JSW MG Motor India added that it offers financing and leasing solutions for its electric vehicles through a partnership with NBFC Ecofy, which is backed by Eversource Capital. Ecofy said in a statement that the two companies have signed a Memorandum of Understanding (MoU) under which it will offer financing and leasing solutions for up to 10,000 JSW MG EVs over the next three years.
The company added that this will include loan options and leasing arrangements for JSW MG Motor India's current and future electric vehicles for retail customers as well as B2B operators.
"This partnership reflects JSW MG India's commitment to offer innovative EV ownership solutions to augment the adoption of electric vehicles (EVs) in India," JSW MG Motor India, Chief Growth Officer, Gaurav Gupta said.
By providing creative financing solutions in partnership with industry trained professionals, the organization is making EV possession more open and reasonable to a more extensive audience, he added.
"By combining our expertise in finance and JSW MG's cutting-edge electric vehicle technology, we aim to make EVs accessible to a wider audience, empowering individuals and businesses to embrace a greener future without compromising on convenience or affordability," Ecofy Co-founder, MD & CEO Rajashree Nambiar said.
India's automotive manufacturer, JSW MG Motor India Pvt Ltd, which was formerly MG Motor India Private Limited until 2024, was established in 2019. Starting around 2023, it is a joint venture between the Mumbai-based Indian multinational conglomerate JSW Group and Shanghai-based Chinese auto maker SAIC Motor, a Chinese state claimed automobile manufacturer which markets vehicles under the British MG marque.
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