Vidyut and JSW MG Motor Launch Battery Rental
New Delhi, India – Vidyut, a leading provider of battery financing solutions, has joined forces with JSW MG Motor India to launch a groundbreaking Battery-as-a-Service (BaaS) program for electric vehicles (EVs). This innovative partnership aims to make EV ownership more accessible and affordable for Indian consumers.
“We believe that batteries should be treated as a fuel, not an asset. Why should you pay for a battery when your vehicle isn’t on the road? This question led us to develop BaaS, and we’re thrilled to extend this model to personal four-wheeler vehicles in partnership with JSW MG Motor India.”
Xitij Kothi, Co-Founder of Vidyut
Gaurav Gupta, Chief Growth Officer at JSW MG Motor India, expressed his excitement about the partnership.
“We’re impressed by Vidyut’s unique approach to EV ownership. By introducing BaaS, we’re addressing the upfront cost barrier and making EVs more attractive to Indian consumers. This program will incentivize more people to adopt electric mobility and reduce their overall running costs.”
Gaurav Gupta, Chief Growth Officer at JSW MG Motor India
The BaaS program offers several benefits to EV owners, including:
- Reduced upfront cost: Customers can purchase an EV without the added expense of a battery.
- Lower monthly payments: The battery rental fee is typically included in the monthly loan or lease payment.
- Hassle-free battery management: Vidyut will handle battery maintenance, replacement, and insurance.
- Flexibility: Customers can choose a battery rental plan that suits their driving needs.
Vidyut and JSW MG Motor India Revolutionize EV
With the launch of this revolutionary BaaS program, Vidyut and JSW MG Motor India are paving the way for a more sustainable and affordable future of electric mobility in India.
Vidyut, a leading EV ecosystem startup, has partnered with JSW MG Motor India to introduce a groundbreaking Battery-as-a-Service (BaaS) financing program for passenger EVs. The program covers the MG Comet EV, MG Windsor EV, and MG ZS EV, offering customers a rental fee starting at INR 2.5/km for the MG Comet EV (fees vary for other models).
The BaaS model aims to reduce the running cost of EVs by a substantial 40% compared to traditional internal combustion engine (ICE) vehicles. By separating the battery cost from the vehicle purchase, customers can enjoy a more affordable initial investment.
Founded in 2021, Vidyut specializes in battery subscription financing, making EV ownership more accessible. JSW MG Motor India, established in 2023, is committed to building a sustainable automotive ecosystem and offers a diverse range of electric vehicles.
Under the BaaS program, customers can purchase the vehicle without the battery, significantly reducing upfront costs. After completing the vehicle’s financing tenure (3-5 years), they have the flexibility to continue renting the battery or purchase it outright. Additionally, customers can exit the program at any time by paying the battery’s residual value.