Tata Motors has announced a reduction in the prices of its electric vehicle models through its subsidiary, Tata Passenger Electric Mobility Ltd. The move comes as the company aims to share the benefits of decreasing battery costs directly with its customers.
Price Drops for Nexon EV and Tiago EV
In a press release, Tata Passenger Electric Mobility Ltd announced that the popular Nexon EV will see a reduction of up to Rs 1.2 lakh, while the Tiago EV will have a price cut of up to Rs 70,000. The starting price for the Nexon EV is now Rs 14.5 lakh, and the long-range version starts at Rs 16.99 lakh.
Proactive Measure to Pass on Savings
Vivek Srivatsa, Chief Commercial Officer at Tata Passenger Electric Mobility Ltd, stated that the decision to lower prices is a proactive step to share the benefits of softened battery cell prices. He emphasized that this move aligns with the company's commitment to providing cost-effective electric mobility solutions.
Unchanged Prices for Punch EV
The inaugural prices for the recently-launched Punch EV remain unaffected, as they already account for the anticipated reduction in battery prices in the near future, according to the company's statement.
Tata Motors shares
The shares of Tata Motors on Tuesday at 1:30 pm IST were trading at Rs 903.30, down by 0.91 per cent.
(With inputs from Agency)
