Tata Motors cuts prices of Tiago and Nexon by up to Rs 1.2 lakh | Top Vip News

Tata Motors’ electric vehicle (EV) unit on Tuesday said it has reduced prices of its cars by up to Rs 1.2 lakh in what is the first case of price cutting by an electric car maker in India. Basically, the automaker has passed on the benefits of lower battery prices to its customers.

Tata Motors said its Passenger Electric Mobility division will now sell the best-selling Nexon.ev at a starting price of Rs 14.49 lakh. Nexon.ev long range (465 km) price will now start at Rs 16.99 lakh.

The company also reduced the price of its Tiago electric small car by Rs 70,000 to Rs 7.99 lakh.

“Given that battery cell prices have weakened in the recent past and considering their possible reduction in the foreseeable future, we have decided to proactively pass on the resulting benefits directly to customers,” said Vivek Srivatsa, chief commercial officer of the backed company. by TPG.

“While electric vehicles have grown rapidly in recent years, our mission is to accelerate the widespread adoption of electric vehicles by making them more accessible across the country. Our portfolio already offers a wide variety of body styles, ranges and prices for our “smart, feature-rich vehicles. Electric vehicles. We believe that at these affordable prices, the best-selling Nexon.ev and Tiago.ev become an even more compelling proposition to attract a larger group of customers,” he added.

Prices for the recently launched Punch.ev remain unchanged “because they already take into account the reduction in battery prices in the foreseeable future,” the automaker said.

Tata Motors said TPEM, with over 70% market share, is the market leader in this fast-growing segment.

At 12.30 pm on Tuesday, Tata Motors’ BSE scrip was trading 1.5% lower at Rs 898.