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Tata Motors launches 10,000 USD electric car in India to continue to lead According to Reuters

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© Reuters. Overall image of the Tata Tiago EV electric hatchback unveiled during the global launch event in Mumbai, India, September 28, 2022. REUTERS / Francis Mascarenhas

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By Aditi Shah

NEW DELHI (Reuters) – Tata Motors launched India’s lowest-priced electric car for more than $10,000 on Wednesday as the country’s sole electric vehicle (EV) maker wants to attract more buyers. .

Tata leads the Indian electric vehicle market thanks to government subsidies and high import taxes.

The move comes as domestic rival Mahindra & Mahindra is in talks with investors to raise up to $500 million for its electric vehicle unit and plans to launch an electric sport utility vehicle (SUV). first in January.

Tata’s Tiago EV, an electric version of the popular Tiago hatchback, will have a list price starting at 849,000 rupees ($10,370). The majority of cars sold in India, the world’s fourth-largest auto market, cost less than $15,000.

Much cheaper than India’s next most affordable EV – an electric version of Tata’s Tigor compact sedan starts at around $14,940. However, China has a number of electric vehicles that start at 32,800 yuan ($4,525).

Shailesh Chandra, CEO of Tata Motors (NYSE: Passenger cars and its EV subsidiary.

“We are not after the lowest cost, adding that our aim is to provide connected car features and other cutting-edge technologies while keeping the price right,” said Mr. Chandra. fit.

Chandra said the car’s “disruptive” price tag would open up new opportunities and markets for Tata in smaller towns and cities, where buyers tend to be more concerned with price.

Tata, India’s third-largest automaker, last year raised $1 billion from TPG for its EV unit at a $9.1 billion valuation and has outlined plans to roll out 10 models. tram in March 2026.

India’s auto market is very small compared to its population, with electric models accounting for only 1% of total car sales around 3 million units a year, but the government wants to increase this share to 30% by the end of the year. year 2030.

The cheapest version of the Tiago EV – Tata’s third electric vehicle – will have a driving range of 250 km (155 miles) on a single charge, while the more expensive version will have a range of 315 km.

Chandra says data from existing Tata EV owners shows an average daily usage of around 50km, which has prompted the company to offer a shorter driving range to keep the price down.

“It’s always been a challenge how do we get the price right, and adding the sticker price is currently only for the first 10,000 buyers,” says Chandra.

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