Mahindra Last Mile Mobility Ltd has partnered with EV startup Vidyut to introduce battery-as-a-service (BaaS) financing for its electric vehicles, including the Mahindra ZEO, Zor Grand, and Treo Plus.
Under this program, customers can rent batteries starting at Rs 2.50 per kilometer, significantly lowering the initial cost of EV ownership by up to 40% compared to traditional internal combustion engine vehicles.
Customers can choose to buy out the battery or continue renting after the financing term, with the option to exit the program at any time by paying the remaining battery value.
This initiative aims to enhance the adoption of electric vehicles by making them more affordable and accessible. Vidyut's co-founder highlighted the goal of promoting sustainable mobility without the financial burdens typically associated with EV ownership.