Tata Motors has announced its new agreement with TPG Rise Climate. The newly incorporated EV subsidiary of Tata Motors has also received an investment of Rs. 7,500 crore. The homegrown carmaker is now betting big on electric vehicles and has affirmed to expand its current EV portfolio by FY2026 with a total of 10 battery electric vehicles on sale. The incorporation is temporarily named as EVCo. A new name will soon be assigned to this new company. The EVCo will design and have ownership rights of the intellectual properties, while Tata Motors will work as manufacturer and seller of the EVs.
The expansion of the EV portfolio will include vehicles of different body styles, sizes, and range options. In addition, the brand’s prime focus will be on offering long range on its electric vehicles. The company will utilize existing modular architectures (ALFA and OMEGA) to underpin a couple of upcoming EV models. Besides, new platforms will be designed keeping in mind their application to underpin vehicles with different fuels. As of now, Tata Motors has denied the adoption of hybrid vehicles in its line-up. The carmaker said that its future vehicles line-up will include petrol, diesel, CNG and electric vehicles.
Taking into account the adoption of EVs, the pace is rather notable. Also, Tata Motors is the only carmaker, which is selling two high-voltage EVs in the country that are priced below Rs. 20 lakh. These products are certainly targeted at the mass market audience and come equipped with lithium-ion battery packs, showcasing the manufacturer’s localization and disruptive pricing capabilities.
Currently, Tata Motors now holds a 71 per cent market share for electric vehicles in India. The new CNG models from the brand are further anticipated to increase the total sales figure for the carmaker. Models like Tiago, Tigor, and Nexon are expected to come with factory-fitted CNG kits soon. The company is likely to roll out CNG trims of the Punch and Altroz as well, at a later stage.
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