New Delhi:
Tata Motors’ electric vehicle lineup witnesses a significant price reduction, making EVs more accessible to Indian consumers.
Tata Passenger Electric Mobility (TPEM), a subsidiary of Tata Motors, announces price cuts of up to Rs 1.2 lakh on the Nexon EV and Tiago EV models.
This move aims to pass on the benefits of reduced battery costs to customers, fostering greater adoption of electric mobility in the country.
New Prices of Nexon EV and Tiago EV:
Post the price revision, the starting price of the Nexon EV now stands at Rs 14.49 lakh, while the long-range variant (465km) starts at Rs 16.99 lakh.
Additionally, the Tiago EV’s base model is now priced at Rs 7.99 lakh.
Tata Motors has reduced the prices of Nexon EV by Rs 1.2 lakh and Tiago EV by Rs 70,000, reflecting the company’s commitment to making EVs more affordable for the masses.
Notably, there are no changes in the pricing of the recently launched Punch EV.
Benefits for Customers:
Vivek Srivastava, Chief Commercial Officer at TPEM,
highlights that battery costs constitute a significant portion of the total cost of electric vehicles.
With recent declines in battery cell prices and anticipated further reductions, Tata Motors has decided to extend these benefits to customers.
This strategic move aims to accelerate the adoption of electric vehicles across India.
Growth Trends in EV Segment:
The electric vehicle segment demonstrates robust growth compared to the overall passenger vehicle industry.
In 2023, EV sales witnessed over 90 percent growth, outpacing the 8 percent growth in the passenger vehicle industry.
This momentum continues in 2024, with January 2024 seeing a staggering 100 percent year-on-year growth in EV sales.
TPEM emerges as the market leader in the EV segment, boasting over 70 percent market share, indicating a promising outlook for electric mobility in India.
By reducing prices and offering competitive models,
Tata Motors aims to drive widespread adoption of electric vehicles, contributing to a greener and sustainable future for the country.
