Tata Motors to look at fund raising for EV business, charts 25% sales from battery-powered cars

#Auto, #Business, Tata Motors , #Technology, Tata Power

Nexon EV – 5

Tata Motors is looking to raise capital for its electric vehicle (EV) business to fuel its ambitious target of generating one-fourth of its sales from EVs in the medium to long term, N Chandrasekaran, Chairman of Tata Motors said at the 76th annual general meeting.

The Mumbai-based company will launch one or two electric vehicles every year to have a portfolio of 10 such vehicles before 2025. Chandrasekaran did not elaborate the scale of investments Tata Motors is planning to do in the EV business unit but mentioned that the company has lined up a capital expenditure of Rs 3,000-Rs 3,500 crore for FY22.

“We have a very ambitious goal for electric vehicles. From the current 2 percent we have planned to have at least 25 percent of our sales coming from EVs in the medium to long term. We will be launching at least 10 models before 2025. Towards this we will also do a capital raise for EV segment alone at the appropriate time,” Chandrasekaran said.

Tata Motors has a lion’s share of the electric passenger vehicle market of India. Powered by the Nexon EV, Tata Motors controls 77 percent of the domestic EV market. Since its launch in early 2020, the Nexon EV has seen sales of more than 4000 units of the Nexon EV.

Tata Motors has a strong orderbook for the Nexon EV extending to 14-16 weeks, the company had informed recently. During Q1FY22 the Nexon EV saw sales of 1715 units, the highest in a quarter since launch. Demand for the electric version of the Tata Nexon is now on par with the diesel variant of the SUV in markets such as Maharashtra and Gujarat where the electric model is available.

Tata Motors will also look at launching more affordable EVs in the future compared to the Nexon EV whose prices start at Rs 14 lakh. This is in addition to plans to launching EVs for the last mile application like an electric version of the Tata Ace or similar vehicle. These mini trucks are targeted at intra-city commercial purposes.

“We will be launching the Tigor EV with a higher range in FY22 and we will also be looking at more affordable EVs in the future. We don’t have definitive dates to announce about that today,” Chandrasekaran added.

Tata Motors is also working with group company Tata Power to set up charging stations across the country. Chandrasekaran added that Tata Motors is expanding its charging infrastructure to at least 25 cities and goal is to have at least 10,000 charging stations in the coming years.

News Related

OTHER NEWS

Gov't reconsiders 2nd Jeju airport project

A panoramic view of the site for a new international airport on Jeju Island / Korea Times file By Jun Ji-hye The government has taken a step backward in its ... Read more »

Millions of websites are about to get a significant speed boost

As part of its Speed Week 2021 event, Cloudflare has announced that it is the first CDN provider to implement server support at scale for a new internet standard called ... Read more »

Terry McGinnis avenges the murder of Bruce Wayne in Batman Beyond: Neo Year

© Provided by GamesRadar cover of Batman Beyond: Neo Year #1 Terry McGinnis, the Batman of the future, is returning in his own title that channels a classic Batman story ... Read more »

Olympian Ariarne Titmus receives the key to the City of Launceston

© Provided by Daily Mail MailOnline logo Swimming’s new golden girl Ariarne Titmus had an incredible run at the Tokyo Olympics last month.  And this week, the 21-year-old celebrated getting ... Read more »

Prince Andrew: Photo of legal papers being posted to the duke released by lawyers for Virginia Giuffre

Photographs showing papers notifying Prince Andrew about a civil sexual assault case against him in the US have been released by lawyers for his accuser Virginia Giuffre. Among the photos ... Read more »

Fortnite adds another virtual influencer to its battle royale

Last season, one of the more curious additions to Fortnite was Guggimon, a terrifying-looking rabbit creature that also happened to be a virtual influencer with millions of followers on platforms ... Read more »

Genesis GV60 will recognise your face to unlock the car

Genesis GV60 Exterior Genesis GV60 Exterior Genesis GV60 Exterior Genesis GV60 Interior Genesis GV60 Interior Genesis GV60: Die kamerabasierten Außenspiegel, die Clamshell-Fronthaube und die bündigen Türgriffe Genesis GV60: Der Bereich ... Read more »

Random: I played Sea of Thieves via Xbox Cloud Gaming on a pirate ship IRL

© Windows Central Ocean Trip Jez 2021 There once was a ship that put to sea… I recently went on vacation to the Baltic Sea in North Germany. You’d think ... Read more »

Amazon says it's permanently banned 600 Chinese brands for review fraud

Remember when gadget vendors Aukey, Mpow, RavPower, Vava, TaoTronics and Choetech started mysteriously disappearing from Amazon’s online storefront, and it turned out Amazon had intentionally yanked them while vaguely gesturing ... Read more »

SpaceX's first private crew shows what they've been up to in orbit

It was a brief orbital talent show. “Hayley is a champ at spinning,” Sian Proctor, one of the four private citizens currently orbiting Earth inside SpaceX’s Crew Dragon capsule, said ... Read more »

Universal Credit: 'I can't afford to live without cutting back on food'

Step Change have warned cuts to Universal Credit and the end of the furlough scheme could leave people homeless. (PA Images) Hundreds of thousands of private tenants face a gruelling ... Read more »

Older people and men ‘more likely to suffer' with Covid even after two jabs

Older people, men and those from ethnic backgrounds are more likely to end up in hospital or die even after they have been double-vaccinated against Covid-19, researchers say. Scientists used ... Read more »

How to not get pricked by a North American porcupine

Crossing paths with a porcupine isn’t an experience you’ll soon forget—it’s hard not to be intimidated by a ball of spines the size of a small dog. But the animal ... Read more »

