Tata Motors and ICICI Bank to provide EV inventory finance for dealers
Inventory funding to authorised passenger EV dealers is in addition to funding for diesel and petrol models; EV dealers can also avail of flexible repayment tenures.
In line with its aim to encourage electric vehicle (EV) adoption in India, Tata Motors has signed a 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 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, the EV dealers can avail flexible repayment tenures.
The MoU for this partnership was signed by Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility and Rakesh Jha, Executive Director, ICICI Bank.
Tata Motors’ Shailesh Chandra 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 authorised passenger EV 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.”
ICICI Bank’s Rakesh Jha commented, “The EV industry is growing at a rapid pace with the rising consumer demand for environment-friendly electric vehicles. We are delighted to partner with Tata Motors to offer electric vehicle financing programme for the authorised dealers.”
Tata Motors, which has the largest EV portfolio in the form of the Nexon EV, Tigor EV, Xpres-T (for fleets) and the Tiago EV, is the market leader with a commanding market share of 86% and has sold over 57,000 EVs till date across the personal and fleet segments.
Tata Motors tie-up with ICICI Bank is the latest in a series of banking partners specifically for EV dealer financing. In November 2022, it inked partnerships with HDFC Bank and with IndusInd Bank for the same purpose.
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