Tata Motors Tata.ev slashes EV prices up to Rs. 1.2 Lakh
Tata Motors' subsidiary Tata Passenger Electric Mobility (TPEM) on Tuesday announced reducing the price of Nexon.ev and Tiago.ev, intending to make EVs more accessible to Indian customers.
"The Nexon.ev gets a price reduction of up to Rs. 1.2 Lakh," the company said in a statement.
The price of Tiago.ev was reduced by up to Rs. 70,000 making the base model to start at Rs. 7.99 Lakh.
Speaking about this price reduction, Vivek Srivatsa, Chief Commercial Officer, TPEM, said, “Battery costs constitute a substantial part of the overall cost of an EV. 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."
In CY2023, the EV segment grew by over 90% against the 8% growth recorded by the PV industry.
Growth in EV sector
This growth momentum has continued in CY2024 with EV sales registering 100% YoY growth in January 2024. TPEM with over 70% market share is the market leader in this fast-growing segment.
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