Tata Motors, India’s leading automotive manufacturer, has partnered with ICICI Bank to offer an EV Dealer Financing solution for its authorised passenger EV dealers. The partnership is part of an effort towards encouraging Electric Vehicle (EV) adoption in the country. 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. The MoU for this partnership was signed by Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Rakesh Jha, Executive Director, ICICi Bank Ltd.
Tata Motors is India’s market leader in commercial vehicles and amongst the top three in passenger vehicles market. The company is pioneering India’s Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions. Tata Motors’ operations include 86 consolidated subsidiaries, two joint operations, four joint ventures and 10 equity-accounted associates. Tata Motors is the world’s leading manufacturer of electric vehicles (EVs) with a market share of 85.8%, with over 57,000 EVs produced till date in personal and fleet segments. Commenting on the partnership, Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd. said, “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.”
