India: Tata Motors to invest Rs 15,000 crore in electric vehicles
Tata Motors has major plans for its EV division with 10 new launches in the next four years and plans for investing up to Rs 15,000 crore. This comes just days after private equity major TPG Rise Climate decided to invest $1 billion in the Tata Motors EV segment at a valuation of $9.1 billion.
Tata Motors, which has two EV offerings as of now, is already a market leader with around 70% share in the EV segment.
“With just two green products right now (Nexon and Tigor EVs), we are getting bookings of 3,000-3,500 units per month. However, we are able to supply only around 1,000 units… We are now lining up new investments to the tune of $2 billion just for electrics and this would be used to add 10 new green vehicles, boost production capacity and charging infrastructure, and create IP (intellectual property),” Shailesh Chandra, President of Tata Motors PV business, told Times of India.
Chandra further added that some of the new launches could be ‘electric only’ products.
Tata Motors is averaging around 30,000 units over the past few months and with the launch of its mini SUV Punch, the demand is likely to go up further.