See, Apple? Even cars can do it :)
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I would guess a swappable battery would be separated from the vehicle, similar to a gas bottle for a grill.
The battery would be rented for a small deposit and on swapping you only pay the energy + service fee.
I guess you could also buy one to own, but then could not swap that.
That’s how it would make sense, at least.
I will take ownership over leasing as a 200 miles range is more than enough for me. But you will see if the leasing model works out, they will only have leasing left for you as that’s a continous money flow. Or have the battery be super expensive to discourage you buy it.