If the high asking price of buying an electric vehicle seems a little steep for you, Tata Motors has announced a solution. You can now simply subscribe to an EV in India through a new monthly subscription plan for the Tata Nexon EV. The subscription facility will be available in five metropolitan cities, to begin with, which include Delhi/NCR, Mumbai, Pune, Hyderabad and Bengaluru. Tata Motors is offering the service through a collaboration with Orix Auto Infrastructure Services Limited. The subscription plans start from a monthly rental plan for Rs 47,900 for 18 months. But if you chose to commit for a longer duration, the monthly rental will see a sufficient reduction for the long term plans. Under the subscription plan, comprehensive insurance cover, roadside assistance and free end-to-end maintenance will be included.
Tata Motors will be offering three subscription plans. The basic 18-month plan as mentioned above will have a monthly rental of Rs 47,900. The 24-month plan (2-year subscription) will bring down your monthly rental to Rs 44,900. The longest plan available is the 36-month plan (3-year subscription) which will cost a monthly rental of Rs 41,900 and all prices are inclusive of taxes and the cost of an EV charger being installed at their home or office.
If you subscribe for 18 months, it will cost you a total of Rs 8,62,200 at the end of the subscription. If you opt for the 2-year plan, you will be spending Rs 10,77,600, and with the 3-year plan, it will cost Rs 15,08,400.
The price of buying a Tata Nexon electric will cost between Rs 14 lakh to Rs 16 lakh (ex-showroom). If you subscribe for 18 months, it will cost you a total of Rs 8,62,200 at the end of the subscription. If you opt for the 2-year plan, you will be spending Rs 10,77,600, and with the 3-year plan, it will cost Rs 15,08,400. Tata Motors has confirmed that post the tenure of their subscription, one can either choose to extend or return the vehicle. It has also confirmed that after the tenure of the subscription, there will be an option to purchase the vehicle under certain terms and conditions and government regulations.
Shailesh Chandra, President, Passenger Vehicles Business Unit, Tata Motors said, “EVs are the future, and as the leader of this fast-growing segment, Tata Motors is committed to popularise their access and use in India. With this novel subscription model, we are making it more convenient for interested users of EVs to experience their myriad benefits. It is ideal for customers preferring ‘usership’ over ownership in the rapidly growing era of shared economy.”
Although the vehicle is required to be registered, to promote electric vehicles, the Indian government has waived-off registration charges for EVs. Through the subscription plan, Tata claims that the hassle of registering the vehicle and road tax can be alleviated. Subscribing to the Tata Nexon EV can be done digitally through the brand’s website. Tata Motors, with the subscription plans for the Nexon EV, is targeting corporates who prefer to lease or individuals with frequent inter-city job transfers among others.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.