Tata Motors has unveiled a significant price reduction for its Nexon and Tiago electric vehicle (EV) models, slashing prices by up to ₹1,20,000. This move comes in the wake of a slight decline in battery cell prices used in the manufacturing process of these EVs. Notably, Tata's recently launched Punch EV retains its original pricing structure.
Following the adjustment, the Tata Tiago EV will now kick off at ₹7.99 lakh in the Indian market. Meanwhile, the Nexon EV will be available from ₹14.49 lakh, with the long-range variant starting at ₹16.99 lakh.
Commenting on this development, Vivek Srivatsa, Chief Commercial Officer of Tata Passenger Electric Mobility Ltd (TPEM), emphasised the pivotal role of battery costs in determining EV prices. Srivatsa stated, "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."
He further elaborated on Tata Motors' commitment to catalyse the mainstream adoption of EVs by enhancing accessibility across the nation. Srivatsa highlighted the diversified portfolio offered by Tata Motors, encompassing various body styles, ranges, and price points for their 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," Srivatsa added.
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