Electric cars are the future of India’s auto market. This is the reason why auto companies are preparing to dominate the electric car market. Tata Motors is also preparing to capture the electric car market. Tata Motors plans to invest Rs 15,000 crore in electric cars in the next 4 years. With the help of this investment, Tata will launch 10 new models of electric cars. Some of these will be sedans and some SUVs. Apart from this, the company will also increase production capacity and charging infrastructure.
Recently, private equity firm TPG Group has announced an investment of about $1 billion in the electric wing of Tata Motors. This investment will be made in multiple installments over 18 months. In return for this investment, TPG Group will get an 11-12 percent stake in Tata EV Corporation. At present, there are two electric cars of Tata in the market. Both the Tata Nexon EV and the Tata Tigor EV are counted among the cheapest electric cars in the country. Tata Motors is getting bookings for 3000 units of Tata Nexon EV and Tata Tigor EV every month, while the company is able to supply only 1000 cars. As of September, Tata Motors has sold 10,000 electric cars in the country, out of which the Tata Nexon EV is the largest.
The Tata Nexon EV has become the most preferred electric car in the country due to its low cost. The car offers a range of 312 km on a single charge and the Tata Nexon EV can be charged up to 80 percent in just 60 minutes with the help of a fast charge. On the other hand, if you charge it fully with the help of a home charger, then it will take a total of 8 hours. The starting price of the Tata Nexon EV is Rs 14 lakh.
The Tata Tigor EV offers a range of 360 km on a full charge and is currently the cheapest EV in the country. Its starting price is Rs 12 lakh. Apart from this, the government is also giving some tax exemption on buying an electric car at this time. To promote electric vehicles, Tata Power, the second company of the Tata Group, is also going to set up electric power stations across the country. Tata Power has installed 84 electric vehicle charging stations in 13 cities across nine states. A target has been set to install 300 charging stations in the next 24 months. Tata is doing all this to dominate the electric car market. At present, Tata is at the forefront of electric car manufacturing. The government also aims to have only electric cars on the roads by 2030.