Tata Motors has announced on Monday that it has partnered with ICICI bank to provide financial solutions for the electric vehicle (EV) dealers. Under this scheme, ICICI Bank shall provide inventory funding to the authorized passenger EV dealers, in addition to the bank’s funding to diesel and petrol owners.
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 authorised passenger electric vehicle dealer partners with an exclusive financing program.”
Chandra added, “ 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.”
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.”
This is an excellent move and great collaboration between the well-renowned bank and the automobile giant. The automotive sector is changing rapidly and new EV models are entering the market. But still the EV infrastructure needs to be upgraded and there are still many challenges which needs to be overcome by us in the upcoming years. But, switching to EVs is really a need of the hour as pollution levels needs to be tamed and controlled immediately.
Tata Motors on their way to build EV Ecosystem:
Tata Motors is currently leading in bringing the e-mobility wave in India with a commanding market share of 85.8 percent, with over 57,000 EVs produced till date in personal and fleet segments. Tata Motors is continuously working all round the clock to find effective and strategic solutions to overcome the hurdles in the EV sector, bringing new EV models in the passenger and commercial vehicles and from partnering with financial organizations, bank and research institutions.
Tata Sons Ltd, the parent of Tata Motors has also invested to manufacture lithium-ion cells in India and Europe to forge a proper supply chain for its zero-emission vehicles in the coming decade. The Tata group are the first ones to understand the scope and future of the Electric vehicles, and is bringing all its various branches together to create a complete EV ecosystem.
At the launch of Tata Nexon, the company’s first EV, Chandrasekaran had announced that seven Tata group companies — Tata Motors, Tata Power, Tata Chemicals, Croma, Tata Auto Components, and Tata Motors Finance — would work together to build a complete ecosystem for EVs.
Commenting on the partnership, Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility (TPEML), 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. 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.”
The company has been successful in setting up around 3,000 chargers in the country in the last one year boosting the acceptance of EVs in their customers. The company is recreating and re-imagining its entire automotive portfolio, placing EVs in the heart of their portfolio and product range to achieve their net zero emission target by 2025.
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