Tata Motors’ subsidiaries, Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM), have teamed up with Bajaj Finance to offer an innovative financing programme for their authorised passenger and electric vehicle dealers. This partnership aims to streamline financing options and support the business operations of these dealers.
Market Impact and Sales Growth
TMPV and TPEM continue to lead the Indian automotive market with their pioneering efforts in both the Internal Combustion Engine (ICE) and Electric Vehicle (EV) segments. Tata Motors reported an 11.5% year-on-year increase in total wholesales last month, with 77,521 units sold compared to 69,599 units in April 2023. Total passenger vehicle sales saw a 2% rise to 47,983 units from 47,107 units in April 2023. TPEM, which boasts a robust EV portfolio including the Nexon EV, Tigor EV, Tiago EV, Xpres-T, and Punch EV, sold 4,701 units in April, maintaining a dominant 71.47% market share. In FY2024, the company sold 73,833 EVs, marking a 48% year-on-year growth.
Statements from Leadership
Gupta, representing Tata Motors, emphasized the importance of dealer partners, stating, “Our dealer partners are integral to our business, and we are happy to actively work towards solutions to help them in ease of doing business. Together, we aim to further grow the market and offer our New Forever portfolio to an increasing set of customers.”
Anup Saha, Deputy Managing Director of Bajaj Finance Ltd, highlighted the benefits of the partnership, saying, “Through this financing programme, we will arm TMPV and TPEM’s authorised passenger and electric vehicle dealers with financial capital, which will enable them to seize the opportunities offered by a growing passenger vehicles market.”
About Bajaj Finance
Bajaj Finance, a prominent Non-Banking Financial Company (NBFC) in India, serves over 83.64 million customers, providing a wide range of financial services and solutions.
Tata Power Invests Rs 550 Crore in Renew...
India Becomes Second Largest Smartphone ...
IFC Invests $400 Million in Bajaj Financ...
