On November 6, Standard Chartered Bank declared that it had joined up with Tata Motors to provide supply chain credit options to the carmaker’s dealers of electric vehicles (EVs). For both its passenger and commercial car operations, Standard Chartered Bank currently provides inventory finance limits to Tata Motors’ ICE (internal combustion engine, or gasoline- and diesel-powered vehicles) dealerships.
Due to the cooperation, the bank will now have the authority to give dealers exclusive access to higher limits for the purchase of electric vehicles (EVs) from Tata Motors through Tata Passenger Electric Mobility Limited (TPEML), a subsidiary of the company.
Tata Motors’ Market Share
Tata Motors, which has a market share of more than 73% in the Indian EV industry, stated in a release that this funding solution will support the company’s efforts to promote EV adoption in the nation and give its dealers access to financing for their EV businesses.
Together, TPG Rise Climate and TPEML, an investor in TPEML, plan to invest $2 billion by 2026 to introduce ten new electric vehicles, construct a specific BEV architecture, assist local production of essential parts, and further the development of cutting-edge automotive and battery technology. According to a corporate announcement, the EV manufacturer also plans to accelerate the development of other infrastructure, including a widespread charging network, in order to promote the quick adoption of EVs in India.
Managing Director and Co-Head of Standard Chartered Bank’s Client Coverage division in India, Ankur Khurana, stated: “We are thrilled to expand our supply chain offering to the rapidly expanding EV business of Tata Motors. This is encouraging for our approach to promoting sustainable industries and is more evidence of our long-standing cooperation with Tata Motors and the Tata Group, which has lasted for many years and is one of our most important international partnerships.
“EV customers today expect a differentiated experience at various touch points in their ownership journey with the brand,” stated Dhiman Gupta, Chief Financial Officer, of Tata Passenger Electric Mobility Ltd., and Director, of Tata Motors Passenger Vehicles Ltd., in response to the agreement. As pioneers in the 4-wheeler EV industry, we’re dedicated to collaborating with the best partners to expand the market. In light of this, we are delighted to collaborate with Standard Chartered Bank to provide our authorized passenger electric vehicle dealer partners with an exclusive financing offer.
