Updated February 13th, 2024 at 16:08 IST
Tata’s EV arm slashes prices by up to Rs 1.21 lakh on Nexon, Tiago
The carmaker has passed on battery price reduction benefits to customers of its electric vehicles.
Tata Motors EV bet: Passing on the benefits of a recent reduction in prices of electric batteries for the car makers, Tata Motor's EV arm has slashed prices of several of its EV models with immediate effect.
Having delivered healthy sales numbers for their internal combustion engine versions earlier, are the Nexon and Tiago best EV bets from Tata’s EV stable? Republic Business takes a deep dive.
EV leads from the front
Despite supply shortages, increased interest in electric vehicles in the domestic market highlights evolving consumer preferences within this segment. Sample this: As per Tata Motors, India’s most feature rich EV, the Nexon.ev is seeing a price reduction of up to Rs 1.2 lakh, Besides, India’s fastest-selling Tiago.ev gets a price reduction of up to Rs 70,000, base model starts at Rs 7.99 lakh.
Inaugural prices of the recently launched Punch.ev remain unchanged as they already factor in a reduction in battery price in the foreseeable future, said the company statement.
Vivek Srivatsa, Chief Commercial Officer, TPEM, said, “EVs have shown a strong growth momentum and are substantially outperforming the overall passenger vehicle industry growth,” In CY23, the EV segment grew by over 90 per cent against the 8 per cent growth recorded by the PV industry. This growth momentum has continued in CY2024 with EV sales registering 100 per cent YoY growth in January 2024.
TPEM with over 70 per cent market share is the market leader in this fast-growing segment. Notably, Tata's EV sales recorded 69 per cent growth annually to 6,979 units in January 2024 from 4,133 units in January, 2023. Total domestic sales of Tata Motors soared 6 per cent annually on a YoY basis to 84,276 units up from 79,681 in January 2023.
Race to the top slot
Tata Motors' stock witnessed a strong rally earlier this month, enabling the company to outshine Maruti Suzuki and wear the coveted crown of India's most valuable carmaker. Despite Maruti selling more cars, Tata Motors held the distinction of being the largest by revenue.
Image credit: Unsplash
Maruti had also beaten its third-quarter profit estimates earlier in the week. Meanwhile, smaller rival Mahindra and Mahindra is set to report its results later this month.
Going forward, Tata Motors expressed confidence in further improving its performance in the fourth quarter, citing factors such as seasonality, new launches, and enhanced supplies at JLR.
Tata Motors delivered a stellar performance in the third quarter, reporting a consolidated net profit of Rs 7,025 crore. This figure marked a more than two-fold increase compared to the same period last year and significantly surpasses market expectations.
Published February 13th, 2024 at 16:05 IST