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Piaggio's New Battery Subscription Makes Ape Electric More Accessible In India: Likely To Boost Sales Figures For The Company
In a significant move to boost electric vehicle (EV) ownership in India, Piaggio has rolled out a new battery subscription model for its Ape Electric three-wheeler range. This innovative scheme is designed to make EVs more affordable by removing the high upfront cost associated with the vehicle's battery.
With the Government of India revising its electric vehicle subsidy under the Electric Mobility Promotion Scheme 2024, Piaggio's latest offering comes as a welcome development for potential EV buyers in the country.
Priced at Rs 2.59 lakh (ex-showroom), the Ape Electric can now be purchased without the battery cost. Customers can instead opt to rent Piaggio-approved battery packs on a monthly basis from company dealerships.
This unique model not only makes the initial purchase more accessible but also alleviates concerns about battery maintenance, lifespan, and replacement costs. The vehicle's chassis and powertrain will be registered in the customer's name, enabling them to avail of loan facilities.
The subscription is available for a lease period of up to 1,20,000 kms or 8 years for cargo models, and 1,50,000 kms or 8 years for passenger models. Once the mileage limit is reached, no further rental payments are required.
Piaggio guarantees the battery's health throughout the lease and offers battery replacements at the same rental rate after the initial period. Launched across 30 Indian cities including Gurgaon, Mumbai, and Chennai, the battery subscription model requires no additional documents from customers.
It also offers the flexibility to unsubscribe or sell the vehicle at any time without penalties. This initiative is part of Piaggio's commitment to promoting EV adoption in India, providing a cost-effective solution for buyers in a post-subsidy market environment.
Mr Diego Graffi, Chairman and MD of Piaggio Vehicles Pvt Ltd, emphasized the company's focus on customer satisfaction and innovative solutions. He expressed confidence that the battery subscription model would remove barriers to EV adoption and support sustainable growth in the sector.
Mr Amit Sagar, Executive Vice President – CV Domestic Business at Piaggio, also highlighted the affordability of the scheme. With a down payment of just Rs 30,000 and a monthly EMI of Rs 8,000, owning an electric three-wheeler is now as viable as purchasing a CNG variant.
DriveSpark Thinks
Piaggio's latest strategy is expected to click well with its target audience, resulting in improved sales figures. With improved sales figures, Piaggio may also increase the production of its models in the country.
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