Tata Motors to Invest Rs 15,000 Crore in EV Business
Flush with funds from TPG Rise Climate which has decided to invest a seventh of its $ 7 billion crores, Tata Motors is planning to invest Rs 15,000 crore over the next 5 years when it said it would launch 10 new products. Tata said it would invest in new platforms, technologies and further localise its EV vertical.
"We have always been bullish about EVs but there is a definite surge in demand right now. A number of factors are helping it. Favourable policies both from centre and states, increase in fuel prices as well as ICE vehicles post-BS-VI emission norms are working in favour of EVs," said P Balaji, chief financial officer, Tata Motors. "We have seen a 1.5-2x growth every year between FY 2017 and FY 2021. In the current financial year alone the growth is projected at 2.5-2.7x."