Tata Motors reduces Tiago and Nexon pricing by up to Rs 1.2 lakh
Customers who purchase electric vehicles may now take advantage of a price decrease on batteries thanks to the car maker.
Now, Tata Passenger Electric Mobility would charge Rs 14.5 lakh for its best-selling Nexon.ev.
The electric vehicle (EV) division of Tata Motors said on Tuesday that it has slashed costs of its vehicles by up to Rs 1.2 lakh, marking the first time an electric manufacturer in India has done so. Customers of the automaker have effectively benefited from the drop in battery prices.
With a starting price of Rs 14.49 lakh, Tata Motors' passenger electric mobility business will now offer the best-selling Nexon.ev. The Nexon.ev (465 km) extended range model will now retail for Rs 16.99 lakh.
Additionally, the business has dropped the price of the Tiago, an electric compact vehicle, by Rs 70,000 to Rs 7.99 lakh.
"With the recent softening of cell battery prices and an anticipated shortage in the near future, we made the decision to proactively pass on the consequent advantages directly to customers," said Vivek Srivatsa, chief commercial officer of the TPG-backed firm.
Although the number of EVs has increased significantly in recent years, our goal is to hasten mainstream acceptance by increasing EV accessibility throughout the nation. We currently have a large selection of body types, pricing points, and ranges in our portfolio for our astute, practical customers. "We believe that at these accessible prices, the best-selling Nexon.ev and Tiago.ev are an even more attractive proposition that will draw a larger group of customers," they said.
Punch.EV's prices have not altered, according to the automaker, "because they already factor in the reduction in battery price in the near future."
With more than 70% of the market, TPEM is the industry leader in this rapidly expanding sector, according to Tata Motors.
At 12:30 pm on Tuesday, shares of Tata Motors were 1.5% down on the BSE at Rs 898.
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