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Tata Passenger Electric Mobility Ltd (TPEM), the subsidiary of Tata Motors spearheading India’s electric vehicle (EV) movement, has declared a significant reduction in the prices of its top-selling EV models, Nexon.ev and Tiago.ev. This strategic move aims to enhance the affordability and accessibility of EVs for Indian consumers, reinforcing Tata’s commitment to the EV revolution in India.
The Nexon.ev, celebrated as India’s most feature-rich electric vehicle, now begins at a new starting price of Rs. 14.49 Lakh, following a reduction of up to Rs. 1.2 Lakh. The long-range variant of Nexon.ev, boasting a 465km range per charge, is now priced from Rs. 16.99 Lakh. Meanwhile, the Tiago.ev, known as India’s fastest-selling electric vehicle, sees its starting price drop to an unprecedented Rs. 7.99 Lakh, after a cut of up to Rs. 70,000.
Despite the price adjustment, the inaugural prices for the recently launched Punch.ev remain unchanged, reflecting an anticipation of future decreases in battery costs.
Mr. Vivek Srivatsa, Chief Commercial Officer at TPEM, highlighted the rationale behind the price reduction, stating, “Battery costs constitute a substantial part of the overall cost of an EV. With battery cell prices having softened recently and expected to decrease further, we are passing these benefits directly to our customers.”
Tata’s initiative comes at a time when EVs are experiencing robust growth, significantly outpacing the broader passenger vehicle sector. In the calendar year 2023, the EV market witnessed a surge of over 90%, compared to the 8% growth in the passenger vehicle industry. This trend has continued into 2024, with EV sales doubling year-on-year in January. Holding over 70% market share, TPEM stands as a dominant leader in this rapidly expanding segment.
Tata Motors aims to propel the widespread adoption of electric vehicles across India through this price reduction, offering a diverse range of models that cater to varying consumer needs and preferences. The adjusted pricing strategy underscores Tata’s belief in the enhanced value proposition of the Nexon.ev and Tiago.ev, aiming to attract a broader customer base.
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