Tata Motors slashes EV prices by up to Rs 1.2 lakh

Prices of the recently launched Punch.ev remain unchanged.

Tata Motors has reduced the prices of its pure electric models by up to Rs 1.2 lakh.

The Tiago.ev gets a price reduction of up to Rs 70,000. With this, the base variant is now priced at Rs 7.99 lakh (ex-showroom).

Prices of the Nexon.ev have also been reduced. The electric SUV range now starts at Rs 14.49 lakh (ex-showroom). Prices of the recently launched Punch.ev remain unchanged.

According to Vivek Srivatsa, Chief Commercial Officer of Tata Passenger Electric Mobility (TPEM), battery costs constitute a substantial part of the overall cost of an EV. With battery cell prices having softened in the recent past and considering their potential reduction in the foreseeable future, the carmaker has chosen to proactively pass on the resulting benefits directly to customers.

It is said that EVs are outperforming the overall passenger vehicle industry growth. In CY2023, the EV segment grew by over 90% against the 8% growth recorded by the PV industry. In CY2024, EVs registered a 100% YoY growth in January.

Tata Motors leads the EV segment in India with a market share of over 70%.