BluSmart EV startup is selling its entire fleet of electric cars for attractive prices
EV enthusiasts can rejoice as BluSmart is offering to sell thousands of EVs under its fleet for quite appealing prices in the used car market. In the last few years, the EV industry has been growing rapidly in India. New car models are being launched frequently. Hence, customers are getting more options. On the other hand, new startups have also emerged in this space. BluSmart is a prime example of that. It used to lease EVs from carmakers and offered riding solutions. However, the company faced some pretty challenging times lately.
Thousands of EVs on Sale in Used Car Market
In the used car market, BluSmart is selling around 2,000 EVs, including the Tigor Xpres-T EV and Nexon EV. The prices of these EVs are around Rs 3 lakh for buyers. Note that the new model costs around Rs 14 lakh. Hence, there is a clear opportunity to get your hands on these old electric cars at low prices. In fact, some people are interested in buying in bulk because such opportunities are not easy to come by. According to some reports, BluSmart is facing insolvency, and the financial institutions have put these assets on sale to recover the debt.
This further strengthens the fact that this is a situation of distress selling. In fact, many content creators on YouTube already covered this story. They visited the area where these EVs were parked for sale. Now, most of these cars have been driven for over 2 lakh kilometres. With EVs, this could be a serious concern, especially if the battery degradation is high. The repair, maintenance and potentially the battery replacement costs could be exorbitant. Therefore, some people are staying away from these deals. On the contrary, some private buyers are opting for these as their second car for urban usage.
My View
The fact that a prominent EV startup like BluSmart is facing financial troubles indicates how difficult it can be to run an EV company successfully. However, I must also admit that there have been news reports about fraud in this company related to the funds. In all honesty, I don’t want to get into those details at this point in time because the investigation is still under process. What is intriguing is whether buying used EVs makes sense for our readers. Make sure to do your due diligence before making a purchase decision.
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