Electric Vehicle News
Tata Motors recently released a statement which says that, it will focus on launching several variants of affordable electric vehicles.
The statement comes just as Tata Motors drives on a path of resurgence in the Indian passenger vehicles market, making significant gains in share in just about a year. There is healthy demand in the fleet space for the Tata Tigor EV and the Nexon EV is performing well in the passenger space.
According to the Society of Automobile Manufacturers (SIAM), over the last year, Tata Motors has sold more than 2,400 units of the Nexon EV
Shailesh Chandra, President of Tata Motors Passenger Vehicle division, said:
"Electrics remain central to our strategy. In our journey during the last three years, we have clearly established ourselves as frontrunners in the EV space.”
He also said Tata Motors and other group companies such as Tata Power (for charging infra), Tata AutoComp (battery packs for EV's) and Tata Chemicals (lithium-ion battery cells) are working on providing a wholistic eco-system for adopters of the electric cars.
With this announcement, Tata Motors shares have rallied over 26% in the last one week.
So well done Tata Motors. The only BIG car company that does not seem to view electric cars as a threat but sees the EV space as an opportunity.
Also paying 15 to 20% premium for an electric car is okay given the HUGE savings made by not consuming oil.
2500+ units of Nexon EV sold as of the mid January 2021 is a great start. This shows there is demand for quality electric cars in India. However the target should be to beat the likes of the Nexon petrol which sold 6000+ units in December 2020.
It will take time for EV's to catch up. But the moment the Nexon EV sells more than the Nexon petrol version or the upcoming Altroz EV sells more than the Altroz petrol version, that will be the time for Tata Motors to start phasing out the petrol variants. It is bound to happen.