It depends entirely on the model of the contract, but rhm's model above sounds plausable.
The idea that you 'rent' the materials of a product has been put forward as a way to ensure that the materials are recovered and recycled efficiently by encouraging ecologically intelligent design (http://www.mcdonough.com/cradle_to_cradle.htm). Batteries for electric cars would fit this model well: the battery suppliers would find it cheaper to recondition batteries than to build new ones from scratch. It would be cheaper still to ensure that the batteries can be efficiently recycled into new batteries from the start.
It's obvious that electric cars aren't going to replace petrol anytime soon, and they may get taken over by hydrogen fuel cell technology, but the work done on efficiency for electric cars can be applied to other appliances.
I like the idea that with both electric and fuel-cell cars the energy source can be decoupled from the engine. Yes, the energy might come from fossil fuelled power stations, but it could equally come from nuclear, hydro-electric, geothermal or wind powered sources.
Herbie