Tata Motors, ICICI Bank tie up to offer financing solutions to its passenger EV dealers

Tata Motors on Monday said it has partnered with ICICI Bank to offer financing solutions to its authorised passenger electric vehicle dealers. Under the partnership, ICICI Bank will provide inventory funding to the authorised passenger EV dealers in addition to the bank's funding to dealers for diesel and petrol models, Tata Motors said in a statement.

"Our dealer network forms a part of our core support pillars, and through their constant effort, we ride the electrification wave in India.

"We are confident that through this tie-up, we will make EVs more accessible and the EV purchase process a seamless and memorable experience for our customers," Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said.

The EV dealers can avail flexible repayment tenures through the partnership, the company said.

ICICI Bank Executive Director Rakesh Jha said the electric vehicle industry is growing at a rapid pace with the rising consumer demand for environment-friendly electric vehicles.