Tata Will Spend Rs 15,000 Crore To Make Electric Cars! 10 New EVs Will Launch In 5 Yrs
Tata Motors is among the other several car manufacturers to make investments in the electric vehicle industry.
The carmaker is planning to invest Rs. 15000 crores in the electric vehicle industry over the next five years, as confirmed by a top-level company official.
Tata To Launch 10 New Electric Cars In India
As per President for Passenger Vehicles Business of Tata Motors Shailesh Chandra, Tata Motors is also planning to introduce 10 new cars in the electric vehicle market of India. The company already has launched the electric variants of the Nexon and Tigor in the market.
He said, “As far as future is concerned, in next five (years) we will invest Rs 15,000 crore in electrification. We are going to work on nearly 10 products with different kind of body styles, price, driving range options.”
Tata Motors has already raised 1 billion USD in funding from private equity major TPG in its EV division. This puts the value of the business at USD 9.1 billion.
The president was speaking at an event that was Organised to deliver a batch of 101 electric vehicles to the residents of the city of Aurangabad. This has been a part of the Aurangabad Mission for Green Mobility (AMGM) by local groups.
Order For 250 EVs Already Placed
As per reports, an order for 250 electric vehicles has already been placed under the AMGM. As confirmed by Chandra, there is a need to speed up the development of the electric vehicle segment by offering charging facilities. He confirmed that the company is committed to developing the same.
There is a network of almost 400 charging stations in Maharashtra of which 15-20 stations are in Aurangabad and this needs to be expanded. He also stated that the owners of electric vehicles have increased from 20 to 25% to 65%.
The company has sold 22,000 electric vehicles till now which is equivalent to planting 1.5 lakh trees if we consider the impact of these vehicles in terms of carbon dioxide emissions.
Tata Motors To Launch Under-Rs 10 Lakh Electric Cars In India
We recently reported that 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.
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.