Mahindra Last Mile Mobility Limited (MLMML) has partnered with Bengaluru-based EV startup Vidyut to introduce a Battery-as-a-Service (BaaS) program for its electric four-wheelers (4Ws) and three-wheelers (3Ws). This rental model reduces the initial acquisition cost of EVs by up to 40%, making them more affordable compared to traditional internal combustion engine (ICE) vehicles.
The program offers flexibility to customers by providing an option to buy out the battery at any time during or after the rental term. By paying the residual value of the battery, users can transition from the rental scheme to full ownership, providing a versatile and customer-centric approach to EV financing.
Vidyut brings its expertise as a full-stack EV solutions provider to this collaboration, with a focus on optimising battery usage. Unlike traditional ownership models where the battery remains an unused asset when the vehicle is idle, Vidyut's BaaS model treats batteries as fuel, ensuring customers only pay for what they use. This innovative approach is expected to improve the affordability and practicality of EVs for commercial applications.
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