Tata Passenger Electric Mobility Ltd (TPEM), a subsidiary of Tata Motors, has announced a reduction in the prices of its bestselling electric vehicles, Nexon.ev and Tiago.ev, to increase their accessibility to Indian customers.
The Nexon.ev, India’s most feature-rich EV, is set to see a price reduction of up to Rs. 1.2 Lakh. The fastest-selling Tiago.ev will also see a reduction of up to Rs. 70,000, with the base model starting at Rs. 7.99 Lakh. The launch of the Punch.ev will remain unchanged. Speaking about this price reduction, Mr. Vivek Srivatsa, Chief Commercial Officer, TPEM, said, “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.”
EV have shown a strong growth momentum and are substantially outperforming the overall passenger vehicle industry growth. In CY2023, the EV segment grew by over 90% against the 8% growth recorded by the PV industry. This growth momentum has continued in CY2024 with EV sales registering 100% YoY growth in January 2024. TPEM with over 70% market share is the market leader in this fast-growing segment.
