Tata Motors has announced it will have 10 EVs in its lineup by 2026. The ambitious plan comes on the back of the Indian automaker’s new agreement with TPG Rise Climate and ADQ to invest Rs 7500 crore in a new EV subsidiary of Tata Motors. The deal will see the investors get a share in the range of 11 per cent to 15 per cent and a valuation of up to 9.1 billion USD.
In an official statement from the automaker, it said, the new company shall leverage all existing investments and capabilities of Tata Motors Ltd and will channelise the future investments into electric vehicles, dedicated BEV platforms, advanced automotive technologies and catalyse investments in charging infrastructure and battery technologies. Over the next 5 years, this company will create a portfolio of 10 EVs and in association with Tata Power Ltd, catalyse the creation of widespread charging infrastructure to facilitate rapid EV adoption in India.
Commenting on the new venture, N Chandrasekaran, Chairman Tata Motors Ltd said, “I am delighted to have TPG Rise Climate join us in our journey to create a market-shaping electric passenger mobility business in India. We will continue to proactively invest in exciting products that delight customers while meticulously creating a synergistic ecosystem. We are excited and committed to play a leading role in the Government’s vision to have a 30 per cent electric vehicles penetration rate by 2030.”