Tata Motors has reduced the prices of its two electric cars. The price of Nexon EV has been reduced by Rs 1.20 lakh, while the price of Tiago EV has been reduced by Rs 70,000. The prices have been reduced to pass on the benefit of the fall in battery prices to the customers.
Prices for the Nexon.EV now start at Rs 14.49 lakh, and the long range Nexon.ev now starts at Rs 16.99 lakh. Whereas the base model of Tiago will now be available for Rs 7.99 lakh. However, the prices of the recently launched Punch.EV remain the same.
Tata has more than 70% share in EV market
Tata Passenger Electric Mobility Limited is the market leader in the electric passenger vehicle segment with over 70% share. The company sold a total of 69,153 units of EV in 2023. Tata Motors will launch Curve, Harrier EV, Sierra and Altroz EV this year.
Possibility of further reduction in battery cell prices
Vivek Srivatsa, Chief Commercial Officer, TPEM, said: 'Battery cost is a large part of the overall cost of an EV. Battery cell prices have declined in recent times and may decline further in the coming days. In such a situation, we have chosen to pass this benefit on to the customers. Nexon and Tiago have now become more attractive for customers.
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