Tata Motors and State Bank of India join hands to offer EV dealer finance solutions

- Said to be the first-of-its-kind EV Inventory Financing program by a public sector bank for Tata Motors’ EV dealers

- The company currently sells the Nexon EV, Tigor EV, and the X-Pres T EV in the electric vehicle segment

Tata Motors has joined hands with the State Bank of India to offer Electronic Dealer Finance Solution (e-DFS) to its passenger EV dealers. According to the Indian automobile brand, this is the first-of-its-kind Electric Vehicle (EV) inventory financing program by a public sector bank for Tata Motors’ EV dealers.

The current range of Tata Motors’ electric vehicles in India includes the Nexon EV, Tigor EV, and the Xpres-T EV. The electric sub-division, known as Tata Passenger Electric Mobility (TPEML), recently confirmed the acquisition of Ford India’s Sanand plant in Gujarat for Rs 725.7 crore.

Commenting on the rollout of this finance scheme offer, Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., 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 the 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.”