Indian business giant Tata Motors has teamed up with the country’s largest bank, State Bank of India to offer Electronic Dealer Finance Solution (e-DFS) to its authorized passenger EV dealers.
Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles, and Tata Passenger Electric Mobility 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 finance program to our authorized electric passenger vehicle dealers, who will play an important role in driving the green mobility mission.”
Speaking of this partnership, Dinesh Khara, Chairman, State Bank of India said, “We are delighted to enter into this agreement with Tata Motors, as this allows us to deepen our longstanding partnership in the 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 authorized 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 is currently averaging monthly EV sales of 2,469 units as it drives towards its 50,000 EVs target this fiscal. The company, which currently has over 30,000 of its EVs on Indian roads across the personal and fleet segments, has a commanding EV market share of 89% in Q1 FY2023.
Tata Motors, which at present has three models– the Nexon EV, Tigor EV and fleet-only XPres-T EV – is looking to aggressively expand its EV portfolio.
It is understood that there are 10 new EVs to be added in the next few years as the company looks to increase its EV presence and also keep new competition at bay. As is known, Mahindra & Mahindra is all set to unveil five new electric SUVs on August 15, 2022.
In Q1 FY2023, Tata Motors saw a month-on-month increase in demand and its retail sales were just two units shy of the 7,000-unit mark.
Wholesales in the April-June 2022 period were 9,283 units, which means the company has kept its showrooms well stocked with its EV machines.