Tata Motors has announced its partnership with ICICI Bank to offer dealer financing solutions to its authorised passenger EV dealers. Under this scheme, ICICI Bank will provide inventory funding to the authorised passenger EV dealers.
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.
Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility said, “In our aim towards achieving complete electrification and promoting green mobility, we are happy to partner with ICICI Bank to assist our authorised passenger electric vehicle dealer partners with an exclusive financing program.”
Chandra added, “ 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.”
Rakesh Jha, Executive Director, 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.”
Tata Motors is currently leading the e-mobility wave in India with a commanding market share of 85.8 percent, with over 57,000 EVs produced till date in personal and fleet segments.
Currently, Tata Motors has two EVs on sale- Nexon EV, Tigor EV, Tata Motors’ retail market performance in April-November sees it surpass its entire FY2022 ePV sales of 19,105 units. With 21,569 units, Tata Motors has a 84 percent share of the ePV market in India.