Tata Motors Cuts Nexon EV, Tiago EV Prices Up to Rs 1.2 Lakh, Existing Owners Miss Out on Benefits

Key Highlights

• Tata Motors cuts Nexon EV price by up to Rs. 1.2 lakh and Tiago EV by Rs. 70,000.
• Expected boost in India's EV market growth.
• Tata Motors commands over 70% market share.
• Commitment to mainstream EV adoption was reiterated by Mr. Srivatsa.

In a groundbreaking move to enhance the affordability of electric vehicles (EVs) in India, Tata Passenger Electric Mobility Ltd (TPEM), a subsidiary of Tata Motors, has announced substantial price cuts for two of their top-selling electric models, the Nexon EV and Tiago EV. However, the price reduction is exclusively applicable to new purchases and does not extend to existing owners.

Nexon EV and Tiago EV New Prices – Feb 2024

The Nexon EV is assured to undergo a price reduction of up to Rs. 1.2 lakh, making it even more enticing for potential buyers. Similarly, the Tiago EV will see a significant price drop of up to Rs. 70,000, with the base model now available at an attractive Rs. 7.99 lakh. This announcement follows the footsteps of Mahindra and MG Motor, who recently reduced prices for their electric models.

Proactive Benefit Pass-On by TPEM

Mr. Vivek Srivatsa, Chief Commercial Officer at TPEM, explained the reason behind the price reduction, stating, "Battery costs constitute a substantial part of the overall cost of an EV. With battery cell prices having softened recently and the potential for further reduction in the future, we have chosen to proactively pass on the resulting benefits directly to customers."

Boosting EV Market Growth

The reduction in prices is expected to accelerate the growth of the EV market in India, where TPEM already commands a dominant position with over 70% market share. Notably, the introductory prices of the recently launched Punch EV will remain unchanged, as they already include anticipated reductions in battery prices in the coming years.

EV Market Surge

The EV segment in India has exhibited remarkable growth, surpassing the overall passenger vehicle industry. In CY2023, EV sales witnessed a remarkable 90% growth, contrasting sharply with the 8% growth recorded by traditional passenger vehicles. The momentum has continued into CY2024, with EV sales registering an outstanding 100% year-on-year growth in January 2024.

Mr. Srivatsa repeats the company's commitment to accelerating mainstream EV adoption, stating, "Our mission is to accelerate the mainstream adoption of EVs by making them more accessible nationwide. Our portfolio already offers a wide choice of body styles, range, and price points for our smart, feature-rich EVs."

With these significant price reductions, Tata Motors aims to attract a broader customer base to the EV market. The Nexon EV and Tiago EV, already popular choices, are expected to become even more compelling at their new, accessible price points.

Also Read: BYD Trademarks Dolphin EV in India – Boasting a 4.3m Length, 427 Km Range, & 5-Star NCAP Rating

CarBike360 Says

In a groundbreaking move, Tata Passenger Electric Mobility Ltd (TPEM) announces substantial price cuts for the Nexon EV and Tiago EV, exclusively for new purchases. With reductions of up to Rs. 1.2 lakh and Rs. 70,000 respectively, the initiative follows industry trends and a proactive pass-on of battery cost benefits. TPEM's commitment to accelerating EV adoption and the surging growth in the Indian EV market positions the Nexon EV and Tiago EV as compelling choices at their new, accessible price points.