BYD India partners with Kotak Mahindra Prime Limited (KMPL) to offer financing solutions – EQ Mag
• Dealers and customers can avail tailor-made financing solutions from KMPL
Chennai, India : BYD India Private Limited, a subsidiary of the world’s leading New Energy Vehicle manufacturer BYD, today signed an MOU withKotak Mahindra Prime Limited (Kotak Prime), a subsidiary of Kotak MahindraBank Limited, to offer financing solutions to its dealers and customers. With this agreement, Kotak Prime has been on-boarded as one of the financiers for BYD India’s electric vehicles across the country.
Under this partnership, Kotak Prime will offer vehicle financing loans basis the financial needs of BYD India’s buyers. The partnership with Kotak Prime will further strengthen BYD India’s financing network all over the country as Kotak Prime has a wide network and vast experience in financing the entire rangeof passenger cars, multi-utility vehicles, pre-owned cars and two-wheelers.
Kotak Prime is primarily in the business of car and two-wheeler finance with a retail distribution network comprising 129 branches in 21 states and union territories in the country, as on 30 September 2022.Thecompany also offers inventory funding and term loans to car and two-wheeler dealers.
Mr. Shahrukh Todiwala, Whole-time Director & President, Kotak Mahindra Prime said, “We are happy to be partnering with an EV brand like BYD to finance their dealers and customers. The tie-up is part of our continuous commitment to growing our vehicle financing business with a clear focus on EV space and contributing to the government’s vision of a cleaner environment and a greener India.”
Mr. Sanjay Gopalakrishnan, Sr Vice President – Electric Passenger Vehicle Business – BYD India, said, “With Kotak Prime as one of the partners for our dealers and customers’ financing needs, we are happy to extend our support to our customers who are looking for vehicle financing and be part of driving sustainability in the country. This MOU is yet another step to get our vehicles closer to our customers with tailor-made customer friendly offerings. This enhances our reach in providing competitive financing solutions to prospective customers.”
About BYD India
BYD India was established in March 2007 in Chennai, India, with an office in New Delhi. The Indian subsidiary has two factories, covering more than 140,000 sqm, with a cumulative investment of over $200 million. The business covers mobile components, battery energy storage, electric buses, electric trucks, electric forklifts, etc. BYD India provides customers with product solutions and related after-sales services.
Formulating the strategic layout of BYD India and even South Asia, BYD India has gradually developed into the regional headquarters of South Asia, realising the group’s localisation strategy in this region. With joint efforts of local partners, e-buses powered by the technology of BYD battery, powertrain, and chassis are successfully deployed in Mumbai, Pune, Bengaluru, Hyderabad, Vijayawada, Ahmedabad, Surat, Kochi and other cities. Currently, these e-buses have been commercially operating and have taken a large market share in India. Over 600 of the All-New e6, India’s First Premium Electric MPV, have been delivered, making BYD number one in this niche market. BYD India launched the BYD-ATTO 3 on 11th October 2022, India’s First Sporty Born E-SUV, receiving bookings close to 1,500 units and get great response from customers.
