JSW MG Motor India has announced a strategic partnership with Kotak Mahindra Prime Limited (KMPL) to offer financing solutions for its innovative Battery-as-a-Service (BaaS) ownership programme. Launched in September 2024, the BaaS programme separates the cost of the EV’s battery from the body shell, significantly reducing the initial acquisition price. This model allows customers to finance the battery and body shell separately, offering a flexible and economical ownership experience.
Under this partnership, KMPL becomes one of the first major auto financers to support the BaaS programme. With its extensive dealer network and expertise in vehicle financing, KMPL is expected to enhance the reach of the programme, enabling more customers to access this affordable and hassle-free EV ownership model.
Gaurav Gupta, Chief Growth Officer, JSW MG Motor India, stated “Partnering with KMPL will strengthen its reach, driving rapid EV adoption. KMPL’s vast network will help us penetrate deeper into the market, making EVs more accessible to a wider audience.”
Vyomesh Kapasi, Managing Director and CEO, Kotak Mahindra Prime Limited, added “This partnership reflects our commitment to innovation in vehicle financing and our support for the growing EV ecosystem. Together, we aim to make EV ownership more customer-friendly and financially viable.”
The BaaS programme aims to provide a more affordable entry point for EV ownership in India by splitting battery costs—one of the most expensive components—from the vehicle’s overall price. This flexibility is expected to boost demand for EVs, helping to accelerate India’s transition to sustainable mobility.
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