Tata Motors Partners with ICICI Bank to Offer Financing for Electric Vehicle Dealers
Bengaluru, January 2022: As an effort towards encouraging Electric Vehicle (EV) adoption in the country, Tata Motors, India’s leading automotive manufacturer, has announced its partnership 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, EV dealers can avail of flexible repayment tenures.
The MoU for this partnership was signed by Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., Tata Passenger Electric Mobility Ltd., and Mr. Rakesh Jha, Executive Director, ICICI Bank Ltd.
Commenting on the partnership, Mr. Shailesh Chandra, Managing Director, of Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd. said, “As the pioneers of EVs in the country, we take responsibility for their successful adoption. In our aim towards achieving complete electrification and promoting green mobility, we are happy to partner with ICICI Bank to assist our authorized passenger electric vehicle dealer partners with an exclusive financing program. 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.”
Speaking on this partnership, Mr. Rakesh Jha, Executive Director, of ICICI Bank, said, “Electric vehicle industry is growing at a rapid pace with the rising consumer demand for environment-friendly electric vehicles. The launch of EVs is one of the significant innovations in the automobile space. ICICI Bank has a legacy of supporting innovative technological initiatives. In line with this philosophy, we are delighted to partner with Tata Motors to offer an electric vehicle financing program for the authorized dealers of the country’s leading automotive company. This reflects our continued participation in India’s journey towards a sustainable future.”
Tata Motors has been pioneering the Indian automotive market with its groundbreaking efforts and is currently leading the e-mobility wave in India with a commanding market share of 85.8%, with over 57,000 EVs produced to date in personal and fleet segments.