Tata Passenger Electric Mobility Ltd (TPEM), a subsidiary of Tata Motors and pioneer of the electric vehicle revolution in India, has reduced the prices of Electric Vehicles (EVs): Nexon. ev and Tiago. ev by up to INR 1.2 lakh and INR 70,000 respectively.
Nexon. ev price now starts at INR 14.49 lakh and Nexon. ev long range (465 km) price starts at INR 16.99 lakh. The base model of Tiago. ev now starts at INR 7.99 lakh, the company said.
The opening prices of the recently launched Punch. ev site remains unchanged, as they already take into account falling battery prices in the foreseeable future.
“Battery costs make up a significant portion of the total cost of an electric vehicle,” said Vivek Srivatsa, Chief Commercial Officer at TPEM. Given the decline in battery cell prices in the recent past and their likely decline in the foreseeable future, we have chosen to proactively pass on the resulting benefits directly to customers. Although electric vehicles have grown rapidly in recent years, our mission is to accelerate their widespread adoption by making them more accessible across the country. Our portfolio already offers a wide range of body styles, ranges, and prices for our feature-rich smart electric vehicles. We believe that with these affordable prices, the best-selling Nexon. ev and Tiago. ev become a more compelling proposition to attract a wider range of customers.”
Electric vehicles have shown strong growth momentum and are significantly outpacing the overall growth of the passenger car industry. In 2023, the electric vehicle sector will grow by more than 90% compared to the 8% growth recorded by the PV industry. This growth momentum has continued into fiscal year 2024, with electric vehicle sales recording 100% year-on-year growth in January 2024. TPEM, with a market share of more than 70%, is the market leader in this growth segment, the company said in a press release.
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