Automobile: JSW MG Motor Pvt. Ltd. has significantly reduced the initial cost of owning an electric vehicle (EV) to under Rs 5 lakh by separating the battery cost from the vehicle price on its most affordable EV models.

This joint venture between India’s JSW Group and China’s SAIC Motor Co. has extended its battery-as-a-service (BaaS) program to the MG Comet and ZS EV models. This initiative reduces the starting price of these vehicles by Rs 2 lakh and Rs 4.99 lakh, respectively. Customers opting for BaaS pay a separate battery rental fee based on usage in addition to the car’s sticker price.

The revised pricing is as follows:

• MG Comet BaaS: Rs 4.99 lakh + battery rental @ Rs 2.5/km
• MG ZS EV BaaS: Rs 13.99 lakh + battery rental @ Rs 4.5/km

Charging costs, approximately Rs 1/km, remain the responsibility of the user. However, buyers still have the option to purchase these EVs with the battery cost included in the upfront price. Additionally, an assured 60% buyback value is available after three years of ownership.

JSW MG Motor first introduced the BaaS model with the Windsor EV, launched at Rs 9.99 lakh with a battery rental of Rs 3.5/km. While the BaaS model is “pay as you go,” buyers must commit to a minimum monthly battery fee of Rs 5,250, which covers up to 1,500 km of driving. Beyond this limit, users are charged Rs 3.5/km for additional driving. Financing for this second monthly payment is handled by banking partners like Bajaj Finserv and Hero Fincorp.

Satinder Singh Bajwa, chief commercial officer at JSW MG Motor India, noted that the BaaS model simplifies EV ownership and enhances accessibility, contributing to the broader adoption of electric vehicles in India.

The MG Comet is among the few sub Rs 5 lakh EVs in India, following the Reva, India’s first electric car launched in 1994 at Rs 2.88 lakh. The MG Comet, a compact two-door car with seating for four, offers a range of 230 km on a single charge, while the larger MG ZS EV, a 4.3-meter SUV, boasts a range of 461 km and competes with the Tata Curvv and BYD Seal in India’s growing EV market.