Electric commercial vehicle manufacturer Mahindra Last Mile Mobility Limited (MLMML) on Wednesday, December 11, announced its collaboration with Bengaluru-based EV startup Vidyut to launch an innovative Battery-as-a-Service (BaaS) financing program. According to the official release, the initiative aims to make electric vehicle (EV) ownership more affordable and accessible, especially for commercial EVs like Mahindra ZEO (4Ws), Treo Plus and Zor Grand (3Ws).
Under this new programme, customers can rent batteries at a minimum charge starting from Rs 2.50 per kilometre, significantly reducing the initial cost of purchasing an EV. This will reduce the upfront acquisition cost of electric vehicles by 40 percent compared to conventional internal combustion engine (ICE) vehicles, the company said.
Vidyut’s BaaS program allows customers to either purchase batteries or continue rental arrangements after the financing period. According to the official release, vehicle owners can opt to discontinue the program at any time by paying the remaining price of the battery.
Suman Mishra, Managing Director and CEO of MLMML, expressed his excitement about the partnership and said, “By offering battery-as-a-service options through Vidyut, we further demonstrate our dedication to making electric mobility more accessible to all.” Performing. This will be a partnership.” “This will undoubtedly contribute to the adoption of electric vehicles by enabling customers to purchase last mile EVs with lower initial costs.”
Vidyut’s co-founder, Zitij Kothi, emphasized the company’s vision of treating batteries as a fuel rather than an asset. He added, “In partnership with Mahindra Last Mile Mobility Ltd., we are excited to expand the innovation to 4W&3W cargo and 3W passenger vehicles as well. Our goal is to make sustainable mobility not only affordable but accessible, enabling more people to drive without an EV.” Be able to take ownership.” The financial burden that often comes with it.”
