With the introduction of its Battery-as-a-Service (BaaS) concept, Vidyut has announced a new partnership with JSW MG Motor India, offering an exclusive ownership program for electric vehicles (EVs). This effort is expected to make EV ownership more accessible by offering a pay-as-you-go battery rental program, greatly decreasing the overall running expenses.
Customers can acquire the EV without the battery due to the BaaS model, which significantly reduces the initial acquisition cost. Owners can rent the battery based on usage and only pay for it while the car is operating, as opposed to purchasing it all at once. Customers have two options after the financing term, which varies from three to five years: they may either keep renting the battery or choose to buy it completely.
Additionally, Vidyut has allowed customers to end the leasing agreement whenever they choose by just paying the battery’s remaining balance.
As per Xitij Kothi, Co-Founder of Vidyut, this model treats the battery like fuel, incurring costs only while the vehicle is in use, instead of viewing it as an asset. He conveyed his faith in this creative strategy, which has previously proven effective in the commercial vehicle industry and is currently being extended to private EVs in association with JSW MG Motor India.
Customers of MG EVs can also take advantage of a promised 60% repurchase value after three years of ownership, which provides a safe and assured transition to electric vehicles. Through agreements with significant OEMs like Tata Motors and Mahindra, Vidyut has already made headway in the commercial EV market. With this new program, the company hopes to increase the viability of EV ownership for individual consumers.