The EV space in India is witnessing new developments every day. Just the other day we cover a report wherein we talked about the announcement made by Adani Group to foray into the EV sector. Now, today we have news from the leading EV car manufacturer and seller in the country, Tata motors.
Tata Motors to gearing up for the launch of 3 EVs
According to the sources, Tata Motors is preparing to launch three affordable electric vehicles at the sub Rs. 10 lakh price over the next eighteen months. These three new launches include an all-new Tiago EV, electrified Punch micro SUV and Altroz premium hatchback. Tata is also working on a longer range Nexon EV for launch this year with possibly more than 400 km drive range
The three electric vehicles are expected to deliver a minimum driving range of 200 km on a single charge. The company is preparing to expand its reach further to address new customers.
Tata Motors is banking big on its EVs as it is planning to manufacture 50,000 zero-emission vehicles by the next financial year (April 2022 to March 2023 period). At the same time, it is aiming to ramp it up to 1,25,000-1,50,000 units per annum over the next two years.
If the target is achieved, Tata’s EV business could generate Rs. 5,000 crore revenue by FY2023 as it looks to drive forward the momentum created already.
Tata to start new vertical for EVs
Just a while ago, Tata Motors had announced that it is setting up a new standalone EV brand called TPEML with an investment of Rs. 15,000 crore. Under the new vertical, Tata will launch ten new EVs over the next half a decade. The range could include a midsize EV coupe based on the Nexon and the return of the Sierra nameplate as an electrified SUV.
In the long term, the company is expecting 20 percent of its total sales volume from eco-friendly vehicles. Tata’s EV market share increased from 18 percent in FY19 to 82 percent by the closure of 2021. By FY2023, if the intended target of 50,000 units is achieved, EVs will contribute to 12 percent of its total volume.
Tata is currently the top passenger electric vehicle brand in the country courtesy of the Nexon EV.
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