Mahindra Last Mile Mobility Partners with Vidyut for Battery-as-a-Service

Key Highlights:

• Mahindra Last Mile Mobility has partnered with Vidyut to introduce battery-as-a-service (BaaS) financing for electric vehicles.
• The BaaS programme covers Mahindra ZEO, Zor Grand and Treo Plus.
• Customers can rent the battery starting at Rs 2.50 per km, reducing the upfront cost of EVs by up to 40%.
• After the financing term, customers can choose to buy or continue with the battery rental.
• Vidyut aims to make EV ownership more affordable and accessible with this partnership.

Mahindra Last Mile Mobility Ltd (MLMML) has announced a partnership with EV startup Vidyut to introduce a battery-as-a-service (BaaS) financing model for its electric vehicles. The service will cover Mahindra ZEO (4W), Zor Grand, and Treo Plus three-wheelers, allowing customers to rent batteries at a minimal cost.

How the BaaS Financing Works

The BaaS program allows customers to pay a rental fee starting at Rs 2.50 per kilometre. This reduces the upfront cost of electric vehicles by up to 40% compared to traditional internal combustion engine (ICE) vehicles. After the financing term, customers have the option to either buy out the battery or continue with the rental program.

Customer Benefits and Flexibility

According to MLMML Managing Director & CEO, Suman Mishra, this initiative will make EVs more accessible and affordable for customers.

Vidyut Co-Founder Xitij Kothi emphasized that the goal is to make EV ownership more affordable and less financially burdensome for consumers.

Similar Developments in the EV Market

This announcement follows MG's launch of the Windsor EV in India, which also offers a BaaS model. The MG Windsor EV, priced from Rs 9.99 lakh (ex-showroom), comes with a 38kWh battery pack offering a 331km range, and a battery rental cost of Rs 3.5/km.

Mahindra Last Mile Mobility Limited

Mahindra Last Mile Mobility Limited (MLMM), a subsidiary of Mahindra & Mahindra (M&M), is a prominent manufacturer of last-mile mobility solutions. The company produces a diverse range of 3- and 4-wheeler vehicles tailored for passenger and cargo transportation.

MLMM's product portfolio includes advanced electric vehicles such as the Treo, Zor Grand, and e-Alfa series, which are designed to meet the growing demand for sustainable mobility. These vehicles are known for their efficiency, reliability, and eco-friendliness.

Additionally, MLMM offers internal combustion engine (ICE) vehicles, including the Alfa 3-wheeler and the Jeeto 4-wheeler, which cater to customers seeking CNG, petrol, or diesel-powered options. These vehicles are widely recognized for their durability and performance in both urban and rural markets.

With its innovative approach and comprehensive range of vehicles, MLMM continues to lead the last-mile mobility segment, offering versatile solutions for both passenger and cargo needs.

Also Read: Electric 3W L5 Sales Report November 2024: MLMM and Bajaj Auto Emerges as Top Choice.

CMV360 Says

The partnership between Mahindra Last Mile Mobility and Vidyut is a significant move towards making electric vehicles more affordable and accessible. Reducing the upfront cost of EVs through battery rentals encourages more people to consider switching to electric mobility. This initiative supports the growth of the EV market while offering consumers flexibility, making EV ownership more attainable.