JSW MG Motor India said it has tied up with Ecofy, a leading NBFC committed to financing India’s green transition, and its technology & leasing arm Autovert, to provide financing options for up to 10,000 MG electric vehicles in India over the next three years.
Customers will have access to attractive loan options and leasing arrangements, catering to both retail customers and B2B operators, the companies said.
The partnership has also co-created innovative products and structures, such as easy subscription plans, to offer unparalleled flexibility, convenience, and affordability to customers.
The Indian automotive industry has been witnessing a gradual shift towards electric vehicles in recent years, driven by the government’s push for cleaner transportation and growing environmental concerns among consumers. However, the high upfront costs of EVs have been a major obstacle for many potential buyers.
JSW MG Motor India, a joint venture between China’s SAIC Motor and JSW Group, has been one of the players offering the most affordable EVs in the country. The company’s partnership with Ecofy and Autovert is set to bridge the affordability gap and accelerate the adoption of electric vehicles.
Rajashree Nambiar, Co-founder, MD & CEO of Ecofy, expressed her excitement about the partnership, stating, “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.”
Gaurav Gupta, Chief Growth Officer of JSW MG Motor India, emphasized the company’s commitment to promoting sustainable mobility and supporting the government’s vision of a cleaner environment. He added, “By offering innovative financing solutions in collaboration with industry specialists, we are making EV ownership more accessible and affordable to a broader audience.”
JSW MG Motor India’s extensive dealership network will serve as access points for customers seeking to purchase EVs with attractive financing options. The partnership’s competitive edge lies in its innovative products, seamless digital approval processes, and hassle-free product ownership experience for customers.
Ecofy, promoted by Eversource Capital, is a pioneering NBFC created to finance India’s green transition. The company offers loans for electric vehicles, rooftop solar, and small-medium enterprises, providing an end-to-end digital experience. Autovert, a fully-owned subsidiary of Ecofy, specializes in innovative financial solutions for green products, making the transition to sustainable mobility seamless and rewarding for consumers and businesses alike.
JSW MG Motor India, formed in 2023, is committed to building a smart and sustainable automotive ecosystem in the country. The company has introduced several ‘firsts’ in the Indian market, including the MG Hector, India’s first Internet SUV, and the MG ZS EV, India’s first Pure Electric Internet SUV.