Tata Motors partners ICICI Bank to offer financing solutions to EV dealers

Tata Motors on Monday announced that it has partnered with ICICI Bank to offer financing solutions to its authorized passenger electric vehicle dealers. Under the partnership, the 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 Passenger Vehicles and Tata Passenger Electric Mobility's Managing Director Shailesh Chandra, while making the announcement, said, "Our dealer network forms a part of our core support pillars, and through their constant effort, we ride the electrification wave in India." He added that the company is confident that through this tie-up, it will make EVs more accessible and the EV purchase process will become a seamless and memorable experience for customers.

Tata Motors has been on the forefront in terms of electric mobility and has the maximum number of battery powered vehicles on offer in the country. In a separate development, the company said that improvement of charging infrastructure will provide nuanced solutions for decreasing range anxiety among buyers. He added that the ability to charge cars fast, mainly on the highways will also help the cause.

The company added that in the last one year, around 3,000 chargers have been put up across the country which was not the case four to five years back. And not only Tata Power is putting up these public chargers, there are many regional players and start-ups also which are coming into this space. So in the next two to three years, the situation will be very different, Chandra had said.

The company is reimagining its entire product portfolio and operations to achieve net zero greenhouse gas by 2045. Chandra stated that the transition from traditional fuels to EV ecosystem is 'inevitable', and that the world for the automobile company after achieving its net zero target would be 'fully electric'.