Tata Motors To Invest Rs 15,000 Cr In EV Segment

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President for Passenger Vehicles Business of Tata Motors Shailesh Chandra said that the company is also planning to develop around 10 more new offerings in the segment

Keeping up with its commitment to grow the EV ecosystem of the country, Tata Motors is planning to invest Rs 15,000 crore in the segment in the next five years.

President for Passenger Vehicles Business of Tata Motors Shailesh Chandra said that the company is also planning to develop around 10 more new offerings in the segment.

“As far as future is concerned, in next five (years) we will invest Rs 15,000 crore in electrification. We are going to work on nearly 10 products with different kind of body styles, price, driving range options,” Chandra said.

The company had raised $1 billion in funding from private equity major TPG in its EV division, valuing the business at $9.1 billion.

There is a need to accelerate the development of the EV ecosystem with charging facilities, he said, and affirmed the company’s commitment to develop the same. It has a network of nearly 400 charging stations in Maharashtra, of which 15-20 are in Aurangabad and this needs to be expanded, Chandra said.

Meanwhile, the official also shared that the ownership profile on EVs is undergoing change, with more buyers opting for the electric variant as their first car.

“When we launched (electric) car, that time the people using this as their first car were only 20-25 percent. Today this has increased to 65 percent,” he said.

Tata Motors has sold 22,000 EVs till now and if the impact of so many vehicles were to be assessed in terms of carbon dioxide emissions, it is akin to planting 1.5 lakh trees, he said.

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