Vidyut has announced a new relationship with JSW MG Motor India, offering an exclusive ownership program for electric vehicles (EVs), in conjunction with the launch of its Battery-as-a-Service (BaaS) concept. By providing a pay-as-you-go battery rental scheme and significantly lowering the total operating costs, this initiative is anticipated to increase the accessibility of EV ownership.
Because of the BaaS approach, customers can purchase the EV without a battery, thus lowering the initial cost of purchasing. Instead of buying the battery all at once, owners can rent it based on how much they use and only pay for it when the car is running. Following the financing term, which can range from three to five years, customers have two choices: they can either continue renting the battery or decide to buy it outright.
Furthermore, Vidyut has made it possible for clients to terminate their lease at any time by just paying the balance due on the battery.
The co-founder of Vidyut, Xitij Kothi, claims that this model does not see the battery as an asset but rather uses it like fuel, charging it only when the car is moving. He expressed his belief in this innovative approach, which has worked well in the commercial vehicle sector and is currently being applied to private electric vehicles (EVs) in collaboration with JSW MG Motor India.
Additionally, after three years of ownership, MG EV customers can benefit from a guaranteed 60% repurchase value, which offers a secure and safe transition to electric vehicles. With partnerships with major OEMs like Mahindra and Tata Motors, Vidyut has already achieved success in the commercial EV industry. The business expects that this new scheme will make owning an EV more feasible for individual users.
