ICICI Bank to offer financing solutions to Tata Motors electric vehicles dealers
- Tata Motors has been pioneering the Indian automotive market with its ground-breaking efforts and is currently leading the e-mobility wave in India with a commanding market share of 85.8%
Auto giant Tata Motors partnered with leading private lender ICICI Bank on Monday to encourage the adoption of electric vehicles in the country. Under the tie-up, ICICI Bank will provide inventory funding to EV dealers of Tata Motors. This would be one of its kind inventory financing programme for dealers of Tata Motors
This new financing solution is in addition to the bank's funding to dealers for diesel and petrol models.
The EV dealers can avail of flexible repayment tenures under this facility.
Shailesh Chandra, Managing Director, of Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility 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."
Chandra added, "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.”
Further, Rakesh Jha, Executive Director, of ICICI Bank believes the electric vehicle industry is growing at a rapid pace with the rising consumer demand for environment-friendly electric vehicles.
He added, "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 programme for the authorised dealers of the country’s leading automotive company."
The latest partnership with Tata Motors reflects ICICI Bank's continued participation in India’s journey toward a sustainable future.
Tata Motors has been pioneering the Indian automotive market with its ground-breaking 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.
Earlier in January, Tata Motors acquired Ford India's Sanand manufacturing plant, and vehicle manufacturing plant along with machinery and equipment for ₹725.7 crore.
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First Published:23 Jan 2023, 06:39 PM IST
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