Tata Motors slashes Tata Nexon EV, Tata Tiago EV prices buy up to Rs 1.2 lakh, price now starts at Rs…

Tata Passenger Electric Mobility Ltd (TPEM), a subsidiary of Tata Motors, has announced an exciting reduction in prices of its bestselling EVs - Nexon.ev and Tiago.ev. The Tata Nexon.ev gets a price reduction of up to Rs 1.2 lakh and on the other hand, Tiago.ev gets a price reduction of up to Rs 70,000, base model starts at Rs 7.99 lakh. Inaugural prices of the recently launched Punch.ev remain unchanged as they already factor in reduction in battery price in the foreseeable future. 
 
Speaking about this price reduction, Mr. Vivek Srivatsa, Chief Commercial Officer, TPEM, said, “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, we have chosen to proactively pass on the resulting benefits directly to customers.

EV have shown a strong growth momentum and are substantially 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. This growth momentum has continued in CY2024 with EV sales registering 100% YoY growth in January 2024. TPEM with over 70% market share is the market leader in this fast-growing segment.