In a bid to encourage Electric Vehicle (EV) adoption in the country, Tata Motors, has announced its partnership with ICICI Bank to offer an EV Dealer Financing solution to its authorised passenger EV dealers.
Under this scheme, the bank will provide inventory funding to the authorised passenger EV dealers of the vehicle maker. This inventory funding is in addition to the bank’s funding to dealers for diesel and petrol models. The EV dealers can avail flexible repayment tenures, a press release from Tata Motors noted.
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.
Chandra noted that the dealer network forms a part of the company's core support pillars, and through their constant effort, it rides the electrification wave in India.
Rakesh Jha, Executive Director, ICICI Bank, said the 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, he added.