehicle is not on the road? This very question inspired us to introduce Battery-as-a-Service (BaaS) into the EV ecosystem. Since its inception in 2021, Vidyut has made significant strides in pioneering this financing model for commercial applications. And now we are excited to extend that same level of innovation to personal four-wheeler vehicles with JSW MG Motor India. Our goal is to make EV ownership not just accessible but also cost-efficient for everyone, empowering individuals to embrace sustainable mobility without the financial burden that traditionally accompanies it,” commented Xitij Kothi, Co-Founder of Vidyut.What this partnership will offer?
The partnership also offers MG EV customers an assured 60% buyback value after three years of ownership, facilitating a seamless and confident ownership experience.
Gaurav Gupta, Chief Growth Officer at JSW MG Motor India, expressed optimism about the partnership and its potential impact on EV adoption in India. He remarked, “As a young startup, we appreciate Vidyut’s approach towards this unique and industry-first ownership program to make passenger EVs more accessible and further boost EV adoption in India. And we are delighted to partner with Vidyut, as one of our financing partners, to introduce BaaS, to address the barrier of incremental upfront cost of owning an EV and reducing the overall running cost significantly. With this innovative program, we are confident that this model will incentivise more potential EV buyers enabling them to upgrade to an EV lifestyle.”
This partnership and initiative by Vidyut and JSW MG Motor India are set to play a significant role in making electric vehicles a more appealing option for consumers in India by addressing both the upfront and running costs associated with EV ownership.
- Published On Sep 30, 2024 at 05:09 PM IST
Join the community of 2M+ industry professionals
Subscribe to our newsletter to get latest insights & analysis.
Download ETAuto App
- Get Realtime updates
- Save your favourite articles
Scan to download App
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.