HSBC India partners with Tata Motors to promote mass adoption of Electric Vehicles

Bengaluru, June 10, 2023: HSBC India right this moment introduced that it has partnered with Tata Motors, India’s main vehicle producer and the pioneer of EV revolution within the nation, for a company worker financing answer to speed up the adoption of zero emission Electric Vehicles. This partnership is in line with the shared imaginative and prescient of the 2 conscientious organizations to promote sustainability and de-carbonize highway transport, paving the way in which for a greener and cleaner future.

Consumers holding a salaried account with HSBC India will get an opportunity to apply for this one-of-a-kind tailor made mortgage to buy an electrical car of their alternative from Tata Motors’ EV portfolio. As an element of this scheme, clients will likely be ready to apply for a mortgage with zero down cost, no hypothecation, low processing payment and no documentation costs, amongst others, making the general EV shopping for process not solely easy however extremely enticing for all potential clients. Furthermore, as an added benefit, clients choosing this mortgage can even get a particular accent equipment for his or her Tata EVs.

Commenting on the partnership, Shri Suman Bery, Hon’ble Vice Chairman, NITI Aayog mentioned, “De-carbonization is a key agenda for our Government which is mirrored within the nation’s up to date Nationally Determined Contributions. In line with the Panchamrit Goals articulated by the Hon’ble Prime Minister Narendra Modi, the Government has taken vital measures to promote Electric Vehicles (EVs) in addition to different clear mobility options. India has the potential of changing into the primary EV manufacturing hub on the planet. We are centered on rising this ecosystem throughout the nation which, in flip, will present a fillip to the adoption of EVs and propel our transition in direction of clear and inexperienced mobility. While we’re centered on constructing momentum and creating enabling infrastructure, we glance ahead to the assist of corporates on this endeavour. We welcome the efforts of HSBC India and Tata Motors in creating consciousness and selling entry to EVs, alongside with their dedication to India’s bigger imaginative and prescient of transitioning in direction of inexperienced mobility options.”

Commenting on this partnership, Mr. Shailesh Chandra, MD, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility mentioned, “We are delighted to companion with HSBC India as we work in direction of accelerating the mass adoption of sustainable mobility within the nation. With over 85,000 EVs on highway, Tata Motors is the chief on this fast-growing section. Our new age automobiles supply clients with the selection to choose the EV that finest meets their objective. This partnering with HSBC India will additional increase the enchantment and attain of clients preferring to Go.ev”

Commenting on this new providing, Hitendra Dave, CEO, HSBC India mentioned, “The highway transportation sector in India is a big contributor to the general quantum of carbon emissions within the nation. It is due to this fact, crucial that we transfer rapidly and assist the mass adoption of electrical automobiles. For this to occur, all of the stakeholders within the ecosystem want to come collectively as a unifying drive and assist this transition. Our partnership with Tata Motors, India’s main EV maker, will assist leverage the synergies of imaginative and prescient and assist drive a sustainable transition in direction of a web zero financial system.”

Tata Motors has been revolutionizing the Indian automotive market with its pioneering efforts and is main the e-mobility wave in India. The product portfolio presently consists of the ‘Fastest Booked EV in India’ – the Tiago.ev, which additionally not too long ago turned the quickest EV to attain 10k deliveries, the Nexon EV – India’s highest promoting EV and the Tigor EV.

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