The e4W maker, BYD India, on Wednesday signed an MOU with the HDFC Bank to provide a stock financing solution to its pan India dealer network.
According to a press release from the EV maker, the strategic tie-up will provide its dealers access to inventory finance for electric cars.
Interestingly, the partnership is also a step towards the bank’s vision of becoming carbon neutral by FY32, the release added.
Vikas Pandey, Business Manager- Auto Loan, HDFC Bank, said, “We believe in creating an eco-system that brings OEMs, dealers and financiers together thus enabling customers to purchase their Electric Vehicle.”
Sanjay Gopalakrishnan, Sr Vice President - Electric Passenger Vehicle Business, BYD India, said, “The strategic tie up with India’s largest private bank gives our dealers the access to Inventory Funding & Cash credit which will also help them manage other expenses.”