has introduced a Battery-as-a-Service (BaaS) ownership model for the Creta Electric. This move has reduced the electric SUV’s entry price from the regular ₹18.03 lakh to ₹10.99 lakh (ex-showroom), excluding battery cost.
Under this newly introduced structure, buyers will have the option to purchase the vehicle separately while financing the battery through an EMI plan, starting at ₹3.9 per kilometre, lowering the upfront cost of owning an electric vehicle.
The move comes as automakers explore different types of ownership models to address one of the biggest hurdles faced by customers in India, that is, the high acquisition cost. By separating the battery cost from the vehicle price, manufacturers are able to lower the initial acquisition cost without reducing the vehicle’s list price, making EVs more affordable.
As quoted by Fortune India, commenting on the launch, Tarun Garg, managing director & CEO, Hyundai Motor India Ltd, shared, “The introduction of Battery-as-a-Service for the Hyundai Creta Electric is a transformational step towards democratising electric mobility in India.
By significantly reducing the initial acquisition cost and offering flexible battery rental plans, we are enabling more customers to confidently transition to EVs while enjoying Hyundai’s trusted technology, safety and innovation.”
The Creta Electric is currently priced between ₹18.02 lakh and ₹24.55 lakh (ex-showroom). It is offered with two battery pack options, a 42 kWh unit with a claimed driving range of 420 km and a 51.4 kWh unit with a claimed range of 510 km. The SUV also supports DC fast charging, enabling the battery to be quickly charged from 10% to 80% in about 39 minutes.
Other features of the model include vehicle-to-load (V2L) capability, Hyundai SmartSense Level 2 ADAS, Digital Key, single drive (i-Pedal), active air flaps and an 8-year/1.6 lakh km battery warranty.
Hyundai Plans to Strengthen EV Ecosystem in India
Alongside product expansion, Hyundai continues to invest in the country’s EV charging infrastructure. As per the Fortune India report, the company plans to install nearly 600 fast public EV charging stations over the next seven years and has already established infrastructure across 183 locations that comprise 214 DC chargers and 399 charging points.