It delivers economical, pay-as-you-go battery leasing solutions, slashing the initial costs of acquiring electric vehicles by up to 40%.
Mahindra Last Mile Mobility Limited, in partnership with Bengaluru-based startup Vidyut, has unveiled a Battery-as-a-Service (BaaS) initiative for its electric vehicles (EVs), including both 4-wheelers and 3-wheelers. This new program offers a pay-as-you-go battery rental scheme, starting at ₹2.50 per kilometre, which can reduce the initial purchase cost of these vehicles by up to 40%.
Vidyut will offer customers the option to rent batteries rather than buy them, aiming to lower the barrier to acquiring models such as the Mahindra ZEO, Zor Grand, and Treo Plus. The BaaS model provides vehicle owners with the flexibility to either continue renting the battery or purchase it outright at the end of their financing term.
Suman Mishra, the Managing Director and CEO of Mahindra Last Mile Mobility Limited, highlighted that the BaaS option is designed to make electric mobility more accessible and affordable, thus promoting wider adoption in the commercial sector. Similarly, Xitij Kothi, Co-Founder of Vidyut, emphasized that their approach allows customers to only pay for battery usage, significantly reducing the financial burdens of EV ownership.
The BaaS model is gaining popularity as a means to decrease upfront vehicle costs, enhance affordability, and support the broader adoption of EVs. This approach separates battery ownership from vehicle ownership, allowing users to pay based on the distance they travel. This can particularly benefit commercial fleets in sectors like logistics and delivery by improving operational efficiency and managing battery lifecycle concerns effectively.
