India: Tata Motors on Thursday announced the launch of a first-of-its-kind subscription plan for its Nexon EV (electric vehicle). The company says that the new subscription model has been designed to make EVs more accessible. Tata has collaborated with Orix Auto Infrastructure Services Limited for the latest plan.
About Tata Nexon EV
The Tata Nexon EV gets a 30.2kWh lithium-ion battery pack that powers an electric motor that makes 129hp and 245Nm of torque. Using a DC fast charger (compatible with CCS2) can help quick-charge the Nexon EV from 0-80 percent in just 1 hour. However, using a standard 15A AC charger, it will take between 8-9 hours to reach a full charge. ARAI-certified range for the Nexon EV stands at 312km
Subscription plans for the Tata Nexon EV
Tata Motors is making available its flagship EV, ₹ 13.99 Lakh Tata Nexon at an all-inclusive fixed rental starting at just Rs. 41,900/- per month, About $559. Moreover, customers can select the tenure of subscription from 18 months to 24 and 36 months, depending upon the requirements.
There are three subscription tenures to choose from – 18 months, 2 years and 3 years – and the fixed rental fee varies depending on the tenure you choose.
After paying a refundable security deposit of Rs 50,000, a user will have to shell out a monthly fee of Rs 47,900 for the 18-month plan, Rs 44,900 for the 2-year plan and Rs 41,900 for the 3-year plan. Opting for the shortest tenure would total up to a cost of Rs 8.64 lakh, while picking the longest tenure will see a user shell out Rs 15.12 lakh over 36 months – a little more than the ex-showroom cost of the Tata Nexon EV XZ+, which is also the only variant available on subscription.
After the tenure of the subscription ends, customers can either choose to extend the plan or just return the vehicle.
|Tenure||Monthly Subscription Rate (inclusive of Taxes)|
|36 months||Rs. 41,900 ($558)|
|24 months||Rs. 44,900|
|18 months||Rs. 47,900|
For the monthly fee, Orix will provide the Nexon EV, as well as a home charger with up to 15 metres of wiring, and will also take care of routine services. The subscriber is allowed to rack up a maximum of 1,500km a month (additional kilometres chargeable at Rs 7/km), with the annual mileage limit capped off at 18,000km. In case the user wants to drive to a remote location where charging may be unavailable, Orix will provide a 30 percent discount on a self-drive, internal combustion engine vehicle.
18 months is also the lock-in period for the subscription, and if a user returns a car before the completion of the period, Orix will levy a cancellation charge equivalent to a month’s subscription fee, as well as 25% of the pending subscription fees, until the completion of the balance tenure. On request, Orix will also provide a user the option of buying the Nexon EV they’re using, outright.
The latest service is currently being offered in 5 major cities – Delhi/NCR, Mumbai, Pune, Hyderabad and Bengaluru for a period of up to 3 years; plans available in five cities at present.
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 the sharing economy.Shailesh Chandra, President, Passenger Vehicles Business Unit, Tata
The company says that the new subscription model is customized and perfectly suited for corporates who prefer to lease, expatriates who stay for a fixed tenure, and individuals with frequent inter-city job transfers, among others.