Tata Will Launch Under-Rs 10 Lakh Electric Cars In India; Plans To Sell 50,000 EVs
Tata Motors is now planning to launch an unbelievable 50,000 EVs in the next fiscal year starting April.
The company is now being backed by a billion-dollar funding from TPG Capital and a new range of models.
Read on to find out all the details about Tata’s new plans!
Tata Motors To Launch Under-Rs 10 Lakh Electric Cars In India
Tata Motors has already sounded out vendors on an assured production plan of 50,000 EVs in the financial year 2023 and then go on to 125,000-150,000 units annually in the next two years.
If the company delivers on the targets, there will be a revenue generation of Rs. 50,000 crores for the company from the EV business.
Shailesh Chandra, MD, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility said, “We will be launching one or two products every year, which will be at different price points which will increase affordability. Nexon is our core today, you will see action below Nexon as well as above the product in the coming years.”
Tata To Launch 10 New Electric Cars in India?
We previously reported that Tata Motors is betting big on electric vehicles (EV) and plans to launch 10 new electric cars in India by 2026.
TPG Rise Climate and Abu Dhabi’s ADQ are investing $1 billion or Rs 7,500 crore in the carmaker’s new subsidiary for the EV business- called EVCo.
The investors will now hold a stake of 11-15% stake in this subsidiary, valuing the business at $9.1 billion. Tata Motors has declared that by 2025, it will launch 10 electric vehicles in India.
Tata Motors does remind us about the popularity of Nexon EV. The Nexon EV, which sells over 500 units each month in India, is the company’s best-selling electric vehicle.
The Altroz EV will be available in the market in the following months. It will be the company’s fourth electric vehicle to hit the road. Tiago EV and Tigor EV are the next in line. While Tata is yet to comment officially on the Altroz EV, a report reveals the driving range.
Sources revealed that the TPG Rise Climate fund will lead a Rs 7,500 crore investment in a new company of Tata Motors Ltd. This new company will house the automaker’s passenger electric vehicle business.
TPG Rise will subscribe to compulsory convertible instruments for between 11% and 15% stake in the new company.
This is equal to an equity valuation of up to $9.1 billion for the new company, said Tata Motors in a statement. This new company will be a unit of Tata Motors.
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