Tata Motors has incorporated a wholly owned subsidiary for its EV operations, called Tata Passenger Electric Mobility, with a capital of Rs 700 crore. As per the company, the new subsidiary will design, develop and manufacture all kinds of services related to EVs and e-mobility.
- Tata’s EV subsidiary christened Tata Passenger Electric Mobility
- Tata EVs will move from “conversion” platforms to “multi-energy” platforms
- Tata Altroz EV and Punch EV in the works
Tata had revealed in October that it had secured an investment of Rs 7,500 crore from investment firms TPG Rise Climate and ADQ for an 11-15 percent stake in the dedicated EV arm, translating to an equity valuation of up to $9.1 billion (Rs 67,349 crore).
Tata’s plans for electric cars
As we have previously reported, Tata's new electric division will bring in longer-range EVs. While the company currently relies on converting its existing ICE (internal combustion engine) cars into EVs – as seen with the Nexon EV and Tigor EV – it is looking to move to “modular multi-energy” platforms in the future.
By FY2026, Tata plans on having 10 EVs in its portfolio that are projected to account for 25 percent of its total sales. It has already showcased the Altroz EV and has revealed that an all-electric version of the Punch is in the works too.
Tata EV sales performance
At the halfway stage in FY2022, Tata had already crossed its FY2021 EV sales total of 4,219 units. Between April and September 2021, 4,419 Tata EVs had been sold, accounting for 70.57 percent of the total EV sales in that period. At this point, the Nexon EV had 3,618 units to its credit and a 58 percent market share, while the Tigor EV, with 801 units, had 13 percent and was placed third on the EV sales chart after the MG ZS EV.
Tata Motors EVs have maintained the growth momentum in October 2021 and November 2021 with 1,586 units and 1,751 units respectively through three models – Nexon, Tigor and the sedan’s commercial version (the X-Pres T EV) – taking its eight-month (April-November) total to 7,756 units.
Now that Tata has a separate division for EVs, what are your expectations from the company? Let us know in the comments below.