Home-grown auto major Tata Motors announced on Tuesday a significant reduction in the prices of two of its electric vehicle (EV) models, the Nexon.ev and Tiago.ev, in response to a decrease in battery costs. The leading automobile manufacturer has lowered the price of the Nexon.ev by up to Rs 1.2 lakh, with the base model now available at Rs 14.49 lakh. Similarly, the prices of the Tiago.ev have been reduced by up to Rs 70,000, with the starting price now set at Rs 7.99 lakh, as stated in a press release by Tata Motors.
According to the company, the introductory prices of the recently-launched Punch.ev will remain unchanged, as they already reflect the anticipated reduction in battery costs in the near future.
Vivek Srivatsa, chief commercial officer of Tata Passenger Electric Mobility (TPEM), highlighted the significance of battery costs in determining the overall price of EVs. He noted that with the recent softening of battery cell prices and the potential for further reductions in the future, Tata Motors has decided to pass on these benefits directly to customers.
Srivatsa said the company’s commitment to accelerating the mainstream adoption of EVs by making them more accessible across the country.
Tata Motors reported a robust growth momentum in the EV segment, significantly outpacing the overall passenger vehicle industry growth. In 2023, the EV segment witnessed a remarkable growth of over 90 per cent, compared to the 8 per cent growth recorded by the passenger vehicle industry. This trend continued into 2024, with EV sales registering a remarkable 100 per cent year-on-year (YoY) growth in January.
With a market share of over 70 per cent, TPEM maintains its leadership position in this rapidly expanding segment, reaffirming Tata Motors’ strong presence in the electric vehicle market.
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