Kia India’s new Battery as a Service scheme; The EV revolution in India will gain momentum!

• Kia India recently launched a “Battery-as-a-Service” (BaaS) finance program.
• In the new BaaS model, the customer will have the facility to purchase the vehicle and the battery separately
• Customers can buy electric vehicles with low down payments and low EMIs

Due to rising oil prices worldwide, ongoing war situation in the Gulf, and eco-friendly transportation, many people are currently trending towards EV vehicles. Similarly now India’s leading automobile company Kia India has taken a significant step to increase the use of electric vehicles in India. The company recently launched a “Battery-as-a-Service” (BaaS) finance program, which will help make electric cars more affordable. The initiative aims to bring eco-friendly transportation to the masses by reducing the initial cost of buying an EV.

Batteries are usually the most expensive part in electric vehicles. So many consumers are put off before buying an EV because of the price. In Kia India’s new BaaS model, the customer will get the facility to purchase the vehicle and the battery separately. While the customer can pay for the vehicle separately, monthly subscriptions or separate financing options will be available for the battery. This model can significantly reduce the initial cost of the vehicle. As a result, customers will be able to purchase electric vehicles with lower down payments and lower EMIs. It is also likely to reduce concerns regarding battery maintenance, performance and future replacement.

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Such schemes are becoming very important in India, given the rising prices of petrol and diesel, the pollution problem and the government’s emphasis on EVs. Many auto companies and financial institutions are adopting new approaches to increase EV adoption. This plan by Kia India is also considered as a big step in the same direction.

The phrase “Democratize Sustainable Mobility” means bringing eco-friendly transportation to more people. That is, Kia India’s aim is to make the EV not just a premium or expensive concept but also affordable for ordinary families. Kia India, the Indian arm of Kia Corporation, is known for popular cars in India like Seltos, Sonet and Carens. Now that the company is gearing up to strengthen its presence in the EV space as well, initiatives like BaaS can further accelerate the growing popularity of electric vehicles in the Indian market.

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