Tata Passenger Electric Mobility, India's leading electric carmaker, announced on Monday the expansion of its innovative Battery-as-a-Service (BaaS) offering across its entire electric vehicle portfolio. This strategic move aims to lower the initial acquisition cost of EVs, providing customers with greater financial flexibility.
The BaaS scheme, initially available for the Tiago.ev and Punch.ev, now includes the Nexon.ev, Curvv.ev, Sierra.ev, and Harrier.ev. Under this model, the cost of the battery is separated from the vehicle's upfront price, allowing customers to finance the battery independently through a separate loan account with flexible tenures.
Reduced Upfront Costs for Popular EV Models
The expansion dramatically reduces the starting prices for various Tata EV models. For instance, the Nexon.ev now begins at ₹8.99 lakh, the Curvv.ev at ₹10.99 lakh, the Sierra.ev at ₹11.99 lakh, and the Harrier.ev at ₹14.49 lakh. Entry-level models like the Tiago.ev and Punch.ev start at ₹4.69 lakh and ₹6.59 lakh respectively under the BaaS model.
Battery financing or usage costs are calculated based on battery capacity, down payment, loan tenure, and assumed daily usage. For example, battery usage costs start at ₹2.6 per km for the Tiago.ev and Punch.ev, increasing to ₹4.4 per km for the Nexon.ev, and up to ₹5.9 per km for the Harrier.ev.
Customer Choice and Accessibility
Vivek Srivatsa, Chief Commercial Officer at TATA.ev, highlighted that customers are increasingly seeking more choices, not just in the EVs they purchase but also in how they finance them. He stated that extending BaaS across the portfolio enables customers to compare outright purchases with separate battery financing, ultimately lowering the upfront cost of an EV.
TATA.ev has partnered with multiple financiers to ensure customers have a wide array of options under the BaaS model. The company emphasized that this financing solution does not alter the ownership experience, underlying technology, or product offering of their electric vehicles.
BaaS Pricing Details
- Tiago.ev: Vehicle from ₹4.69 lakh, battery usage from ₹2.6/km (based on 44 km/day)
- Punch.ev: Vehicle from ₹6.59 lakh, battery usage from ₹2.6/km (based on 60 km/day)
- Nexon.ev: Vehicle from ₹8.99 lakh, battery usage from ₹4.4/km (based on 60 km/day)
- Curvv.ev: Vehicle from ₹10.99 lakh, battery usage from ₹5/km (based on 60 km/day)
- Sierra.ev: Vehicle from ₹11.99 lakh, battery usage from ₹5.5/km (based on 60 km/day)
- Harrier.ev: Vehicle from ₹14.49 lakh, battery usage from ₹5.9/km (based on 60 km/day)
These BaaS prices apply to the entry-level trims of each model and are based on specific daily usage assumptions.