JSW MG Motor India Partners With Ecofy For EV Financing

JSW MG Motor India on Thursday said it has partnered with Eversource Capital-backed NBFC Ecofy to provide financing and leasing solutions for its electric vehicles.

The two companies have signed a Memorandum of Understanding (MoU) under which Ecofy will provide financing and leasing solutions for up to 10,000 JSW MG EVs over the next three years, it said in a statement.

This will include loan options and leasing arrangements across retail customers and B2B operators for the existing and forthcoming electric vehicles of JSW MG Motor India, the company added.

"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 offering innovative financing solutions in collaboration with industry specialists, the company is making EV ownership more accessible and affordable to a broader 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.