MOU will strengthen the financing facility of BYD Dealer Network for managing inventory of electric cars
Chennai, India : BYD India Private Limited, a subsidiary of the Warren Buffett-backed world’s leading New Energy Vehicle manufacturer BYD, today 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.
About BYD
BYD (Build Your Dreams) is a multinational high-tech company devoted to leveraging technological innovations for a better life. BYD now has four industries including Auto, Electronics, New Energy, and Rail Transit. Since its foundation in 1995, the company quickly developed solid expertise in rechargeable batteries and became a relentless advocate of sustainable development, successfully expanding its renewable energy solutions globally with operations in over 70 countries and regions and over 400 Cities. Its creation of a Zero Emissions Energy Solution, comprising affordable solar power generation, reliable energy storage, and cutting-edge electrified transportation, has made it an industry leader in the energy and transportation sectors. BYD is a Warren Buffet-backed company and is listed both on the Hong Kong and Shenzhen Stock Exchanges.
About BYD India
BYD India was established in March 2007 in Chennai, India and had set up an office in New Delhi. The Indian subsidiary has two factories, covering more than 140,000 sq m, with a cumulative investment of over $150 million USD. The business covers mobile components, solar panels, battery energy storage, electric buses, electric trucks, electric forklifts, chargers, rail transit, and more, also providing customers with product solutions and related after-sales services.
Formulating the strategic layout of the BYD group in India and even the whole of South Asia, BYD’s India branch has gradually developed into the group’s South Asia regional headquarters, realizing the group’s localization strategy in South Asia. With local partners, the Indian branch has successfully piloted pure e-buses in Delhi NCR, Mumbai, Bengaluru, Hyderabad, Vijayawada, Ahmedabad, Kochi, Chennai, and other cities. At present, BYD has a large market share of e-buses commercially operating in India.
