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Mahindra Last Mile Mobility & Vidyut Launch Battery-as-a-Service For Affordable Electric Vehicle Ownership
Mahindra Last Mile Mobility Limited (MLMML), the leading electric commercial vehicle producer in India, and Vidyut, a Bengaluru-based electric vehicle (EV) startup, have come together in a pioneering collaboration. This partnership aims to revolutionize EV ownership by introducing a Battery-as-a-Service (BaaS) financing model.
This innovative service is available for MLMML's electric vehicles, including the Mahindra ZEO, Zor Grand, and Treo Plus. By adopting this model, customers can rent batteries for their EVs at a nominal fee starting from ₹2.50 per kilometer, significantly reducing the initial cost of acquiring an electric vehicle by up to 40% when compared to traditional internal combustion engine (ICE) vehicles.
The BaaS program not only lowers the upfront cost of EVs but also offers flexibility in battery ownership. Vidyut has created a system where, after the financing period, customers can choose to either purchase the battery outright or continue renting it.
This flexibility ensures that vehicle owners have the opportunity to opt-out of the program at any time by paying the remaining value of the battery. This approach is designed to make the transition to electric mobility as seamless and stress-free as possible.
Suman Mishra, the Managing Director & CEO of MLMML, emphasized the importance of this initiative, stating, "By introducing the Battery-as-a-Service option through Vidyut, we are demonstrating our dedication to making electric mobility more accessible to everyone. This partnership will undoubtedly contribute to the increased adoption of electric vehicles by enabling customers to purchase last mile EVs with a reduced initial cost." This statement underlines MLMML's commitment to enhancing the affordability and accessibility of electric vehicles for a broader audience.
Adding to the conversation, Xitij Kothi, Co-Founder of Vidyut, shared his vision for the BaaS model, remarking, "As a company, we view batteries as fuel, while others see them as assets. Our question has always been when the vehicle isn't on the road, why should you still pay for the battery? This is why we introduced Battery-as-a-Service (BaaS) into the EV ecosystem. Since our founding in 2021, Vidyut has made significant strides in developing this funding mechanism for commercial applications. Now, in partnership with Mahindra Last Mile Mobility Limited, we are excited to expand the innovation to 4W & 3W cargo and 3W passenger vehicles too. Our goal is to make sustainable mobility not only affordable but also accessible, enabling more people to embrace EV ownership without the financial burden that often comes with it."
Mahindra Last Mile Mobility Limited, part of the Mahindra & Mahindra Limited conglomerate, stands as the premier manufacturer of small electric commercial vehicles in India. Known for its award-winning EVs like the Treo range and Zor Grand, MLMML offers a diverse portfolio of electric, petrol, CNG, and diesel vehicles catered to last-mile mobility in both passenger and cargo sectors. The inclusion of the ZEO 4W SCV alongside the Alfa and Jeeto ranges underscores MLMML's dedication to combining power with fuel efficiency in its vehicles.
This collaboration between MLMML and Vidyut represents a significant step forward in making electric vehicles more attainable and practical for everyday use. By reducing financial barriers and providing flexible options for battery usage, MLMML and Vidyut are paving the way for a more sustainable future in urban transportation. Through initiatives like the BaaS program, they are setting new standards for convenience and affordability in the electric vehicle sector, promising to enhance the adoption and use of EVs across India.
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