MG Motor Partner With Kotak Mahindra Prime For BaaS Ownership Program | V3Cars

24 January 2025
By Nikil Jonathan
0

JSW MG Motor India have announced a partnership with Kotak Mahindra Prime Limited (KMPL) to provide financing solutions for its Battery-as-a-Service (BaaS) ownership program for electric vehicles (EVs). This collaboration makes KMPL the fifth auto financiers to support the BaaS model after Bajaj Finserv, Hero Fincorp, Ecofy Autovert and Vidyut. The latest partnership aims to increase BaaS adoption among prospective EV buyers.

MG Motor Partner With Kotak Mahindra Prime For EV Battery Financing

Battery-As-A-Service (BaaS) – Lowering The Entry Barrier To EV Ownership

Launched in September 2024, BaaS is a flexible ownership program designed to significantly reduce the initial cost of EV acquisition. By separating the cost of the battery from the vehicle itself, BaaS aims to make EV ownership more accessible and affordable. This model has reportedly spurred renewed customer interest in EVs and contributed to increased sales. The growing consumer interest in BaaS has motivated KMPL to develop tailored financing solutions for EV customers opting for this unique ownership model.

Gaurav Gupta, Chief Growth Officer, JSW MG Motor India, stated:

With BaaS, we have created a disruption in the market and created a benchmark in the Electric Car industry. It remains our priority to enhance its reach through various finance partners, to enable rapid EV adoption. KMPL’s vast network and connect with dealer partners will surely be an added advantage for an enhanced penetration of the unique BaaS concept, thereby boosting our EV sales.

Vyomesh Kapasi, Managing Director and CEO, Kotak Mahindra Prime Limited, commented:

At KMPL, we are dedicated to driving innovation in vehicle financing. We are excited to partner with JSW MG Motor India on their pioneering BaaS EV ownership program. This collaboration aims to enhance the EV financing ecosystem in India by offering innovative and customer-friendly finance products across various segments. We are confident that this partnership will further strengthen our finance offerings and support the adoption of electric vehicles.

How MG BaaS Works

BaaS allows customers to purchase an EV without including the cost of the battery in the initial purchase price. Customers then subscribe to a battery usage plan, effectively renting the battery. This separation of costs makes EVs more affordable upfront, enabling wider adoption. Currently, the MG Windsor, Comet and ZS EV are all available with the BaaS ownership program.

Also Read: MG Windsor BaaS Price Updated For Jan 2025

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ABOUT THE AUTHOR

Nikil Jonathan

Nikil's a huge fan of classic cars, especially Italian beauties such as the Alfa Romeo Giulia Sprint and the Iso Grifo. His love for cars and bikes originated when he first laid his eyes on a poster of the Ferrari F40 and the MV Agusta F4 when he was just a child. He also loves all things analogue, especially vintage cameras and turntables.

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