In a groundbreaking move, Tata Motors’ electric vehicle (EV) division has announced a substantial price reduction across its lineup, marking a historic moment in the Indian electric car market. The auto giant is passing on the benefits of reduced battery prices directly to customers, making electric mobility more accessible than ever.
Price Cuts
Tata Motors’ Passenger Electric Mobility (TPEM) division has taken a bold step by reducing the prices of its electric cars by up to Rs 1.2 lakh. This move is a significant stride forward, as it signifies the first instance of an electric carmaker in India implementing such a substantial price cut.
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New Price Points
As a result of this decision, the popular Nexon EV will now be available at a starting price of Rs 14.49 lakh, while the Long Range Nexon EV, with an impressive range of 465 kilometers, the starting price will be Rs 16.99 lakh. Additionally, the electric small car Tiago witnesses a noteworthy price drop of Rs 70,000, now available at a competitive price of Rs 7.99 lakh.
Behind the Decision
Vivek Srivatsa, Chief Commercial Officer at Tata Motors, sheds light on the rationale behind this strategic price reduction. He attributes the move to the softening of battery cell prices and anticipates further reductions in the future.
Srivatsa emphasizes Tata Motors’ commitment to making electric vehicles more accessible nationwide, aiming to accelerate their mainstream adoption. With a diverse portfolio offering various body styles, ranges, and price points, Tata Motors seeks to make the Nexon EV and Tiago EV even more appealing to a broader audience.
Future Plans
Tata Motors, with its EV-only dealerships introduced in September, has ambitious plans for the electric vehicle market. The company aims to expand its electric vehicle offerings, targeting 10 electric cars in its portfolio over the next three to four years. Furthermore, Tata Motors envisions increasing EV sales to 25% of its total car sales by 2025, a substantial increase from 9.3% in fiscal 2023.
Impressive Growth
The electric vehicle segment has witnessed remarkable growth, outpacing the growth rate of the overall passenger vehicle (PV) industry. In 2023, it recorded over 90% growth, and this momentum has carried into 2024, with EV sales registering an astounding 100% year-on-year growth in January.
Tata Motors’ Leadership
With over 70% market share, TPEM solidifies its leadership position in this rapidly growing segment, positioning Tata Motors as a frontrunner in India’s evolving electric vehicle landscape.
Conclusion
Tata Motors’ decision to make electric cars more affordable reflects not only a commitment to innovation and sustainability but also a strategic move to capture a larger market share. The price reductions on the Nexon EV and Tiago EV signal a new era of accessibility and competitiveness in the Indian electric vehicle market.
