As per ACKO's EV report, 49% of EV owners believe battery replacement costs are a significant part of EV ownership
FinTech BizNews Service
Mumbai, February 26, 2024: With an aim to enhance the EV ownership experience in India, ACKO introduces an innovative Extended Battery Warranty plan tailored specifically for removable batteries for Electric Vehicles (EVs).
As per ACKO’s EV report, 49% of EV owners believe battery replacement costs are a significant part of EV ownership, and to provide a solution to this, the extended coverage safeguards the vehicle owner against unforeseen repair costs thereby instilling confidence in customers for owning an electric vehicle. The association fosters an environment where the adoption of electric vehicles is more sustainable. It also takes a step toward setting new standards in the overall performance and innovation, and a heightened sense of financial security.
The plan is available with the VIDA V1, the first EV launched under the emerging mobility brand VIDA, from the house of Hero MotoCorp, world’s largest manufacturer of motorcycles and scooters. The plan covers the vehicle for the fourth and fifth year and up to 60,000 km. The plan helps eliminate customer concerns around the battery life and performance, paving the path toward better EV acceptance.
The association also aligns with the Battery Waste Management Rules (BWMR), ensuring responsible disposal of used batteries. Further, the commitment to environmental sustainability extends beyond disposal and presents a second life opportunity for batteries, contributing significantly to India's green energy journey. By integrating eco-friendly practices into the EV ownership cycle, ACKO plays a pivotal role in promoting a circular economy and minimizing environmental impact.
Speaking on the partnership, Animesh Das, Chief Underwriting Officer, ACKO, says, “In alignment with the Government’s vision for a 100% electric vehicle nation by 2030, encouraging electric mobility among masses is our priority. Our battery warranty plan is poised to bring access to high-quality EVs in India by boosting confidence toward battery-damage and skepticism amongst customers. We’re confident that Hero’s cutting-edge technology and our extended warranty solutions will make premium electric scooters accessible to a broader audience by augmenting the avenues for financing.”
The plan seeks to bring in a synergy that reshapes the narrative of EV ownership, making it inclusive, financially viable, and environmentally responsible.
