Battery-as-a-Service (BaaS) is emerging as a key strategy for automakers to reduce the upfront cost of electric vehicles (EVs), but the model could increase the overall cost of ownership over time due to recurring battery payments and financing commitments.
A Tata Punch EV priced at Rs 9.7 lakh can be purchased for Rs 6.5 lakh under a battery financing plan, while Hyundai's Creta Electric sees its upfront price fall from Rs 18 lakh to Rs 11 lakh. Meanwhile, Maruti Suzuki's Grand Vitara EV also becomes cheaper by nearly Rs 8 lakh initially under the model, according to a report by The Times of India .
