MylesZero, a car subscription platform powered by Myles, experienced a surge in queries for electric vehicle (EV) subscriptions this festive season. Since the onset of the festivities, the brand witnessed 81% of hike for subscription requests of electric vehicles from across the country.
The car subscription platform has seen an over 100% increase in EV requests in the last two quarters. With the traction for EVs gaining momentum in the country, the brand further expects to see EVs to form 50% of its total fleet by the end of FY 2021.
Speaking on the development, Sakshi Vij, Founder & CEO, Myles Cars said, “This festive season, we have witnessed a great amount of shift in the mobility space with the momentum for EV adoption in India gaining prominence. We at Myles are adamant at taking crucial steps to providing affordable, sustainable, and hassle-free mobility solutions to consumers, who are unwilling to make a long-term investment on buying a new car.”
Currently, EV forms 40% of the total subscriptions on the MylesZero platform.
Moreover, the customers are figuring out that subscribing to EVs is more affordable than outright purchase. When it comes to investing in an EV subscription, a customer will only have to invest Rs. 42,000*/ per month instead of spending almost Rs. 14 lakh to purchase one. For subscription, ZS EV from MG, Tata Nexon EV, and Tata Tigor EV are the most popular choices among customers.
Going forward, the brand anticipates that around 30% of the EV sales will happen through subscriptions in the next two years. With a vision to create a future of vehicle ownership, MylesZero promises ‘Zero Risks’ and ‘Zero Stress’ in terms of instant car ownership.