Hero MotoCorp Takes Page Out Of MG Motor's Playbook To Prop Up EV Sales
All the details of the BaaS model, including subscription plans and pricing, will be revealed on July 1 when Hero MotoCorp plans to launch its Vida VX2 electric scooter.
Hero MotoCorp. is taking a page out of the playbook of JSW MG Motor Pvt. to prop up its own flagging electric-vehicle sales.
India's largest two-wheeler maker plans to launch the Vida VX2 electric scooter under the so-called battery-as-a-service model "to make EV ownership more flexible, affordable and future ready", according to a company statement on Wednesday. This "pay-as-you-go" subscription model will reduce upfront ownership cost of electric scooters, thus widening the customer base.
Under the BaaS model, a customer has the option to finance an electric scooter's chassis and battery separately into equated monthly instalments. She can choose a subscription plan that best suits her daily or monthly budget or usage. Bundled along with the plans is access to 3,600 fast-charging stations and more than 500 service centres across India.
All the details of the BaaS model, including subscription plans and pricing, will be revealed on July 1 when Hero MotoCorp plans to launch its Vida VX2 electric scooter.
Shares of Hero MotoCorp closed 0.37% lower at Rs 4,357.45 apiece on the BSE, compared to a 0.17% decline in the benchmark Sensex.
