Tata Motors slashes prices of Tiago and Nexon by up to ₹1.2 Lakh!

13 Feb 2024 , 02:53 PM

The electric vehicle (EV) division of Tata Motors announced on Tuesday that it has slashed costs of its vehicles by up to ₹1.2 lakh, marking the first time an electric manufacturer in India has done so. 

Customers have largely benefited from the carmaker’s transfer of battery price reductions.

The best-selling Nexon.ev will now be sold by Tata Motors’ Passenger Electric Mobility subsidiary at a starting price of ₹14.49 lakh. Starting at ₹16.99 lakh, the Long Range Nexon.ev (465 km) will now be available for purchase.

Additionally, the business reduced the price of the Tiago, an electric small car, by ₹70,000 to ₹7.99 lakh.

Chief Commercial Officer Vivek Srivatsa of the TPG-backed company stated, ‘We have chosen to proactively pass on the resulting benefits directly to customers, as battery cell prices have softened in the recent past and considering their potential reduction in the foreseeable future.’

‘EV sales have increased significantly in recent years, but our goal is to hasten EV adoption by increasing their accessibility across the country. Our portfolio already provides our smart, feature-rich EVs with an extensive selection of body designs, ranges, and price points. We think that the best-sellingTiago.ev and Nexon.ev become an even more enticing offer to draw in a wider client base at these reasonable costs,’ he continued.

Punch.ev’s costs haven’t altered since its recent introduction, according to the automaker, ‘because they already factor in reduction in battery price in the foreseeable future.’ 

According to Tata Motors, TPEM leads the market in this quickly expanding segment with a market share of more than 70%.

Tuesday at 2:30 PM, the share price of Tata Motors was 0.82% lower at ₹904 on the BSE.

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