Aurangabad: Tata Motors plans to invest Rs 15,000 crore in the electric vehicle (EV) sector in the next five years. This information was given by Shailesh Chandra, President, Passenger Vehicle Business, Tata Motors on Tuesday. Tata Motors is the leader of the fast growing electric vehicle sector. It has models like Nexon in this area. The company intends to develop around 10 new products for this segment.
Chandra said, “As far as the future is concerned, we will invest Rs 15,000 crore in five years on electrification. We will be working on around 10 products. These products will vary in terms of size, price etc.” The company has raised $1 billion in its EV segment from private equity firm TPG. In this sense, the valuation of its EV business works out to $9.1 billion.
read also
Chandra said at an event organized to mark the delivery of 101 electric vehicles to the residents of the city under the Aurangabad Mission for Green Mobility (AMGM) by local groups, there is a need to accelerate the development of an electric vehicle environment with charging facilities. He reiterated the company’s commitment to this. Chandra said that now there is a change in the attitude of the people regarding electric vehicles. Many customers are buying electric versions as their first vehicle.
He said, “When we launched the electric car, the number of people who bought the first car as an electric vehicle was 20 to 25 percent. Today this number has increased to 65 percent. (agency)