The Tata Nexon EV Gets Dearer By Rs 25,000
- Mar 16, 2022
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Tata Motors, in conjunction with TPG Rise Climate (a firm which pursues climate-related investments), will be investing Rs 7,500 crore, to expand its passenger electric vehicle business. The funds will be raised by TPG Rise Climate and the homegrown carmaker is likely to form a separate entity for its EV business, called TML EVCo, after it has been approved by the Ministry of Corporate Affairs.
The humongous capital will be infused into the business over a period of 18 months after the first transaction, which will happen by the end of March 2022. Post the investment of the capital, TPG Rise will be entitled to a stake of 11 percent to 15 percent in the business, which is equivalent to an equity value of up to $ 9.1 billion (Rs 68,651 crore).
Commenting on the latest development, N Chandrasekaran, the Chairman of Tata Motors, said, “We will continue to proactively invest in exciting products that delights customers while meticulously creating a synergistic ecosystem. We are excited and committed to play a leading role in the Government’s vision to have a 30% electric vehicles penetration rate by 2030.”
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The latest round of investments will be channeled towards development of Tata’s electric vehicles, dedicated EV platforms, advanced technologies, battery development, and charging infrastructure. Tata Motors has already announced that it will be having 10 electric vehicles in its portfolio over the next five years.
At present, Tata’s electric vehicles business has captured a market share of around 70 percent in the Indian market. This achievement has no doubt been fuelled by the carmaker’s two popular electric vehicles: the Nexon EV and the recently launched Tigor EV. Tata is now gearing up to bring the Altroz EV, and probably the Punch EV in the coming future.
The Tata Nexon EV Gets Dearer By Rs 25,000
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