In a move aimed at accelerating the adoption of electric vehicles (EVs) across India, Tata Passenger Electric Mobility Ltd (TPEM), a subsidiary of Tata Motors, has announced significant price reductions on its popular EV models, the Nexon.ev and Tiago.ev. Effective immediately, the prices of Tata’s bestselling EVs have been reduced, with the Nexon.ev now starting from an attractive Rs. 14.49 Lakh, marking a reduction of up to Rs. 1.2 Lakh. Meanwhile, the Tiago.ev, touted as India’s fastest-selling EV, sees its base model now priced at a never-before-seen Rs. 7.99 Lakh, after a reduction of up to Rs. 70,000.
Mr. Vivek Srivatsa, Chief Commercial Officer of TPEM, explained the rationale behind the price reduction, citing the softening of battery cell prices in the recent past and the anticipation of further reductions in the future. By passing on these cost benefits directly to consumers, Tata Motors aims to make EVs more accessible nationwide. The move comes amidst a booming EV market in India, with the segment recording a remarkable 100% year-on-year growth in January 2024 alone. TPEM, boasting over 70% market share, stands as the undisputed leader in this rapidly expanding sector.
With this price adjustment, Tata Motors seeks to attract a larger pool of customers to its smart, feature-rich EV portfolio, offering a wide range of body styles, impressive range, and now, more competitive price points. This strategic move underscores Tata Motors’ commitment to driving the mainstream adoption of EVs in India.
