Tata Motors has associated with Axis Bank to provide an exclusively electric vehicle dealer financing solution to its authorized passenger EV dealers.
In the dignity of other senior executives from both companies, Shailesh Chandra, managing director, Tata Motors Passenger Vehicle and Tata Passenger Electric Mobility, and Sumit Bali, group executive and head of retail lending and payments, Axis Bank, signed the Memorandum of Understanding.
Ramesh Dorairajan, Senior General Manager of Network Management & EV Sales, Tata Motors Passenger Vehicles said, “We are extremely elated to associate with Axis Bank for this exclusive financing programme for our authorised electric passenger vehicle dealers. Our dealers have been in lock-step with us in our journey to enabling widespread EV adoption in the country. We are positive that this initiative will further support our vision to achieve the goal of green mobility and bolster sustainability in the mobility sector in the country.”
Bali also added, “We at Axis Bank are deeply committed towards the objective of driving Green Mobility financing solutions. We are delighted to have associated with Tata Motors to offer a financing program exclusively for their passenger electric vehicle dealers. This industry-first solution will help the bank to expand its base into newer consumer segments and address their financial requirements. We believe that the EV market will grow exponentially, and this partnership will go a long way in significantly contributing to this growth“.
Tata Motors claims to hold 87% market share in FY22 and over 30,000 Tata EVs on road to date in personal and fleet sections.
Earlier, Tata Motors united hands with Indian Bank to encourage financing for its passenger vehicle customers. This strategic partnership aims to provide customised loans from over 5,700 branches of Indian Bank across the country, the company addressed in a statement.