Tata slashes EV prices by up to Rs1.2 lakh as batteries become cheaper
14 Feb 2024
Tata Passenger Electric Mobility Ltd (TPEM), the electric vehicle arm of Tata Motors, has announced a major reduction in prices across its popular EV models, including the Nexon.ev and the Tiago.ev, passing on the benefit of a reduction in battery prices.
Tata’s most selling Nexon.ev is now being offered a price reduction of up to Rs1.2 lakh while the fast-selling Tiago.ev gets a price reduction of up to Rs70,000.
The base model of the Nexon.ev now available at a starting price of Rs14.49 lakh while the long range Nexon.ev (465km) now starts from Rs16.99 Lakh.
The Tiago.ev base model now sells at a price of Rs7.99 lakh.
However, the inaugural prices of the recently launched Punch.ev remain unchanged as they have already factored in the reduction in battery prices.
With this EVs have become more affordable and accessible to Indian customers.
As battery costs account for a substantial part of the overall cost of an EV, it is natural that the consumer too benefits from it, Vivek Srivatsa, chief commercial officer of TPEM, said.
“While EVs have grown rapidly over the last few years, our mission is to accelerate the mainstream adoption of EVs by making them more accessible nationwide… We believe that at these accessible prices, the best-selling Nexon.ev and Tiago.ev become an even more compelling proposition,” he added.
The EV market has shown strong growth momentum, recording growth rate of over 90 per cent in the year 2023 (January-December) against the 8 per cent growth recorded by the ICE vehicles.
TPEM with over 70 per cent market share continues to be the market leader in EV segment.
