JSW MG Motor India partners with Kotak Mahindra Prime to enhance EV financing, ET Auto

Vyomesh Kapasi, Managing Director & CEO, KMPL and Gaurav Gupta, Chief Growth Officer, JSW MG Motor India, along with other senior officials.JSW MG Motor India and Kotak Mahindra Prime Limited (KMPL) have partnered to offer financing for JSW MG’s Battery-as-a-Service (BaaS) program, making EVs more accessible. This partnership aims to expand the reach of BaaS, reduce upfront costs for EV ownership, and stimulate EV sales growth. KMPL is one of the first major auto financiers to support the BaaS model.

This partnership builds upon the existing relationship between JSW MG Motor India and KMPL, which began in 2019. They have collaborated on both channel and retail financing since the automaker entered the Indian market. The addition of BaaS financing further solidifies their collaboration.

“Our pursuit for innovation is relentless and we remain committed to create experiences that enhances consumer delight. With BaaS, we have created a disruption in the market and created a benchmark in the Electric Car industry. It remains our priority to enhance its reach through various finance partners, to enable rapid EV adoption. I welcome and thank the KMPL team for partnering with us to extend the BaaS concept to customers. KMPL’s vast network and connect with dealer partners will surely be an added advantage for an enhanced penetration of the unique BaaS concept, thereby boosting our EV sales,” said Gaurav Gupta, Chief Growth Officer of JSW MG Motor India. BaaS program

The BaaS program, launched in September 2024, separates the cost of the battery from the vehicle, allowing for separate financing options. This lowers the initial purchase price, making EVs more affordable. The increased interest in BaaS has contributed to a resurgence in EV sales.

“At KMPL, we are dedicated to driving innovation in vehicle financing. We are excited to partner with JSW MG Motor India on their pioneering BaaS EV ownership program. This collaboration aims to enhance the EV financing ecosystem in India by offering innovative and customer friendly finance products across various segments. We are confident that this partnership will further strengthen our finance offerings and support the adoption of electric vehicles,” stated Vyomesh Kapasi, Managing Director and CEO of Kotak Mahindra Prime Limited (KMPL).

The BaaS program offers a more flexible and affordable way to own an EV. By separating the battery cost, customers face a lower initial investment. This approach addresses a key barrier to EV adoption: the high upfront cost. KMPL’s involvement as a financing partner further simplifies the process for customers. This collaboration between JSW MG Motor India and KMPL aims to make EV ownership more attainable and contribute to the growth of the EV sector in India. The program allows customers to finance the vehicle and the battery separately, providing more financial flexibility. The increasing customer interest in BaaS demonstrates its potential to drive EV adoption.

• Published On Jan 13, 2025 at 04:49 PM IST

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