The signed MoU allows the Bank to provide extra credit to dealers solely for purchasing Tata Motors’ EVs.
Standard Chartered Bank has partnered with Tata Motors to provide Supply Chain Finance Solutions to their Electric Vehicle (EV) dealers. The bank currently supports Tata Motors’ ICE dealerships with inventory funding across both Passenger and Commercial Vehicle sectors. The new Memorandum of Understanding (MoU) will specifically allow the bank to offer additional financing to dealers to acquire EVs through Tata Passenger Electric Mobility Limited (TPEML).
With a commanding 73% market share in the Indian EV market, Tata Motors’ new financing solution with Standard Chartered Bank aims to boost EV uptake in India and offer its dealers financial support for their EV ventures.
Ankur Khurana, Managing Director and Co-Head of Client Coverage in India at Standard Chartered Bank expressed enthusiasm about expanding their supply chain finance to Tata Motors’ rapidly growing EV sector. He highlighted the move as aligned with the bank’s commitment to sustainable industries and as a continuation of a longstanding relationship with Tata Motors and the Tata Group.
Dhiman Gupta, CFO of Tata Passenger Electric Mobility and Director of Tata Motors Passenger Vehicles emphasized the importance of a unique customer experience throughout their ownership journey. He affirmed Tata Motors’ dedication to fostering the EV market with strategic partnerships, expressing confidence that the collaboration with Standard Chartered Bank will benefit their authorized passenger electric vehicle dealers as they enhance their market footprint.
