Mumbai, August 12, 2022.
In a bid to make this festive season special, Tata Motors, India’s leading automotive manufacturer has joined hands with State Bank of India, India’s largest bank, to offer Electronic Dealer Finance solution(e-DFS)to its authorized passenger EV dealers.
Commenting on the rollout of this finance scheme offer, Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd.said, “To ensure we have faster EV adoption in the country, it is very important to have a strong network and empowered channel partners. By partnering with State Bank of India, we have taken another step in this direction. They are India’s largest public sector bank with an extensive network and we are delighted to partner with them. We want to provide an exclusive financing program to our authorized electric passenger vehicle dealers, who will play an important role in driving the green mobility mission, bolstering sustainability in the country.”
Speaking of this partnership, Mr. Dinesh Khara, Chairman, State Bank of India said, “We are delighted to enter into this agreement with Tata Motors, as this gives us an opportunity to deepen our longstanding partnership in Dealer Finance program. This also offers us the satisfaction of being able to contribute towards a greener tomorrow, as these lines of credit will be available for financing authorised dealers of Tata Motors’ Passenger Electric Vehicles. We are confident that this would go a long way towards promoting EV culture and adoption in the country.”
Tata Motors has been revolutionizing the Indian automotive market with its pioneering efforts and is leading the e-mobility wave in India with a commanding market share of 89% in Q1 FY23. India currently has and over 30,000 Tata EVs on road in personal and fleet segments.
With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors’ vehicles are marketed in Africa, Middle East, South & South East Asia, Australia, South America, Russia and other CIS countries. As of March 31, 2022, Tata Motors’ operations include 86 consolidated subsidiaries, two joint operations, four joint ventures and 10 equity-accounted associates, including their subsidiaries, in respect of which the company exercises significant influence.