Mahindra Expands Battery-as-a-Service to Entire Electric SUV Portfolio
Mahindra expands its Battery-as-a-Service (BaaS) to its full Electric Origin SUV range, including BE 6 SPORTEQ, XEV 9S, and XEV 9e. This allows separate financing for vehicles and batteries, lowering upfront costs. The BE 6 SPORTEQ starts at ₹11.45 Lakh with battery usage at ₹3.75/km.
The BaaS program makes EV ownership more accessible, which could lead to increased sales and market share for Mahindra's electric SUV portfolio. However, the direct financial impact on the company's bottom line from this specific service needs further analysis.
The expansion of the BaaS program is a positive development as it makes EVs more accessible and affordable for a wider customer base, potentially boosting sales and EV adoption.
Mahindra & Mahindra Limited (M&M) announced through its subsidiary, Mahindra Electric Automobile Limited (MEAL), the expansion of its Battery-as-a-Service (BaaS) program across its entire Electric Origin SUV portfolio. This initiative, initially launched with the BE 6 SPORTEQ, now includes the flagship XEV 9S and XEV 9e models.
The BaaS program allows customers to finance the vehicle and battery separately, making Electric Vehicle (EV) ownership more accessible. Under this scheme, the BE 6 SPORTEQ is available starting at ₹11.45 Lakh, with battery financing at an effective usage cost of ₹3.75/km. The XEV 9S starts at ₹12.65 Lakh and the XEV 9e at ₹13.90 Lakh, both with the same effective battery usage cost.
This expansion aims to lower upfront purchase costs and provide greater flexibility in managing monthly expenses, thereby reducing barriers to EV adoption. The program has reportedly received an overwhelming response, validating customer demand for such ownership solutions. Mahindra's BaaS is a finance product offered by financiers, subject to their approval, and is not a pay-per-use service. The pricing includes a starting Battery EMI of ₹6,975, assuming specific usage and down payment conditions, and excludes charging, maintenance, and repair costs.
A plain-language summary of a public exchange filing by Mahindra & Mahindra Limited. Read the original for the full detail.