Mahindra Teams Up with Vidyut to Revolutionize EV Financing

Mahindra Last Mile Mobility Ltd has partnered with EV startup Vidyut to introduce battery-as-a-service financing for their electric vehicles. This initiative aims to reduce the upfront cost of owning an EV by up to 40 percent, encouraging broader adoption of sustainable transportation solutions.

Mahindra Last Mile Mobility Ltd has entered into a partnership with electric vehicle startup Vidyut to launch an innovative battery-as-a-service (BaaS) financing model for its electric vehicles.

The BaaS financing option covers Mahindra's electric models, including the ZEO four-wheeler and the Zor Grand and Treo Plus three-wheelers, aiming to lower upfront costs by offering a rental fee model starting at Rs 2.50 per kilometer. This move is set to enhance the accessibility and affordability of electric vehicles compared to traditional internal combustion engine cars.

Customers have the flexibility to either purchase the battery or continue with the rental program. Vidyut Co-Founder Xitij Kothi highlighted the expansion of BaaS to both cargo and passenger EVs, emphasizing the goal of making sustainable mobility more affordable and attainable.

(With inputs from agencies.)