TPG makes a billion dollar bet on Tata Motors’ EV dreams
Tata Motorsis forming a new subsidiary that will take care of the electric vehicle business.
- Also, in association with Tata Power, it will develop charging infrastructure to facilitate rapid EV adoption in India
- This comes in line with the company’s goal to launch 10 electric vehicle models by 2025.
Tata Motors will form a new subsidiary for its electric vehicle business that will hold the investment made by these funds.
Tata Motors said the new company will leverage all existing investments and capabilities of Tata Motors and will channelise the future investments into electric vehicles space including charging infrastructure and battery technologies.
Over the next 5 years, this company will create a portfolio of 10 electric vehicles. Further, in association with Tata Power it will develop charging infrastructure to facilitate rapid EV adoption in India.
This comes in line with the company’s goal to launch 10 electric vehicle models by 2025.
Tata Motors already has two EV models -- SUV Nexon EV and subcompact sedan Tigor EV. It r eportedly has a 70% market share among EV makers in India.
The automaker has been doing pretty well in terms of sales of EV models as its sales went up three-fold in the last 12 months, shows company data.
Tata Motors sold 1,078 units of electric vehicles in September, up from a mere 308 units in September last year. Overall, it has sold 10,000 EVs in India so far, largely because of the success of the Nexon EV SUV.
SEE ALSO: India allows domestic flights to operate at full capacity from Monday
Former SBI chair Rajnish Kumar joins BharatPe to guide its transformation to a small finance bank
Popular on BI
- India’s financial capital added 3 out of 4 new jobs for undergraduates between October and March
- Seven brokerage and investment firms give 'buy' call for Aditya Birla Capital since it reported healthy earnings in fiscal year
- Shree Renuka, Balrampur Chini, Dalmia Sugar shares plunge on export curb reports
- The top team in IPL 2022 - Gujarat Titans - has the lowest sixes in the tournament
- Bhushan Kumar-led T-Series acquires rights to a book about Tata family