BYD India, a subsidiary of Warren Buffett-backed electric vehicle maker BYD, today signed a memorandum of understanding with the country’s largest private bank, HDFC Bank, for an equity financing solution for its dealer network all over India.
The strategic combination will allow BYD dealers to access inventory financing for its electric cars. HDFC Bank’s Dealer Financing Solution provides a customized product bouquet offering tailored solutions for electric car dealerships and BYD end customers.
In November 2021, BYD India had launched the e6 electric minivan for Rs 29 lakh. In accordance with FADA, the body of apex dealers, BYD India sold a total of 153 electric vehicles during the April-July 2022 period. The company also markets purely electric buses.
Commenting on the strategic combination with BYD India, Vikas Pandey, Business Manager, Auto Loan, HDFC Bank, said, “We believe in creating an ecosystem that brings together OEMs, dealers and financiers, enabling customers to buy their electric vehicle. . BYD India has been a driving force in bringing cutting-edge technologies in pure electric vehicles globally and we are delighted to partner with them to improve sustainable travel in India.
Sanjay Gopalakrishnan, Senior Vice President – Electric Passenger Vehicle Business – BYD India, said, “The strategic combination with India’s largest private bank gives our dealers access to inventory financing and cash credit, which makes them will also help manage other expenses. Dealerships are the forerunners of our electric car sales and we are happy to support them throughout this merger. We are on the right track to build a stronger ecosystem and facilitate the adoption of electric vehicles in our country. »
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BYD India was established in March 2007 in Chennai, India, and opened an office in
New Delhi. The Indian subsidiary has two factories, covering more than 140,000 m²,
with a cumulative investment of over US$150 million. Activity covers mobile
components, solar panels, battery energy storage, electric buses, electric trucks,
forklifts, loaders, rail transportation, etc., also providing customers with product solutions
and associated after-sales services.
With local partners, BYD India has successfully piloted pure electric buses in Delhi NCR, Mumbai,
Bangalore, Hyderabad, Vijayawada, Ahmedabad, Kochi, Chennai and other cities. To
Currently, BYD has a significant market share of commercially operated electric buses in India. For
BYD India signs MoU with HDFC Bank for Dealer Inventory Financing
MoU to strengthen the financing capacity of the BYD dealer network for electric car inventory management.