Tata Passenger Electric Mobility Ltd (TPEM), a subsidiary of Tata Motors, has slashed the prices of Nexon EV and Tiago EV. The prices of India's highest-selling EV, Nexon EV, are now slashed by Rs. 25,000 for the Medium Range (MR) variant and the Long Range (LR) variant by 1.20 lakhs. The starting price for the MR variant of the Nexon EV is now 14.49 lakh, whereas the LR version starts at Rs 16.99 lakh. Tata's entry-level EV- Tiago.ev has also decreased by Rs 70,000 and is now priced from Rs 7.99 lakh. The prices of recently launched Punch.ev remain unchanged. To read more about Punch.ev, click here.
With the supply-demand issue sorting up globally, battery cell prices have also gone down, thus resulting in a revised reduction in pricing. However, the variant-wise pricing is yet to be precise. Recently, MG Motors has slashed the prices of the Comet. Whereas Nexon EV's biggest competitor - Mahindra XUV400, is also now quite competitively priced at 17.5 lakhs. In my opinion, the price-slash move is a rather precautionary measure by Tata Motors to keep their sales intact. Well, all these developments shall certainly help consumers dive into electric vehicles.
"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", said Vivek Srivatsa, Chief Commercial Officer, TPEM.
