Quiklyz, the vehicle leasing and subscription business vertical of Mahindra & Mahindra Financial Services (Mahindra Finance/ MMFSL) has announced that it will offer electric three- and four-wheelers for leasing and subscription to potential customers.

At present, Quiklyz says it has the largest portfolio of EVs on the subscription platform, which includes electric cars from – Mahindra, Tata Motors, Mercedes-Benz, MG Motors, Audi, and Jaguar; electric 3W load vehicles from Mahindra and Piaggio for e-commerce fleet operators. Customers will also have the flexibility to upgrade their vehicle in 2-3 years.

According to Quicklyz the on-road price for EVs 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 Rs 21,399 per month.

Turra Mohammed, SVP and Business Head – Quiklyz said, “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.”

Suman Mishra, CEO, Mahindra Electric added, “Leasing and subscription is becoming an important channel for our electric 3W specifically in load segment to new age enterprises.”