Homegrown automaker Tata Motors’ subsidiaries, Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM), have announced an exciting new partnership with Bajaj Finance. This collaboration aims to offer a comprehensive financing program for authorized dealers of passenger and electric vehicles, enhancing their business capabilities.
Tata Motors and Bajaj Finance join hands to finance new passenger vehicles
Empowering Dealers with Financial Capital
Anup Saha, Deputy Managing Director of Bajaj Finance Ltd., highlighted the significance of this partnership:
“Through this financing programme, we will arm TMPV and TPEM’s authorised passenger and electric vehicle dealers with financial capital, which will enable them to seize the opportunities offered by a growing passenger vehicles market.”
Bajaj Finance, one of India’s leading Non-Banking Financial Companies (NBFCs), currently serves over 83.64 million customers. This extensive reach and expertise make Bajaj Finance an ideal partner to support Tata Motors’ ambitious growth plans.
Tata Motors: Leading the Way in ICE and EV Segments
TMPV and TPEM have been at the forefront of the Indian automotive market with their innovative approaches in both Internal Combustion Engine (ICE) and Electric Vehicle (EV) segments. Tata Motors continues to set benchmarks in the industry with impressive sales figures and a robust product lineup.
Impressive Sales Growth
Earlier this month, Tata Motors reported an 11.5% year-on-year increase in total wholesales, reaching 77,521 units last month compared to 69,599 units in April 2023. Additionally, total passenger vehicle sales rose by 2%, from 47,107 units in April 2023 to 47,983 units last month.
Dominating the EV Market
Tata Motors’ EV subsidiary, TPEM, maintains a strong lead in the domestic market with a 71.47% share. In April alone, TPEM sold 4,701 units, bolstering its position as a market leader. The company’s extensive EV portfolio includes popular models such as the Nexon EV, Tigor EV, Tiago EV, Xpres-T (for fleet buyers), and the upcoming Punch EV. In FY2024, TPEM achieved a 48% year-on-year growth, selling a remarkable 73,833 EVs.
Commitment to Dealer Partners
Gupta, in a company statement, emphasized the importance of dealer partnerships:
“Our dealer partners are integral to our business, and we are happy to actively work towards solutions to help them in ease of doing business. Together, we aim to further grow the market and offer our New Forever portfolio to an increasing set of customers.”
Enhanced Financing Options
This collaboration between Tata Motors and Bajaj Finance aims to provide improved financing options for authorized dealers. By offering better financial solutions, the partnership seeks to facilitate seamless business operations for dealers, enabling them to meet the growing demands of the market.
Conclusion
The automobile giant’s partnership with Bajaj Finance represents a significant step towards strengthening its dealer network and supporting the growth of both passenger and electric vehicle sales. With enhanced financing options and a commitment to innovation, Tata Motors is poised to continue leading the Indian automotive market.
Stay tuned for more updates on Tata Motors and its latest initiatives to drive the future of mobility in India.
via Tata Motors
