if they're still doing the battery-swap thing, I'd say it's slightly cheaper than a gasoline scooter to run. Definitely cheaper to buy. A half-decent one these days is about 50K, so even 44K is competitive.
I'm a bit on the fence about these things. They're absolutely better than smoke-belchers, and they steer people away from buying cars. But they're still scooters, with all the attendant problems (eg., taking your life in your hands every time you use it). The manufacture and disposal of batteries is inherently polluting without stringent controls, and could result in resource scarcity if everyone starts using them.
Andrew: I generally disagree with subsidies on principle, and I don't think this one is a good idea. OTOH if this helps them reach a critical mass of scooters out on the road, and if the subsidy is temporary, then it basically amounts to a loan which will be paid back via (a) taxes and (b) reduction of externalities attributable to exhaust pollution.