Tata Motors, SBI to provide finance solutions to authorised electric PV dealers

The company’s PV EV sales stood at 4,022 in July 2022, a massive uptick of 566 per cent as compared to 604 units sold in the corresponding month last year.

Tata Motors, SBI to provide finance solutions to authorised electric PV dealers
Tata Motors has joined hands with SBI to provide finance solutions to authorised passenger EV dealers.

Home-grown auto major Tata Motors has inked a pact with the State Bank of India to provide its network of authorised passenger EV dealers with Dealer Finance solution (e-DFS).

Tata Motors has been leading the e-mobility wave in India in the passenger vehicle (PV) segment with its Nexon EV, Tigor EV, and Nexon EV Max offerings. India currently has over 30,000 Tata EVs on road in personal and fleet segments. The company’s PV EV sales stood at 4,022 in July 2022, a massive uptick of 566 per cent as compared to 604 units sold in the corresponding month last year.

Commenting on the rollout of this finance scheme offer, Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd. said, “To ensure we have faster EV adoption in the country, it is very important to have a strong network and empowered channel partners. By partnering with State Bank of India, we have taken another step in this direction. They are India’s largest public sector bank with an extensive network and we are delighted to partner with them. We want to provide an exclusive financing program to our authorized electric passenger vehicle dealers, who will play an important role in driving the green mobility mission, bolstering sustainability in the country.”

Dinesh Khara, Chairman, State Bank of India said, “We are delighted to enter into this agreement with Tata Motors, as this gives us an opportunity to deepen our longstanding partnership in the Dealer Finance program. This also offers us the satisfaction of being able to contribute towards a greener tomorrow, as these lines of credit will be available for financing authorised dealers of Tata Motors’ Passenger Electric Vehicles. We are confident that this would go a long way towards promoting EV culture and adoption in the country.”

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