December 11, 2024 | Bengaluru
Mahindra Last Mile Mobility Ltd (MLMML) has teamed up with Bengaluru-based EV startup Vidyut to launch an innovative Battery-as-a-Service (BaaS) model. This collaboration is set to make electric vehicle (EV) ownership more affordable and convenient by introducing a pay-as-you-go battery rental service for Mahindra’s commercial 4-wheelers (4W) and 3-wheelers (3W).
Key Highlights of the Partnership
- Cost-Effective Solution:
- Customers can rent batteries at ₹2.50 per kilometre, reducing upfront costs by 40% compared to traditional internal combustion engine (ICE) vehicles.
- This makes EV ownership more accessible for fleet operators and small businesses.
- Vehicles Covered:
- The program includes Mahindra’s ZEO (4W), Zor Grand, and Treo Plus (3Ws).
- Flexible Options:
- After the financing period, customers can either purchase the battery, continue renting, or exit the program by paying the remaining battery value.
- Batteries as Fuel:
- Vidyut’s innovative approach treats batteries as fuel rather than assets, enabling a more convenient and cost-effective ownership model.
Industry Impact
This partnership supports India’s EV adoption goals by addressing two critical barriers: high upfront costs and the complexities of battery ownership. By lowering entry costs, the BaaS model encourages more businesses and individuals to transition to electric mobility.
Leadership Insights
- Suman Mishra, Managing Director & CEO of MLMML:”This collaboration makes electric mobility accessible to a broader audience and helps accelerate EV adoption in India.”
- Xitij Kothi, Co-Founder of Vidyut:”Our BaaS model redefines EV ownership, making sustainable mobility affordable and hassle-free for all.”
Customer Benefits
- Reduced Upfront Costs: Lower financial entry barriers for EV adoption.
- Flexible Ownership: Offers multiple options for battery usage and ownership.
- Sustainable Solution: Encourages environmentally-friendly transport by reducing dependency on ICE vehicles.
Mahindra’s partnership with Vidyut represents a significant leap toward democratizing EV ownership in India. By combining affordability with flexibility, the Battery-as-a-Service model is poised to redefine how individuals and businesses perceive electric mobility.
