BYD India Private Limited, a subsidiary of the Warren Buffett-backed world’s leading New Energy Vehicle manufacturer BYD, has signed an MOU with the country’s largest private bank HDFC Bank towards stock financing solution to its pan India dealer network. The strategic tie-up will provide BYD’s dealers access to inventory finance for the electric cars.
HDFC Bank Limited headquartered in Mumbai is India’s largest private sector bank by balance sheet size. Its dealer finance solution provides a bouquet of customized products offering tailored solutions for electric car dealers and BYD’s end customers.
Commenting on the strategic tie-up with BYD India, Mr. 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. BYD India has been the driver in bringing advanced technology in Pure Electric Vehicles globally and we are delighted to partner with them to enhance sustainable travel in India.”
HDFC Bank has committed to becoming carbon neutral by FY 2031-32. This tie-up is a step towards that.
Mr. 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. Dealers are the frontrunners for our electric car sales and we are happy to support them through this tie-up. We are on track towards building a stronger ecosystem and facilitate EV adoption in our country.”
In January 2022, passenger vehicles in India have seen 1% EV penetration. With the goal to achieve net-zero emissions by 2070 in India, BYD is committed and will constantly work closely with its partners to provide low-carbon products for the local market.