Discover the latest buzz in the electric vehicle world as Tata Motors stuns the industry with unprecedented price cuts! Get the scoop on how Tata is making electric cars more accessible than ever, and what this means for the future of EVs. Don’t miss out on this game-changing development!
Tata Motors’ EV Price Reduction: A Landmark Move
Tata Motors’ electric vehicle (EV) division announced a significant price reduction for its cars, marking a notable move as the first electric carmaker in India to cut prices. The reduction, up to Rs 1.2 lakh, reflects the company’s decision to pass on the benefits of decreased battery prices directly to its customers.
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Starting now, Tata Motors’ Passenger Electric Mobility (TPEM) division will offer the popular Nexon. ev at a starting price of Rs 14.49 lakh, while the Long Range Nexon. ev (465 km) will begin at Rs 16.99 lakh. Additionally, the price of the electric small car Tiago has been reduced by Rs 70,000, now available at Rs 7.99 lakh.
Passing on Benefits: How Tata Motors Responds to Battery Price Drops
Vivek Srivatsa, Chief Commercial Officer at Tata Motors, explained the decision, stating, “With battery cell prices having softened recently and expected to decrease further, we’ve chosen to pass on these benefits to our customers. Our goal is to make EVs more accessible across the country, and with our diverse portfolio offering various body styles, ranges, and price points, we believe the Nexon. ev and Tiago. ev is now even more appealing to a wider audience.”
The prices of the recently launched Punch. ev will remain unchanged, as they already account for anticipated reductions in battery prices. Tata Motors, which introduced EV-only dealerships in September, has ambitious plans to expand its electric car lineup to 10 vehicles over the next three to four years. Moreover, the company aims to increase EV sales to 25% of its total car sales by 2025, up from 9.3% in fiscal 2023.
EV Market Dynamics: Growth Trends and Tata’s Leadership Role
In 2023, the EV segment witnessed remarkable growth, surpassing the 8% growth recorded by the PV industry with over 90% growth. This momentum has continued into 2024, with EV sales seeing a 100% year-on-year increase in January. TPEM, commanding over 70% market share, stands as the leader in this rapidly expanding segment, according to the automaker.
Bhaarat Bulletin’s Rahul Singh and TATA Motors have contributed to the above report