Tata Motors is preparing to launch three affordable electric vehicles at the sub ₹ 10 lakh price over the next eighteen months. These three new launches include an all-new Tiago EV, electrified Punch micro SUV and Altroz premium hatchback. Tata is furthermore laboring on an extended range Nexon EV for launch in 2022. The three electric vehicles are expected to deliver a minimum driving range of 200 km on a single charge. The company is preparing to expand its reach further to draw potential EV buyers.
Tata Motors is banking big on its EVs as it is planning to manufacture 50,000 zero-emission vehicles by the next financial year (April 2022 to March 2023 period). At the same time, it is aiming to ramp it up to 1,25,000-1,50,000 units per annum over the next two years. If the target is acquired, Tata’s electric vehicle business could generate ₹ 5,000 crore revenue by FY2023. With a share of more than 70 percent, Tata Motors is the market leader in the electric four-wheeler segment. Tata is currently the top passenger electric vehicle brand in the country courtesy of the Nexon EV.
Tata Motors will invest over $2 billion in its electric vehicle (EV) business over the next five years as they have raised funds from private equity firm TPG later in 2021. As of December 2021, the share of EVs in Tata Motors’ total domestic passenger vehicle sales stood at 6 percent, which has been the highest since the company’s entry into electric vehicles in January 2020. This share is only heading north with the introduction of new models and the expansion of markets. While at present it has two models that are powered by batteries- Nexon, and Tigor - the number of offerings is expected to touch 10 models by 2025.