The new EV plan of Tata Motors has the business launching 10 new cars by 2026

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    Tata Motors, India’s largest automaker, intends to use a fresh Rs.7,500 crore financial infusion into the firm to shift from fossil-fuelled vehicles to electric vehicles. It has set an ambitious goal of introducing ten new EV with new generation powertrains and bigger batteries over the next five years.

    The business, which manufactures India’s best-selling EV passenger vehicle, the Tata Nexon EV, has announced plans for next-generation EV versions of its sub-4m small SUV (Nexon) and compact hatchback Tata Tiago. MoneyControl was given information about these intentions by the corporation.

    According to the source, Tata Motors President Shailesh Chandra plans to reduce EV ownership costs down to the level of a petrol or diesel car by 2023. It intends to launch ten new EVs and update its existing electric vehicle inventory.

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    The boost to Tata Motors’ EV aspirations came in the form of an Rs.7,500 crore investment from TPG Rise Climate, a private firm that funds carbon aversion in a measurable way. Its new company EVCo will focus on EV passenger cars, with the goal of launching 10 new models and updating by 2026.

    According to Shailesh Chandra, the company’s plan will be implemented in stages as it transitions from the current generation of EVs to the future ones. “Some of our modern architectures will be adapted to make them more electric ready, specifically to accommodate more battery packs,” he said. 

    The business also emphasized the need for battery recycling and the implementation of a circular economy to ensure that recovered material is reused throughout the value chain. The business is also focusing on recycling / repurposing EV batteries that have reached the end of their active life but might be used in other applications.

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    Passenger EV sales increased by a remarkable 234% from April to September, thanks to a combination of factors including high gasoline costs and enhanced battery charging infrastructure across India. While the overall number of automobiles sold was just 6,261 during this time period, it was more than the previous year.

    Tata Nexon EV had a 58 percent market share, while others such as MG ZS EV and Tata Tigor EV had a 13 percent market share. While the Hyundai Kona EV and Mahindra Verito EV round out the list, both vehicles saw their market share decrease significantly.

    During the same period of the fiscal year, 13,87,714 PVs were sold in the nation, with EVs accounting for just 0.45 percent of the total market. Shailesh Chandra is sure that Tata Motors would be able to reach the government’s mandated target of growing EV manufacturing to 30% of total passenger vehicle output in the next five years.

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