Tata Motors introduced a major discount in prices for 2 of its electrical automobile (EV) fashions, Nexon.ev and Tiago.ev, by up to Rs 1.2 lakh.
The worth adjustment is attributed to the lower in battery prices, a pivotal element influencing EV affordability.
The worth of the Nexon.ev has been slashed by up to Rs 1.2 lakh, with the bottom mannequin now out there at Rs 14.49 lakh. Similarly, the prices of the Tiago.ev have been diminished by up to Rs 70,000, with the beginning worth now at Rs 7.99 lakh, in accordance to an announcement by Tata Motors.
The introductory prices of the recently-launched Punch.ev stay unaffected, as they already incorporate the anticipated discount in battery prices within the foreseeable future.
Vivek Srivatsa, Chief Commercial Officer of Tata Passenger Electric Mobility (TPEM), highlighted the importance of battery prices within the general pricing of EVs. He siad, “With battery cell prices having softened in the recent past and considering their potential reduction in the foreseeable future, we have chosen to proactively pass on the resulting benefits directly to customers.”
Srivatsa emphasised Tata Motors’ dedication to accelerating the mainstream adoption of EVs by enhancing their accessibility nationwide. Despite speedy development within the EV section in recent times, the corporate goals to additional drive EV adoption by making them extra inexpensive.
Tata Motors reported sturdy development in EV gross sales, surpassing the general passenger automobile trade development fee. In 2023, the EV section witnessed over 90 per cent development, contrasting with the 8 per cent development recorded by the passenger automobile trade. This development momentum continued into 2024, with EV gross sales registering a 100 per cent year-on-year improve in January 2024.
Tata Passenger Electric Mobility (TPEM) holds a commanding market share of over 70 per cent on this quickly increasing section, solidifying its place as a pacesetter within the EV market.
