Get yourself an MG Comet EV for Rs 4.99 lakh – MG’s BaaS model extended

JSW MG Motor India introduced their Battery-as-a-Service model with the new MG Windsor EV. This pricing model, aimed at reducing the upfront cost of acquiring an EV, has now made its way to the MG Comet EV as well. The BaaS model now enables customers to buy the Comet at an upfront cost of Rs 4.99 lakh (ex-showroom, Delhi). Read ahead to know more about this scheme.

MG Battery as a Service

Battery as a Service is an initiative introduced by MG that enables you to buy their electric cars in India at a lower upfront cost than they normally cost and you pay MG a certain charge per kilometre for using the battery. In short, you purchase the vehicle while the battery is taken on lease from JSW MG Motor India. The aim of this initiative is to promote the adoption of electric vehicles by making it easier to initially acquire them. Whether this model makes financial sense or not depends on the extent of usage of the car both in terms of distance as well as duration.

Related: Top MG Comet EV Pros & Cons: Perfect City Car?

MG Comet EV price under BaaS model

Under the Battery as a Service model, the 2024 MG Comet starting price for the Executive variant has been reduced from Rs 6.99 lakh to Rs 4.99 lakh. The cost of battery per kilometre has been set at Rs 2.5 while the same for the MG Windsor EV is Rs 3.5. The Comet gets a 17.3kWh battery pack that delivers a real-life range of around 150 kilometres, give or take a few. MG is also offering an assured buyback of 60% of value after 3 years of ownership.

Financing partners

At present, MG India has partnered with four financial services providers for its Battery-as-a-Service model. These are — Bajaj Finserv, Hero FinCorp, Vidyut and Ecofy Autovert. In case of the Windsor, Bajaj Finserv requires you to pay for a preset minimum monthly running and you do not pay anything even if you surpass that limit. Hero FinCorp requires you to pay for the same minimum monthly running but charges extra for extra kilometres driven. Vidyut lets you pay according to your running and has no minimum limit restriction. Ecofy Autovert also has a minimum running and has a higher charge per kilometre, but you don’t pay anything for extra distance covered. The rates of interest of each partner shall vary. 

Ultimately, it would depend on your running, ownership plan and partner chosen to determine whether the BaaS model makes sense for you or not. On a side note, our MG Windsor EV review would be up on our YouTube channel on September 23, 2024. Stay tuned for the same!

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