Tata Motors Reduces EV Prices, Offering Savings Of Up To ₹ 1.2 Lakh

Tata Passenger Electric Mobility (TPEM) has lowered the prices of the Nexon EV and Tiago EV in India. This move contrasts with other automakers in India who have raised prices due to increased input costs. The price adjustments follow the launch of the Punch EV, and Tata aims to make electric vehicles more affordable for Indian customers. The reduction in battery prices and the potential for further reductions have influenced these changes.

Tata Passenger Electric Mobility Ltd (TPEM), has announced a significant price reduction for its top-selling EV models, the Nexon EV and Tiago EV. The price adjustments, up to ₹ 1.2 lakh, aim to make EVs more accessible to Indian consumers and expedite the mainstream adoption of electric mobility across the country.

Under the revised pricing, the Nexon EV now starts at ₹ 14.49 lakh, while the long-range variant is available from ₹ 16.99 lakh. Similarly, the Tiago EV is now priced at ₹ 7.99 lakh, following a reduction of up to ₹ 70,000.

TPEM's decision comes at a time of strong growth in India's EV sector, surpassing the growth rate of the overall passenger vehicle industry. In CY2023, EV sales surged by over 90 percent, compared to 8 percent growth in the PV industry. This trend continued into CY2024, with EV sales showing a remarkable 100 percent year-on-year growth in January 2024. TPEM holds a market share of over 70 percent.

Speaking about this price reduction, Mr. Vivek Srivatsa, Chief Commercial Officer, TPEM, said, “Battery costs constitute a substantial part of the overall cost of an EV. With battery cell prices having softened in the recent past and considering their potential reduction in the foreseeable future, we have chosen to proactively pass on the resulting benefits directly to customers.

While EVs have grown rapidly over the last few years, our mission is to accelerate the mainstream adoption of EVs by making them more accessible nationwide. Our portfolio already offers a wide choice of body styles, range and price points for our smart, feature rich EVs. We believe that at these accessible prices, the best-selling Nexon.ev and Tiago.ev become an even more compelling proposition to attract a larger pool of customers.”

Tata Electric’s price cuts aim to make electric vehicles more affordable and attract a wider range of customers to models like the Nexon EV and Tiago EV. This supports Tata Electric’s goal of increasing EV adoption in India by offering a variety of smart, feature-rich EVs at reasonable prices. As the electric vehicle sector grows in India, Tata Electric’s pricing approach is set to transform the industry, promoting a greener future. The competitive pricing and improved features of the Nexon EV and Tiago EV make them appealing options in India's evolving EV market.