Tata Motors, the foremost commercial vehicle producer in India, has entered into a memorandum of understanding (MoU) with the State Bank of India (SBI), the preeminent public sector bank in the country. This agreement establishes a partnership to provide unique financial support for the acquisition of Tata Motors’ ACE EV a commercial vehicle that was unveiled in May 2022. This alliance aims to stimulate demand for Tata Motors’ Ace EV while also generating employment opportunities.
Mr. Pravin Raghavendra, the deputy managing director of SBI said, “We are proud to partner with Tata Motors in an endeavor to offer attractive financing options for the Ace EV. We are confident that the new financing scheme will help individuals and MSMEs in purchasing the state-of-the-art, eco-friendly electric mini-truck.”
To commemorate the occasion, Tata Motor’s Vice president of sales and marketing Mr. Rajesh Kaul said, “The collaboration with SBI will fast-track the efforts towards sustainable mobility and support the nation’s net-zero aspirations.”