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M&M has announced that it has expanded its Battery-as-a-Service (BaaS) programme across its entire Electric Origin

ICICIdirect Research 31 Aug 2026 DISCLAIMER

News: In a press release, M&M has announced that it has expanded its Battery-as-a-Service (BaaS) programme across its entire Electric Origin SUV portfolio, covering the BE 6 SPORTEQ, XEV 9S and XEV 9e. Under the dual-financing structure, the upfront vehicle prices fall to ₹11.45 lakh, ₹12.65 lakh and ₹13.90 lakh respectively, while battery financing is communicated at an effective ₹3.75/km. The move is aimed at reducing the initial cost barrier to EV ownership and follows the positive response to BaaS on the BE 6.

View: M&M’s move is strategically important as EV competition is heating up, particularly with rivals also experimenting with alternative ownership models and launching new products. JSW MG Motor India has just introduced the Hector Tomahawk EV and PHEV, with BaaS pricing starting around ₹13.99 lakh, while the PHEV brings a claimed 115km+ electric range and over 1,100km combined range. This makes the market increasingly about lowering the entry price, expanding choice and offering flexible powertrains, rather than simply competing on range. Mahindra extending its BaaS offering will enable to it to compete with other OEMs.

Impact: Positive

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