Tata Motors has done it again. The UK government has agreed to loan 10mn pounds to the European subsidiary of Indian conglomerate Tata Motors European Technical Centre (TMETC) has received nearly Rs. 80 crore loan to set up its electric car project in the UK with an investment of total Rs. 195 crores.
The UK government has loaned this amount under foreign government’s automotive assistance programme (AAP) that promotes development of fuel efficient technologies. Tata Motors intends to develop Tata Indica Vista EV in the UK after its successful project for electric cars in Norway.
“The Tata Indica Vista EV will be the first four-seater electric car with a range of up to 200 km to become available this year in Europe,” the company said in a statement. “Tata appreciates the £10 million loan, under the UK government’s automotive assistance programme to develop and manufacture the Tata Indica Vista Electric Vehicle in the UK with an investment of £25 million,” it stated further.
Tata Indica Vista EV will be launched in European markets first and currently it is not India bound. Actual prices of the model will be revealed close to the launch.
