Tata Motors ties with ICICI Bank to offer financing for EV dealers

24 Jan 2023 , 11:56 AM

Tata Motors has announced its partnership with ICICI Bank to offer an EV Dealer Financing solution to its authorised passenger EV dealers. 

Under this collaboration, ICICI Bank will provide inventory funding to the Tata Motors’ authorised passenger EV dealers. 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.

Further, the MoU for this partnership was signed by Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd. and Rakesh Jha, Executive Director, ICICI Bank Ltd.

Commenting on the partnership, Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd. said, “As the pioneers of EVs in the country, we take responsibility for their successful adoption.

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.” 

At around 11:40 AM, Tata Motors was trading at Rs423 per share higher by 3.56% while ICICI Bank was trading higher by 0.32% at Rs874.35 per share on the BSE. 

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