Tata Motors cuts EV prices by up to Rs 1.2 lakh as battery cost dips
In 2023, the EV segment witnessed over 90% growth compared to the 8% growth recorded by the passenger vehicle industry
New Delhi: Tata Motors announced on Tuesday that its electric vehicle division has slashed prices on two models, the Nexon.ev and Tiago.ev, by up to Rs 1.2 lakh due to a decrease in battery costs.
The introductory prices for the recently launched Punch.ev will remain unchanged, as they already account for the anticipated reduction in battery costs in the foreseeable future, the statement added.
Key highlights of the price reductions include:
- The Nexon.ev, India's most feature-rich EV, sees a price reduction of up to Rs. 1.2 lakh, with the starting price now at Rs. 14.49 lakh.
- The long-range Nexon.ev, offering a range of 465km, now starts at Rs. 16.99 lakh.
- Additionally, Tiago.ev, India's fastest-selling EV, is now available at an unprecedented price of Rs. 7.99 lakh.
Vivek Srivatsa, Chief Commercial Officer of Tata Passenger Electric Mobility (TPEM), stated, "Battery costs constitute a substantial part of the overall cost of an EV. With battery cell prices having softened in the recent past and considering their potential reduction in the foreseeable future, we have chosen to proactively pass on the resulting benefits directly to customers."
He also emphasized the company's mission to accelerate the mainstream adoption of EVs by making them more accessible nationwide.
Tata Motors highlighted the rapid growth of EVs in recent years, outperforming the overall passenger vehicle industry.
In 2023, the EV segment witnessed over a 90 per cent growth compared to the 8 per cent growth recorded by the passenger vehicle industry, the company noted.
This growth trend has continued into 2024, with EV sales experiencing a 100 per cent year-on-year growth in January.
TPEM, holding over 70 per cent market share, asserts its leadership position in this burgeoning segment, according to the automaker.