Electric Vehicle News
The subscription, which is offered by Orix India, comes with a distance cap of 1500 to 2500 km per month.
- The cheapest option to lease a Nexon EV would set you back by Rs 31,400. This comes with a cap of 1500 km per month and is applicable for 36 months.
- The most expensive option to lease a Nexon EV would set you back by Rs 39,900. This comes with a cap of 2500 km per month and is applicable for 12 months.
Also here are more details on the subscription plan
- The subscription plan is only applicable to the Nexon EV XZ+ variant.
- There is a one time refundable security deposit of Rs 50,000 apart from the monthly payment.
- Orix will install an EV charger at the customer's home or workplace.
- Lessees can exit the subscription any time during the tenure by giving 1 months notice and by paying the pre-termination charges.
- At the end of the selected tenure, lessees can either end the subscription by returning the car or extend the subscription.
- Road Tax, Insurance and maintenance is included in the lease.
- There is a speed limit set for leased Nexon EVs. The speed is capped at 80 kmph.
We still feel the lease prices are way too expensive. In Mumbai, we have to shell out Rs 11,30,400 for a 3 year lease and at the end of the third year you won't even own the car.
We feel this lease scheme may be attractive for corporate fleets who drive 80 km per day and can save money on fuel. Also this can be a good try before you buy option for individuals.
If the idea is to give the consumer a taste of EV ownership and tell them that they don't need to keep the car after 12 or 24 or 36 months, this might encourage people who are on the fence to use an electric car. And on the face value, Rs 11.3 lakhs, is not a small amount and will not encourage too many people. But we also feel this might also be a way for Tata to pass on the FAME 2 incentives to lessees.
Ultimately this subscription plan still seems expensive to us.