Tata Motors plans to invest Rs 15,000 crore in the EV segment over the next five years to develop about 10 new offerings in the segment.
Tata Motors plans to invest Rs 15,000 crore in the EV segment over the next five years, a top company official has said. The company, which is a leader in the newly emerging EV segment with offerings such as Nexon, also plans to develop about 10 more new offerings in the segment, said Shailesh Chandra, Tata Motors’ President for Passenger Vehicles Business.
“Going forward, we will invest Rs 15,000 crore in electrification in the next five (years). We will be working on nearly 10 products with different body types, prices and driving range options,” Chandra said. The company had raised $1 billion in funding from private equity wholesaler TPG in its EV division, valuing the company at $9.1 billion.
Chandra spoke at an event to deliver a batch of 101 EVs to city residents as part of the Aurangabad Mission for Green Mobility (AMGM) by local groups. An order has been placed under the AMGM for 250 EVs. He said there is a need to accelerate the development of the EV ecosystem with charging facilities, and confirmed the company’s commitment to develop the same.
It has a network of nearly 400 charging stations in Maharashtra, of which 15-20 are in Aurangabad, and is in need of expansion, Chandra said. Meanwhile, the official also shared that the ownership profile of EVs is changing, with more buyers opting for the electric variant as their first car.
“When we launched the (electric) car, the people who used it as the first car were only 20-25 percent at the time. Today it has risen to 65 percent,” he said. Tata Motors has sold 22,000 EVs to date, and if the impact of that many vehicles were to be assessed in terms of carbon dioxide emissions, it would be comparable to planting 1.5 lakh trees, he said.
Speaking about the initiative of the residents of Aurangabad to opt for EVs, Chandra said their efforts should be emulated across the country and also called it a huge confidence booster for the ecosystem. Explaining the movement’s journey, AMGM member Ulhas Gawli said: “The city has been dealing with a lot of pollution and there are certain restrictions imposed by the National Green Tribunal here. Then we decided to start working on it, we not only convinced people for the car (EV) but also worked simultaneously with the local government to set up the (EV) ecosystem.”
Aurangabad Municipal Corporation Astik Kumar Pandey said: “We are working on establishing an electric vehicle ecosystem and have a plan to set up 200 charging stations where the land will be given by us. We have launched tenders for the purchase of 60 electric buses and the installation of charging points will be mandatory in the city from April 1 for new housing projects.
This post Tata Motors to invest Rs 15,000 cr in EV segment in 5 years; plans to develop 10 new products was original published at “https://www.financialexpress.com/express-mobility/tata-motors-to-invest-rs-15000-cr-in-ev-segment-in-5-yrs-plans-to-develop-10-new-products/2461819/”