Mahindra Partners with Vidyut for EV Battery-as-a-Service Financing

New Delhi, Dec 11 (PTI) Mahindra Last Mile Mobility Ltd on Wednesday said it has partnered with EV startup Vidyut to launch battery-as-a-service financing for the company's electric vehicles.

The battery-as-a-service (BaaS) financing will include electric vehicles (EVs) like Mahindra ZEO (4W) as well as Zor Grand and Treo Plus (3Ws), Mahindra Last Mile Mobility Ltd (MLMML) said in a statement.

Under the BaaS programme, customers will pay a minimal rental fee starting at Rs 2.50 per kilometre enabling EV owners to rent the battery, reducing the upfront vehicle acquisition cost by up to 40 per cent compared to traditional ICE (internal combustion engine) vehicles, it added.

"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," MLMML Managing Director & CEO Suman Mishra said.

Vidyut will also give MLMML vehicle customers the choice to either buy out or continue with the battery rental programme after the financing term, the statement said.

By paying the battery's remaining worth, the vehicle owners can also choose to discontinue the programme at any moment, it added.

Vidyut Co-Founder Xitij Kothi said in partnership with MLMML, the company has expanded its BaaS four-wheeler and three-wheeler cargo and three-wheeler 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," Kothi added.