Myles reports 81% surge in EV subscriptions: To make 50% of its fleet electric by FY22

Going forward, Myles car subscription service anticipates that around 30% of the EV sales will happen through subscriptions in the next two years. 

By:November 12, 2021 11:09 AM
New Tata Nexon EV Dark (Image for representational purposes)

MylesZero, a car subscription platform powered by Myles, has reported a surge in queries for electric vehicle (EV) subscriptions this festive season. Since the onset of the festivities, the brand witnessed an 81 percent hike in subscription requests of electric vehicles from across the country. The car subscription platform has seen an over 100% increase in EV requests in the last two quarters. With the traction for EVs gaining momentum in the country, the brand further expects to see EVs form 50 percent of its total fleet by the end of FY 2021.

“This festive season, we have witnessed a great amount of shift in the mobility space with the momentum for EV adoption in India gaining prominence. We at Myles are adamant at taking crucial steps to provide affordable, sustainable, and hassle-free mobility solutions to consumers, who are unwilling to make a long-term investment on buying a new car,” Sakshi Vij, Founder & CEO, Myles Cars, said.

Currently, EV forms 40% of the total subscriptions on the MylesZero platform.

Moreover, the customers are figuring out that subscribing to EVs is more affordable than outright purchase. When it comes to investing in an EV subscription, a customer will only have to invest Rs 42,000 per month instead of spending almost Rs 14 lakh to purchase one.

For subscription, ZS EV from MG, Tata Nexon EV, and Tata Tigor EV are the most popular choices among customers.

Going forward, the brand anticipates that around 30% of the EV sales will happen through subscriptions in the next two years.

Register now – 2021 Electric Mobility Summit – A virtual event on EV adoption roadmap in India

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