Gurugram – In a significant step toward transforming the electric vehicle (EV) ownership landscape, JSW MG Motor India has announced a strategic partnership with Kotak Mahindra Prime Limited (KMPL) to support its innovative Battery-As-A-Service (BaaS) ownership program. KMPL is among the first major auto financers to champion the BaaS model, which has been a game-changer in making EVs more accessible and economical for customers.
Launched in September 2024, BaaS redefines EV ownership by decoupling battery costs from the vehicle’s body shell, significantly reducing the upfront expense for buyers. This unique program has been pivotal in revitalizing customer interest in EVs, driving a surge in sales since its introduction. The collaboration with KMPL aims to bolster this momentum, leveraging the financer’s extensive network to broaden the adoption of this flexible ownership model.
Expanding EV Horizons with Financial Innovation
Gaurav Gupta, Chief Growth Officer at JSW MG Motor India, expressed enthusiasm about the partnership, stating:
“Innovation is at the heart of what we do, and the BaaS program exemplifies our commitment to reshaping the EV market. Partnering with KMPL will amplify our reach and enable us to deliver unparalleled value to customers, fostering rapid EV adoption across India.”
KMPL’s Managing Director and CEO, Vyomesh Kapasi, echoed this sentiment, adding:
“We are thrilled to collaborate with JSW MG Motor India on this pioneering venture. By integrating innovative financing solutions with the BaaS model, we aim to create a robust ecosystem for EV financing, driving the shift toward sustainable mobility.”
A Pathway to Affordable EV Ownership
The BaaS program allows customers to finance the EV’s body and battery separately, offering greater flexibility and affordability. By lowering the initial acquisition cost, the program ensures a hassle-free ownership experience, making EVs more accessible to a broader audience.
KMPL’s established relationship with JSW MG Motor India, dating back to the automaker’s entry into the Indian market in 2019, positions it as a trusted partner to drive this next phase of growth. This alliance underscores the shared vision of both companies to make EVs the preferred choice for Indian consumers.
Driving Toward a Greener Future
As the demand for sustainable mobility solutions grows, the partnership between JSW MG Motor India and KMPL sets a benchmark in industry collaboration. By aligning financial innovation with technological advancements, this initiative promises to accelerate the adoption of EVs in India, paving the way for a cleaner, greener future.
