Key Highlights
- MG Motor first brand to introduce BaaS battery rental services
- BaaS package was announced during Windsor EV launch
- Package includes two EMI payments for body shell and battery
- Additional battery rental charges costs Rs. 3.5 per km
MG Motor marked a significant move in EV venture with a unique EV ownership initiative. During the launch of its first ever CUV (Crossover Utility Vehicle) is definitely one of the most innovative ownership package brought to the Indian market. Just to break it down, Baas (Battery as a Service) is an easy EMI payment option where customers pay EMIs for the battery as rental along with the car unit. Gaurav Gupta, Chief Growth Officer MG Motor India, in an exclusive interaction with Giznext have made this concept more clear for the audience.
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What Exactly Is Baas? How Will This Concept Boost EV Adaption?
Battery-as-a-service was tries to address one of the major hurdles to EV adaption, i.e., the high upfront cost. With this package customers will be able to pay the price of the battery separately from the body shell. It essentially is a new EV ownership program where one pays for the body shell and gets to use the battery of the car based on kilometres driven.
If a customers opts for BaaS then he will pay two EMIs, one for the body shell and the other for the battery. The cost would depend on the plan opted by the customer.
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How Will Customers Benefit From BaaS Package?
BaaS is a new-age financing option bringing significant benefits for customers primarily by cutting down on the higher costs associated with EV purchase . This package reduces the starting price of the car. And its not just the Windsor EV, the BaaS services can be availed for other MG electric four wheelers.
For instance, Comet EV starting at INR 4.99 lakhs + Battery Rental @ ₹2.5/km*, the Windsor EV at INR INR 9.99 Lakhs + battery rental @₹3.5/Km* and the MG ZS EV is offered at just INR 13.99 Lakh + battery rental @₹4.5/km*. Additionally, this package helps with extra savings for the customer as he pays basis kilometre driven / battery usage.
Also Read: MG Windsor EV All Trims, Features Explained
Similar Ownership Package In Pipeline For ICE Models?
“Innovation is a very important pillar at JSW MG Motor India and we consider it as an integral part of our DNA. The current vehicles in our ICE portfolio are known for many disruptions in their respective segments. It is against our company policy to comment on future plans, but we want to ensure that our pursuit to deliver innovative solutions to mobility needs will be consistent.”
Well, it seems we will have to wait for a while to see any future developments on the same.
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Does This Package Comes With Any Time Limit or KM Coverage Restrictions?
There are different plans from different finance partners being offered on MG electric four wheelers. Body shell and the battery can be funded for different tenures. Customers can get the car unit’s funding for 3 to 5 years and battery for up to 8 years or 1.5 Lac Kms.
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Who Becomes The Owner If Customer Opts For BaaS Package?
The vehicle will be registered in the name of the customer purchasing the program through an affiliated finance partner. These will be privately registered vehicles just like normal private vehicles on road.
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What If Customer Fails To Pay Defaults Monthly Installments?
“As with any financing arrangement, understanding the implications of non-payment is crucial. If a customer ceases to pay the battery rental fees, the financial institution, like routine procedure will give multiple reminders to customers to pay off the due.”
However, if the customer still fails to make the payment, the financier retains the right to repossess the vehicle. The customer will receive the money back for the amount that was paid outright for the body shell. The price adjustments will be made depending the condition and usage. The default amount will deducted from the total sum and the remainder amount will be returned to the customer.
