Tata Motors to invest Rs 15,000 crore in electric vehicle sector in next five years

Tata Motors to invest Rs 15,000 crore in electric vehicle sector in next five years

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Aurangabad. Tata Motors plans to invest Rs 15,000 crore in the electric vehicle (EV) sector in the next five years. Shailesh Chandra, President, Passenger Vehicle Business, Tata Motors gave this information on Tuesday. Tata Motors is the leader of the fast growing electric vehicle sector. It has models like Nexon in this area. The company intends to develop around 10 new products for this segment.

Chandra said, “As far as the future is concerned, we will invest Rs 15,000 crore in five years on electrification. We will be working on around 10 products. These products will vary in terms of size, price etc.” The company has raised $1 billion in its EV segment from private equity firm TPG. In this sense, the valuation of its EV business works out to $9.1 billion.

Fast growing EV market
Chandra said at an event organized to mark the delivery of 101 electric vehicles to the residents of the city under the Aurangabad Mission for Green Mobility (AMGM) by local groups, there is a need to accelerate the development of an electric vehicle environment with charging facilities. He reiterated the company’s commitment to this.

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Chandra said that now there is a change in the attitude of the people regarding electric vehicles. Many customers are buying electric versions as their first vehicle. He said, “When we launched the electric car, the number of people who bought the first car as an electric vehicle was 20 to 25 percent. Today this number has increased to 65 percent.

PLI Scheme Announcement
The Central Government has today announced the names of the companies selected for Auto PLI. About 95 companies have got the approval of Auto PLI. This includes the names of companies like Maruti Suzuki India and Hero MotoCorp.

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Approval of applications of total 95 companies
On behalf of the Ministry of Heavy Industries, it has been said that the PLI scheme launched for auto mobiles and auto components has been a huge success and has received investment proposals of Rs 74,850 crore, while the government has made investment proposals of Rs 42,500 crore in 5 years. aimed to achieve.
The government has approved the applications of a total of 95 companies. Out of which the applications of 75 companies have been approved for auto components. The companies whose applications have been approved include the names of Bharat Forge, Sona BLW Precision Forgings, Tata Autocomp Systems, Tata Cummins, Tata Ficosa Automotive Systems, The Hi-Tech Gears, Toyota Industries Engine India, and Toyota Kirloskar.

Tags: electric vehicle, Electric Vehicles, EV charging, Tata, Tata Motors, Tata Tiago, Tata Tigor

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