Hero Electric has partnered with Autovert Technologies to bring subscription-based financing plans to customers
This brings a range of alternative ownership models for Hero Electric scooter owners. Through the partnership, Autovert lets Hero Electric customers opt for subscription-based plans at an ‘all-inclusive price’. Subscription starts at Rs 2,999 per month. The all-inclusive subscription plans account for the vehicle itself; bundled services including comprehensive insurance, service and maintenance; loyalty bonuses; and upgrade options.
Subscription plans on offer are curated to meet customer demand for alternative ownership options that come with added flexibility and features over traditional auto finance. Autovert will use its IOT based tech platform, Autovert Plug to manage the subscribed vehicle through its lifecycle. As a pilot project, Autovert Plug Subscription plan was introduced with select dealers in Bangalore prior to a national launch.
Benefits
With Hero Electric and Autovert coming together, those interested in electric scooters can now access a wider buying voice where financials are the focus. Both brands strive for a hassle-free EV purchase experience. Hero Electric has further plans to rejig customer experience.
Electric vehicle adaption in India hasn’t seen much participation from passenger car buyers. Of course the electric car availability in the country is quite small. Scooters however is an altogether competitive space tough volumes are still small. Apart from electric public transport vehicles, and e-rickshaws, electric scooters are beginning to shape a segment.
Curating convenient finance plans will help customers access wide-ranging finance options. Electric vehicles are not yet mainstream discussions but that doesn’t hamper people’s natural curiosity and affinity for cleaner vehicles. Traditionally, the Indian two-wheeler market is a humongous one. As such, seeing demand, it’s not difficult to foretell that the electric scooter segment will one day come into its own. The space is an epitome of diversity with manufacturers of pedigree, new manufacturers, local and foreign tech, fin and tech companies all trying to get a slice of the pie.
Financing for EVs
Sohinder Gill, CEO, Hero Electric said, “Ease and convenience are one of the most valued aspects of buying any vehicle. Unfortunately, EV sector does not experience much ease and joy when it comes to financing. Through our collaboration with Autovert, we are determined to offer singular experiences of buying and owning Hero Electric vehicles without much fuss. While we are witnessing a growth in the EV sales, it is of utmost important to also offer rich experiences to our customers and make their experience of owning an electric vehicle hassle free.
As sales volumes rise, this partnership with Autovert will simplify and facilitate EV sales in India while giving Hero Electric buyers the ease that is priceless. We are glad to have partnered with Autovert to bring the power of IoT backed finance asset monitoring and management and be a pioneer in this ecosystem of re-imagining auto finance.”
