Tata Motors Cuts Nexon EV Price by ₹1.20 Lakhs: Tiago EV Also to See ₹70,000 Reduction; Customer Benefits Expected

Tata Motors has implemented price reductions for its two electric car models. The price of the Nexon EV has been reduced by INR 1.20 lakhs, while the Tiago EV sees a reduction of INR 70,000. These reductions in battery costs aim to make the benefits of decreased prices accessible to consumers. The starting price for the Nexon EV is now INR 14.49 lakhs, while the extended range version begins at INR 16.99 lakhs. On the other hand, the base model of the Tiago now starts at INR 7.99 lakhs. Additionally, the recently launched Punch EV is competitively priced.

Tata Motors: Dominating the EV Market with Over 70% Share

Tata Passenger Electric Mobility Limited commands over 70% of the market share in the electric passenger vehicle segment, establishing itself as the market leader in electric passenger vehicles. In 2023, the company sold a total of 69,153 units of electric vehicles. This significant market share reflects Tata Motors’ strong presence and influence in the electric vehicle industry. In the upcoming year, Tata Motors plans to launch new models including the Curve, Harrier EV, Sierra, and Altroz EV, further solidifying its position and expanding its offerings in the electric vehicle market segment.

Potential Decrease in Battery Cell Costs Offers Promising Prospects

Vivek Srivats, Chief Commercial Officer of Tata Passenger Electric Mobility (TPEM), highlighted that battery expenses constitute a significant portion of the overall cost of electric vehicles. Recently, there has been a reduction in battery cell costs, with the potential for further decreases in the coming days. In light of these developments, TPEM aims to extend these benefits to consumers. The reduction in the prices of models such as the Nexon and Tiago renders them more appealing to customers, enhancing their market attractiveness.