In order to provide authorized passenger EV dealers with dealer financing options, Tata Motors has announced a partnership with ICICI Bank. The authorized passenger EV dealers will receive inventory funding through this program from ICICI Bank.
The Bank’s funding for dealers of diesel and gasoline models also includes funding for inventory. The EV dealers can take advantage of flexible repayment terms through this facility.
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 authorized passenger electric vehicle dealer partners with an exclusive financing program.”
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.”
With a commanding market share of 85.8% and more than 57,000 EVs produced to date in the personal and fleet segments, Tata Motors is currently driving India’s e-mobility trend. Currently, The company has two EVs on sale: the Nexon EV and the Tigor EV. Tata Motors’ retail market performance in April–November saw it surpass its entire FY2022 ePV sales of 19,105 units. With 21,569 units, Tata Motors has an 84 percent share of the ePV market in India.
