British construction on Tata Motors' Gigafactory begins

British construction on Tata Motors' Gigafactory begins

British construction on Tata Motors' Gigafactory begins

To aid in the automotive industry's transition to electric mobility, Tata Motors had stated in July of last year that it intended to establish a worldwide battery cell gigafactory in the UK at an investment of more than £4 billion.

He said that sales of electric vehicles (EVs) are rising in steps. He asserts that there isn't any manipulation occurring between the CNG and EV parts.

On Friday, Tata Motors said that construction on its Gigafactory in Somerset, UK, had begun and that the project's financial close was in progress. According to Tata Motors Group Chief Financial Officer PB Balaji, the Red Sea issue has had some influence on the firm, but "it can be managed at this point of time" during the post-earnings briefing.

Tata Motors said earlier in the day that its net profit for the December quarter increased by 133.2 percent to Rs 7,100 crore, while its consolidated sales increased by 25% year over year to Rs 1,10,600 crore. "We have already begun the process of leveling the land at that location after purchasing the site," Balaji said. To aid in the automotive industry's transition to electric mobility, Tata Motors had stated in July of last year that it intended to establish a worldwide battery cell gigafactory in the UK at an investment of more than £4 billion.

"When it comes to carrying out the plans on the ground, we are well ahead. As a result, the project's financial closing is proceeding as we speak," he said. "The whole system is green" in terms of land implementation in the UK, he said. "I weren't going to say there is no impact, but having said that, we believe that at the moment it is acceptable and we try to ensure that the whenever possible we can minimize any impact that may occur," Balaji stated in reference to the Red Sea situation.

"The rerouting has included about 10 days to the portfolio and for select lanes, coarse products, we're finding ways to navigate that," he said. He said that sales of electric vehicles (EVs) are rising in steps. He asserts that there isn't any manipulation occurring between the CNG and EV parts. The portfolio's CNG and EV sections are expanding quickly, and this trend is anticipated to continue. He said, "And these are all incremental volumes." Balaji said that the business hopes to have 25–30% of its sales come from electric vehicles in FY25 and FY26.