Tata Motors joins hands with SBI to offer loan structured schemes for new Ace EV

Tata Motors has partnered with country’s biggest lender State Bank of India (SBI) to offer "easy loan structured schemes" for the purchase of Tata Ace EV, its newest commercial electric vehicle.  

The auto major said that said it has already signed a memorandum of understanding (MoU) with the SBI under which it would offer "unique financing solutions" for the Ace EV. The tie-up would leverage the strong network of the public lender "to make these solutions accessible to customers", the auto company said. 

"We are proud to partner with Tata Motors in an endeavour 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," SBI's deputy managing director Pravin Raghavendra said. 

The Ace EV has been dubbed as "India’s most advanced, zero-emission" commercial electric vehicle, comes with a holistic solution for hassle-free e-cargo mobility and five-year comprehensive maintenance package.  

Talking about the tie-up, Rajesh Kaul, vice president, sales & marketing, commercial vehicle business, Tata Motors, said: “The collaboration with SBI will fast-track the efforts towards sustainable mobility and support the nation’s net-zero aspirations. 

Earlier in the day, Tata Motors reported a 6 per cent year-on-year (YoY) growth in domestic sales to 78,006 units in February 2023 as compared to 73,875 in February 2022. 

Its total sales in the domestic and international market for February 2023 stood at 79,705 vehicles, compared to 77,733 units during February 2022. 

Sales of its electric vehicles (EVs) saw a jump of 81 per cent YoY to 5,318 units in February 2023 as compared to 2,934 units in February 2022, Tata Motors reported. 

In Q3 FY23, Tata Motors posted a consolidated net profit of Rs 2,958 crore, against a loss of Rs 1,516 crore a year ago. Its consolidated revenue from operations rose 22.5 per cent YoY to Rs 88,489 crore. 

Its consolidated operating profit, calculated as earnings before interest, taxes, depreciation and amortization (EBITDA), rose 11 per cent on year to Rs 9,900 crore and the margin improved 90 basis points to 11.1 per cent. 

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