Vidyut has announced a new collaboration with JSW MG Motor India, introducing a unique ownership program for electric vehicles (EVs) through its Battery-as-a-Service (BaaS) model. This initiative is set to make EV ownership more affordable by offering a pay-as-you-go battery rental scheme, significantly reducing the overall running costs.
The BaaS model allows customers to purchase the EV without the battery, considerably lowering the initial acquisition cost. Instead of paying upfront for the battery, owners can rent it according to usage, paying only when the vehicle is on the road. After the financing term, which ranges between 3 to 5 years, customers can either continue with the rental scheme or opt to purchase the battery outright. Vidyut has also made it possible for users to exit the rental agreement at any time by paying the remaining value of the battery.
According to Xitij Kothi, Co-Founder of Vidyut, this model shifts the perspective of the battery from being viewed as an asset to being treated like fuel, with costs incurred only during vehicle usage. He expressed confidence in this innovative approach, which has already seen success in the commercial vehicle sector, and is now being expanded to personal EVs in collaboration with JSW MG Motor India.
Additionally, MG EV customers can benefit from an assured 60% buyback value after three years of ownership, offering a secure and confident transition to electric driving. Vidyut has already gained traction in the commercial EV sector with partnerships with major OEMs such as Tata Motors and Mahindra and aims to make EV ownership more viable for individual consumers through this new scheme.
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