Image Source : TATA MOTORS Nexon EV
Tata Motors announced a significant reduction in prices for two of its electric vehicle (EV) models, Nexon.ev and Tiago.ev, by up to Rs 1.2 lakh.
The price adjustment is attributed to the decrease in battery costs, a pivotal component influencing EV affordability.
The price of the Nexon.ev has been slashed by up to Rs 1.2 lakh, with the base model now available at Rs 14.49 lakh. Similarly, the prices of the Tiago.ev have been reduced by up to Rs 70,000, with the starting price now at Rs 7.99 lakh, according to a statement by Tata Motors.
The introductory prices of the recently-launched Punch.ev remain unaffected, as they already incorporate the anticipated reduction in battery costs in the foreseeable future.
Vivek Srivatsa, Chief Commercial Officer of Tata Passenger Electric Mobility (TPEM), highlighted the significance of battery costs in the overall pricing of EVs. He siad, “With battery cell prices having softened in the recent past and considering their potential reduction in the foreseeable future, we have chosen to proactively pass on the resulting benefits directly to customers.”
Srivatsa emphasised Tata Motors’ commitment to accelerating the mainstream adoption of EVs by enhancing their accessibility nationwide. Despite rapid growth in the EV segment in recent years, the company aims to further drive EV adoption by making them more affordable.
Tata Motors reported robust growth in EV sales, surpassing the overall passenger vehicle industry growth rate. In 2023, the EV segment witnessed over 90 per cent growth, contrasting with the 8 per cent growth recorded by the passenger vehicle industry. This growth momentum continued into 2024, with EV sales registering a 100 per cent year-on-year increase in January 2024.
Tata Passenger Electric Mobility (TPEM) holds a commanding market share of over 70 per cent in this rapidly expanding segment, solidifying its position as a leader in the EV market.