Tata Motors has also announced huge reduction in price across its EV range in a bold attempt to make electric vehicles (EVs) widespread in India.
It is a tactical move that will make EVs available to a wider audience, and reduce the prohibitive acquisition cost that has been a major barrier for potential customers.
Unprecedented Discounts on Popular Models
Tata Motors has already marked down the prices of its bestseller Tiago. ev, Punch .ev and Nexon. ev by up to 3 lakh. It’s always been affordable, and Tiago. ev prices start at an all-time low of 7.99 lakh, it is also one of the most economical EVs in the market. Tata’s tech helix Nexon. ev is now priced at 12.49 lakh, along with petrol and diesel variants. The Punch. ev, another hit, now costs 9.99 lakh.
Strategic Move to Mainstream EVs
The company’s defining mission, says Vivek Srivatsa, CCO of Tata Passenger Electric Mobility Ltd., is to mainstream EVs through barrier reduction and making them affordable to the mass market. Tata Motors is moving EV prices towards the same petrol and/or diesel-powered vehicles with these special limited-time rates.
Market Leader in EV Segment
Among Indian EV market, Tata Motors holds more than 70% market share. As an early competitor in the EV space, the firm has been aggressive in its investments, and this commitment to sustainability and innovation is no different. The price reductions are likely to strengthen the robust growth momentum of the EV industry with a 100% YoY sales growth in January 2024.
Future Plans and Innovations
Tata Motors does not stop at price cuts now. The firm is planning the Harrier EV and Sierra EV in the next couple of years. These will be upgraded technologies and high-energy density batteries for enhanced performance and driving range. Tata Motors also works with Jaguar Land Rover (JLR) to bring forward state-of-the-art electrical infrastructure and batteries to power its premium EV portfolio.
Conclusion
EV pricing reduction announced by Tata Motors is an auto industry transformation in India. Offering EVs at affordable prices, in addition to other features, Tata Motors is making greener, more sustainable future possible. Tata Motors, with strong market presence and innovation capability, is in the right place to lead the EV revolution in India.
Interested in buying an EV or are you just hyped for the industry growth?
