Tata Motors announced a price cut of up to Rs 1.2 lakh on various electric vehicle (EV) models as it intends to pass on the benefits of battery price reduction to the customers.
Tata Motors’ top-selling Nexon.ev now starts at Rs 14.5 lakh, down Rs 1.2 lakh. Meanwhile, price of Tiago.ev will now start at Rs 7.99 lakh. Prices of Tiago have been slashed by Rs 70,000.
However, the prices of the the recently launched Punch.EV remain unchanged.
“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,” Vivek Srivatsa, Chief Commercial Officer at the TPG-backed company said in a press release.
Tata Motors recently overtook Maruti Suzuki as the most valuable automaker in the country, a title it lost in 2016.
The company sold a total of 69,153 units of EVs in 2023.
The company expects the sales of EVs in India to moderate to 40-45 per cent this year as the base gets bigger, Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said in January.
“Two years back, EVs were growing on a very low base. In the last calendar year, it had a growth of nearly 100 per cent but now the base is getting bigger. By the end of this financial year, it will be around 90,000 to 1 lakh. On this high base, I think the growth (industry) would moderate to about 40 per cent to 45 per cent,” Chandra said.
Tata Motors will be launching the Curvv, Harrier EV, Sierra and Altroz EV this year, most of which are expected in the second half.
