Kia Syros EV BaaS Explained: Price, Payment Plan

The Korean carmaker has launched the electrified version of the Kia Syros, the Kia Syros EV. Like the Kia Carens Clavis EV, the Kia Syros EV is available with a BaaS scheme to make its ownership more affordable. If you are looking to own a Kia Syros EV or any other electric compact SUV, here is a breakdown of the Kia Seltos EV BaaS, including its price and payment plan, to help you make a reasonable budget.

What is BaaS?

BaaS, or Battery as a Service, is a battery subscription model in which the vehicle’s price is separated from its battery’s price. With BaaS, you can buy the vehicle and use its battery as a service.

The battery can be used as a service in two ways. One is swapping a discharged battery with a fully charged one at the swapping station. However, battery-swapping is commonly used for commercial electric vehicles. The second is paying a monthly fee to the service provider for battery use.

The payment to use the battery is more like a battery EMI, as it depends on the loan you take out for the battery. Meanwhile, you can take a loan on a vehicle that does not include its battery price, or you can buy the vehicle in cash.  Generally, the battery loan tenure is longer than the vehicle loan tenure.

Kia Syros EV BaaS Prices

Kia has revealed the BaaS prices for only the base HTK variant, which is powered by a 42-kWh battery pack. The BaaS price for the Syros HTK variant is Rs. 7.99 lakh with a battery subscription charge of Rs. 3.3/km.

The battery subscription charge, or the per-kilometre running cost, depends on the loan amount and EMI decided for the battery. Kia has set the battery subscription charge based on a minimum monthly running of 2,200 km for the Syros EV. So, the monthly battery subscription charge, or the battery EMI, will be around Rs. 3.3 X 2,200 = Rs. 7,260.

Mind you, Rs. 3.3/km is charged for the smaller 42 kWh battery pack, and Rs. 3.8/km for the larger 51.4 kWh battery pack. So, the monthly battery subscription charge will be around Rs. 3.8 X 2,200 = Rs. 8,360.

Another key point to consider is that the per-kilometre charge does not include RTO tax, Insurance, TCS, or other statutory taxes. You will have to pay taxes on the full value of the vehicle because the battery is part of it.

Notably, the more you pay upfront in cash, the more you can save. The higher the upfront payment, the smaller the loan you will need to take. A loan, whether on the vehicle or battery, comes with a rate of interest, which eventually adds up to considerably increase the amount you repay.

Value Additions

The Kia Syros EV is offered with some standard value benefits, including:

• Lifetime warranty on the battery pack for the first owner. However, if the car is resold, the warranty is reduced to 8 years/1,60,000 km for the second owner. Note that the 8 years / 1,60,000 km is calculated from the day the vehicle was bought as a brand-new model.
• Complimentary 7.4kW or 10.8kW AC chargers.
• Assured buyback plan – you can get 80 per cent of the car’s value after 3 years. However, this offer is valid within 60 days after launch. The offer will continue after 60 days of launch as well, but with revised terms and conditions.

Final Thoughts

BaaS makes more sense when you buy an electric car in cash. Because then, you can own the electric vehicle and pay a monthly fee to use its battery. If you finance both the vehicle and its battery, the aggregate EMI can be nearly the same as, or even higher than, the EMI for financing the vehicle as a single unit (battery + chassis). As for the Kia Syros EV, it is a capable electric SUV.  Moreover, with BaaS, the expensive cost of the battery is separated from the ex-showroom price, offering more economical ownership.

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