Electric car under Rs 5 Lakh: Buy MG Comet in BaaS concept

Marking another bold step after the release of its Windsor EV, JSW MG Motor has released the Comet Mini for Rs 4.99 lakh. The drop in the price comes as a part of the company’s battery-as-a-service (BaaS) concept, which isolates the battery from the car's initial cost, giving consumers the option of paying for battery consumption depending on kilometres driven.

The BaaS program has been expanded to both the Comet Mini and the ZS EV by the business, which is a joint venture between JSW Group and SAIC Motor of China. The update lowers the starting price of the Comet by Rs 2 lakh and the ZS EV by Rs 4.99 lakh. Buyers of this model will pay a battery leasing fee, which starts at Rs 2.5 per kilometre for the Comet and Rs 4.5 per km for the ZS EV. The user would also bear the charging fee, which is around Rs 1 per kilometre.

The option of purchasing the automobile with the battery included in the price remains. Customers are also promised a 60% repurchase after three years of ownership, which adds to the attraction of the new price plan.

The Windsor EV, which costs Rs 9.99 lakh and has a battery rental of Rs 3.5 per kilometre, was the first to be admitted into the BaaS program. However, owners must commit to a monthly battery charge of Rs 5,250, which is equivalent to driving 1,500 km. This concept is comparable to a mobile data plan in that customers pay for any further usage over the specified limit, which in this case is 1,500 kilometres. The extra payments will be handled by JSW MG Motor's banking partners, including Bajaj Finserv and Hero Fincorp.

Satinder Singh Bajwa, Chief Commercial Officer of JSW MG Motor India, emphasised the model's accessibility, saying, "With BaaS, we have created a platform for easy ownership, making our EVs more accessible than ever. I am optimistic that this unique ownership model will increase EV adoption in the country."

While the MG Comet costs less than Rs 5 lakh, it is not the first electric car in India to reach this milestone. The Reva, which debuted in 1994 at Rs 2.88 lakh, maintains that distinction. Chetan Maini's Reva Electric Car Co. created the Reva, which was eventually bought by Mahindra & Mahindra in 2010. Mahindra followed up with the e2O in 2013, costing between Rs 6.5 lakh and Rs 8.5 lakh, but it is now discontinued.