Mahindra Finance's Quiklyz to offer EVs for leasing, subscription in India

12 Jan 2022 , 03:21 PM

Quiklyz, the vehicle leasing and subscription business vertical of Mahindra & Mahindra Financial Services Limited (Mahindra Finance/ MMFSL), on Wednesday has announced that it will offer the widest range of electric vehicles (EVs) for leasing and subscription to potential customers. Quiklyz is a new-age digital born vehicle leasing and subscription platform that offers great convenience, flexibility, and choice to customers across Indian cities.

Quiklyz currently has the largest portfolio of EVs on the subscription platform. The portfolio spans across electric 4W from the leading OEMs offering electric vehicles including Mahindra, Tata Motors, Mercedes-Benz, MG Motors, Audi, and Jaguar as well as electric 3W load vehicles from Mahindra and Piaggio for e-commerce fleet operators.

Customers will have the flexibility to upgrade their vehicle in 2-3 years keeping in tune with ever increasing technology features in newer EV launches going forward.

The EVs on-road price is currently higher than petrol and diesel vehicles, although the running cost is much lower. The customers intending to purchase EV vehicles through bank loans therefore must pay very high down payment. However, with Quiklyz there is no requirement for down payment, and monthly subscription charges for EV 4W starts from as low as INR 21,399 / per month.

Turra Mohammed, SVP & Business Head — Quiklyz mentioned, “As the world is moving on from conventional fuels to alternative sources of energy for powering transport, electric vehicles are emerging as a popular choice among the planet conscious customers. Quiklyz will continue to focus on EVs and will create an exciting platform for customers to have access to EVs in an affordable and hassle-free manner. All of this will be in keeping with India’s commitment to become carbon-neutral by 2070”.

Quiklyz is also the leading provider for subscription of Electric 3Ws used in last mile delivery by e-commerce companies. Suman Mishra – CEO Mahindra Electric added, “Leasing & Subscription is becoming an important channel for our Electric 3W specifically in load segment to new age enterprises. We look forward to continuing working with Quiklyz to provide such innovative financing solutions for our customers.”

The company plans to add more EVs in its portfolio, as it aims to create exciting EV subscription products for its customers. Quiklyz’s vehicle subscription model ensures that there’s no risk or uncertainty about maintenance, battery life, resale value, etc. when it comes to adopting a new technology.

At around 3:20 PM, Mahindra & Mahindra Financial Services was trading at Rs164.95 apiece up by Rs8.75 or 5.6% on Sensex.