Tata Motors Partners With ICICI Bank To Offer Financing For EV Dealers
As an effort towards encouraging Electric Vehicle (EV) adoption in the country, Tata Motors has partnered with ICICI Bank to offer an EV Dealer Financing solution to its authorised passenger EV dealers. Under this scheme, ICICI Bank will provide inventory funding to the authorised passenger EV dealers of Tata Motors.
This inventory funding is in addition to the Bank’s funding to dealers for diesel and petrol models. Under this facility, the EV dealers can avail flexible repayment tenures.
The MoU for this partnership was signed by Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles, and Tata Passenger Electric Mobility and Rakesh Jha, Executive Director, ICICI Bank.
Commenting on the partnership, Shailesh Chandra, said, “Our dealer network forms a part of our core support pillars, and through their constant effort, we ride the electrification wave in India. We are confident that through this tie-up, we will make EVs more accessible and the EV purchase process a seamless and memorable experience for our customers.”
Tata Motors has been pioneering the Indian automotive market and currently has a commanding market share of 85.8 per cent, with over 57,000 EVs produced till date in personal and fleet segments.
Speaking on this partnership, Rakesh Jha, said, “Electric vehicle industry is growing at a rapid pace with the rising consumer demand for environment-friendly electric vehicles. We are delighted to partner with Tata Motors to offer electric vehicle financing programme for the authorised dealers of the country’s leading automotive company. This reflects our continued participation in India’s journey towards a sustainable future.”
