BYD India, a manufacturer of new energy vehicles, has signed an agreement with the HDFC Bank in order to provide stock financing solutions for its dealer network across India. BYD dealers will have access to inventory financing for electric cars through this strategic tie-up.
The dealer financing solution offered by HDFC Bank offers a range of customized products that offer tailored solutions to electric car dealers and BYD customers.
BYD currently operates in four industries, including electronics, rail transit, new energy, and auto. The company was founded in 1995 and quickly developed expertise in rechargeable batteries. It has been a tireless advocate for sustainable development and expanded its global operations to over 70 countries and 400 cities.
Vikas Pandey (Business Manager, Auto Loan at HDFC Bank), commented on the tie-up with BYD India. “We believe that creating an ecosystem that brings OEMs and dealers together, so customers can purchase their Electric Vehicle.”
HDFC Bank has pledged to become carbon neutral by FY2032. This tie-up is an important step in that direction.
Sanjay Gopalakrishnan (Sr Vice President, Electric Passenger Vehicle Business, BYD India) said, “The strategic tie-up with India’s biggest private bank gives our dealers access both to inventory funding and cash credit. They will also be able to manage their other expenses. We are proud to support dealers in their efforts to sell electric cars.”
BYD has set a goal to reach net-zero emission in India by 2070 and will continue to work with its partners to offer low-carbon products to the Indian market.