Tata Motors plans to invest Rs 15k cr in EV market
Tata Motors, a leading global automobile manufacturer, is planning to invest Rs 15,000 crore in the electric vehicle (EV) segment over the next five years. According to Tata Motors President for Passenger Vehicles Business Shailesh Chandra, the company, which is a leader in the newly emerging EV segment with offerings such as Nexon, is planning to develop around 10 more new offerings in the segment.
The firm had raised $1 billion in funding from major private equity TPG in its EV division, valuing the business at $9.1 billion.
Chandra was speaking at an event where local groups were delivering a batch of 101 electric vehicles to city residents as part of the Aurangabad Mission for Green Mobility (AMGM). Under the AMGM, a 250-EV order has been placed. Chandra told the media that the development of the EV ecosystem with charging facilities must be accelerated and that the company is committed to doing so.
It has a network of nearly 400 charging stations in Maharashtra, with 15-20 in Aurangabad, according to Chandra, which needs to be expanded.
Meanwhile, the official told the media that the EV ownership profile is changing, with more people choosing the electric variant as their first vehicle.Tata Motors has sold 22,000 electric vehicles so far, and the impact of that many vehicles in terms of carbon dioxide emissions is equivalent to planting 1.5 lakh trees.
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