Tata Motors Electric Vehicle Dealers Get Financing Support from Standard Chartered Bank
Standard Chartered Bank, India, and Tata Motors, a big car maker in India, have joined hands to help their electric car dealers get money easily. The bank has been giving money to Tata Motors’ dealers who sell cars that run on petrol or diesel, for both small and big vehicles.
They have signed a paper that says Standard Chartered Bank will give more money only to dealers who buy electric cars from Tata Motors. These deals will be done through Tata Passenger Electric Mobility Limited (TPEML), which is a part of Tata Motors.
Tata Motors is the best in the Indian electric car market, with more than 73% of the sales. This partnership will help Tata Motors make more people buy electric cars in India and help their dealers get money for their electric car business.
Ankur Khurana, Managing Director & Co-Head, Client Coverage, India, at Standard Chartered Bank, expressed enthusiasm about the partnership, saying, “We are excited to extend our supply chain offering to the high growth EV business of Tata Motors. This augurs well for our strategy to support sustainable industries, and is yet another testimony of our long-standing engagement with Tata Motors and the Tata Group, which spans over many decades and represents one of our most valued relationships globally.”
Dhiman Gupta, the money boss of Tata Passenger Electric Mobility Ltd. and a director of Tata Motors Passenger Vehicles Ltd., said that giving good service to customers was very important in the electric car market.
He stated, “As leaders of the 4-wheeler EV space, we are committed to working with the right partners in our effort to further grow the market. To that effect, we are happy to partner with Standard Chartered Bank to further assist our authorized passenger electric vehicle dealer partners with an exclusive financing program. We are confident that this partnership will prove beneficial for all parties as we continue to expand our presence in this space.”
This partnership shows how important it is to have money help and strategic alliances to make more people use electric cars in India’s changing car market.