The country's largest two-wheeler manufacturer, Hero MotoCorp, today announced that it will offer the upcoming Vida VX2 electric scooter under a subscription-based Battery-as-a-Service (BaaS) model.
The Vida VX2 will be launched in India on July 1. Vida is the electric mobility arm of Hero.
"Along with a flexible 'pay-as-you-go' ownership model, this disruptive BaaS subscription solution will significantly reduce the upfront ownership cost, making electric mobility more affordable and accessible to a wider customer base," the company said in a regulatory filing, adding that it will allow customers to have the option to finance the scooter chassis and battery separately, reducing significant upfront capital expenditure into manageable monthly payments.
Under the BaaS model, buyers do not have to pay the price of the battery upfront. They have to pay a fixed battery cost depending on the subscription plans and usage.
"Customers can choose from flexible subscription plans tailored to their daily or monthly budget and usage, offering greater affordability, convenience, and peace of mind in EV ownership," Hero said.
The BaaS model will allow buyers of the VX2 electric scooter to have access to Vida's growing network of more than 3,600 fast-charging stations and over 500 service points across more than 100 cities.
"By removing conventional barriers and reimagining EV ownership and experience, Vida aims to democratise electric mobility while offering unmatched convenience, flexibility, and peace of mind," the company noted.
Complete details regarding the BaaS model, subscription plans and pricing will be revealed on July 1.
At present, the Vida electric scooter range includes the Vida V2 Lite, Vida V2 Plus and Vida V2 Pro. The following are their starting prices (ex-showroom).
Vida V2 Lite - Rs 1,20,300
Vida V2 Plus - Rs 85,300
Vida V2 Pro - Rs 74,000
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