Tata Motors Now Has A Separate Electric Vehicle Division With 10 Cars Due By 2025
Tata Motors had previously raised funds from investors to the tune of 1 billion USD to jointly set up a separate EV entity
Tata Motors has now set up a new wholly owned company for developing and selling passenger electric vehicles. The new sub-brand is called Tata Passenger Electric Mobility Limited (TPEML) and has a share capital of Rs 700 crore. Tata Motors had previously tied up with TPG Rise to invest Rs 7500 crore in a new EV-focused company. The first step of this deal is expected to go through in March 2022.
According to information provided by Tata Motors, TPEML will be responsible for developing, selling and providing after-sales service for hybrid and electric passenger vehicles. TPEML will however use the existing manufacturing facilities of Tata Motors to produce vehicles.
While TPEML is expected to bring in 10 new products by 2025, the existing Nexon EV and Tigor EV will continue to be made at their current locations.
Tata Motors currently has a market share of over 70 percent in the EV space and has sold more than 10,000 EVs in India. While the segment is in its nascent stages with limitless potential for growth, this early lead by Tata Motors could be instrumental in it creating a foothold for itself in the EV space, in the years to come.
We expect more news to be made available on this new venture by Tata Motors and will update our website with the same, as and when it's made available.