Time and tide wait for none, but in a pleasant development for India, among the fastest growing economies in the world, it could be said, the country has taken its own sweet time to change the tide where its automobile culture is concerned.
Whilst on the one hand, the culture of fuel-powered cars (think petrol and diesel) is still continuing to surge as expected, the green wave, i.e., the non-polluting electric vehicle wave has already begun in the country.
And at this time, what matters most is to see a pioneer player in the automotive segment to stand tall and lead the EV charge by an example.
Which is why news that the revered and widely acclaimed domestic automotive player of the nation, Tata Motors (one that the country is extremely proud of) is investing big in the realm of Electric vehicles is such a bright development.
We are already see herds of Tata Nexon and Tata Tigor EV variants greening up what are usually crowded, cluttered urban roads of the country, it is expected that in the forthcoming years, the tide will turn yet more greener.
And that is thanks to the the big development that’s come from the stable of one of the most renowned automakers in the entire country.
So what is it that’s taken news from the auto sphere to roof-hitting headlines?
Well, here’s what you need to know.
Over the course of the next five years, Tata Motors have decided to invest a sum of not less than 15,000 crore toward the development of electric vehicles. You read that right- 15,000 crore in INR.
But over and above the astounding sum of money being allocated toward EV development, why this is a really positive news is the fact that Tata Motors happen to be the market leader in the country toward Electric Vehicles, with Tata’s Nexon being a giant seller.
That told, implicit in Tata Motors’ massive investment announcement is the fact that the world-renowned brand is intending to develop as many as 10 new EV car offerings in the segment.
This was actually confirmed by the President for Passenger Vehicles, Tata Motors, Mr. Shailesh Chandra.
He would offer the following exciting insights from the stable of the huge carmaker, “As far as future is concerned, in next five (years) we will invest Rs 15,000 crore in electrification. We are going to work on nearly 10 products with different kind of body styles, price, driving range options.”
Interestingly, what’s commonly known about Tata Motors’ EV division is that it had raised USD 1 billion by means of funding from private equity major TPG. At present, the EV division of the company is valued at not less than USD 9.1 billion dollars.
In addition to the above, the following key information was furnished on Business Standard with regards to Tata Motors’ gung-ho plans in India:
Shailesh Chandra was speaking at an event to deliver a batch of 101 EVs to residents of the city as part of the Aurangabad Mission for Green Mobility (AMGM) by local groups. An order for 250 EVs has been placed under the AMGM.
He said there is a need to accelerate the development of the EV ecosystem with charging facilities, and affirmed 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 this needs to be expanded, Chandra said.