Mississippi pregnant women are being turned away by vaccine clinics

Mississippi health officials are sounding the alarm about some pregnant women being turned away when they go get a COVID-19 vaccine. © Provided by Daily Mail MailOnline logo The vaccines ... Read more »

The AirPods 3 are already in production, according to a new report

After months of rumors, it came as a surprise to some that Apple didn’t unveil the AirPods 3 at this week’s California Streaming iPhone 13 launch event.  © Provided by ... Read more »

Here's how the new iPad Mini compares to the last-gen model

With the announcement and impending release of the new iPad Mini and its revamped design, it might be all too easy to stan the new model and completely write off ... Read more »

AR hospital staff must stop using Tylenol to get exemption for vaccine

© Provided by Daily Mail MailOnline logo A central Arkansas hospital system is requiring staff members who receive a religious exemption from getting the COVID-19 vaccine to also give up ... Read more »

Everyone's favorite power tools are coming to Windows 11

Power users are in luck as not only are Microsoft’s PowerToys utilities coming to Windows 11 but they’ll also be available to download from the Microsoft Store for the first ... Read more »

AMD isn't prioritizing cryptominers over gamers as Radeon RX stock stays tight

AMD’s Chief Financial Officer, Devinder Kumar, said that amid a global shortage of semiconductors affecting everything from cars to graphics cards, Team Red isn’t prioritizing cryptominers over gamers in terms ... Read more »

Dezeen wins four prizes at AOP Digital Publishing Awards 2021

Dezeen has been named Best Small Digital Publisher of the Year and scooped three other prizes at the Association of Online Publishers‘ annual awards ceremony. © Provided by Dezeen Four ... Read more »

MG smashes sales records amid booming demand for its electric vehicles

© Provided by This Is Money MailOnline logo MG has smashed its sales records amid booming demand for its electric vehicles. The British motoring brand has sold its 20,000th car ... Read more »

Who gets COVID boosters? The FDA's expert panel says it's complicated.

On Friday, an advisory committee to the Food & Drug Administration voted unanimously in favor of providing a booster dose of the Pfizer vaccine to Americans aged 65 and older, ... Read more »

Look up MONDAY! Harvest moon will light up the night sky on Sept. 20

© Provided by Daily Mail MailOnline logo The Harvest Moon is set to light up the night sky on Monday, September 20, which will be the full moon closest to ... Read more »

Epic Amazon sale: $24.99 Blink Mini, smart TVs, $180 AirPods Pro, Fire TV Stick, more

We’re rounding up this weekend’s best deals from Amazon, which include incredible sales on everything from smart TVs, the AirPods Pro, and security cameras to robot vacuums, air fryers, and ... Read more »

Google Pixel Fold release date, price, news and leaks

At the moment there are only a few companies really making foldable phones, and Samsung is dominating the market with handsets like the Samsung Galaxy Z Fold 3. But it ... Read more »

Apple mandates frequent COVID-19 testing for unvaccinated employees

Apple is implementing a new COVID-19 testing policy for US employees who work out of its offices and retail locations. Moving forward, the company will require unvaccinated employees to get ... Read more »

The Best Space Heaters for Warming Up Your Office, Garage, or Home

Winter doesn’t seem so long and dark when you’re comfortable at your desk, workbench, or on the couch. A portable heater can go a long way to ensuring that. However, ... Read more »

Pfizer and Moderna have revealed the way they're tracking how long vaccine protection lasts

A woman receives a COVID-19 booster shot in Netanya, Israel, on January 19, 2021. Ronen Zvulun/REUTERS New data show how Pfizer and Moderna measure the duration of their vaccines' protection. ... Read more »

IDW moves comic book store distribution to Penguin Random House

© Provided by GamesRadar IDW Publishing IDW Publishing has announced plans to move its Direct Market comic book distribution from Diamond Comic Distributor to Penguin Random House Publisher Services (PRHPS) ... Read more »

U.S. probes possible insider trading at Binance - Bloomberg News

© Reuters/Dado Ruvic FILE PHOTO: Representation of cryptocurrency Binance is seen in this illustration (Reuters) – U.S. officials are examining possible insider trading and market manipulation at global cryptocurrency exchange ... Read more »

Peach Momoko draws Kamala Khan for Ms. Marvel: Beyond the Limit #1 variant

© Provided by GamesRadar Ms. Marvel: Beyond the Limit #1 Marvel has postponed its planned comic book limited series Ms. Marvel: Beyond the Limit, which was timed to thematically tie-in ... Read more »

Snoopy and the Peanuts gang return for annual celebrity golf tournament

© Provided by GamesRadar Schulz Celebrity Golf Classic Golf was a big part of the Peanuts comic strip and the life of its creator, the late Charles Schulz. That relationship ... Read more »

Five industries affected by automation right now

By Laura Vogel If you work in retail, food service, warehouses, or health care, your newest co-workers may be robots, not human. Automation is replacing many of the roles done ... Read more »

France recalls its ambassadors to US and Australia in submarine deal backlash

Watch: France to recall ambassadors after AUKUS submarine deal snub France on Friday said it was immediately recalling its ambassadors to the US and Australia for consultations after Australia struck ... Read more »

2 shocking stats that show why ‘vaccine apartheid' is getting worse

Catherine Cargill becomes one of the first people to receive a third dose in England, as the NHS begins its COVID-19 Booster Vaccination Campaign. (PA Images) “I would go one ... Read more »

Florida man used Disney employee iPad to magically skip lines

There are tons of books and blogs telling you how to have a magical Disney World experience, but one Florida man discovered the ultimate travel hack: using an app that ... Read more »

AT&T is now offering an incredible iPhone 13 Pro deal for free with trade-in

Pre-orders for Apple’s latest devices are now live and some tempting iPhone 13 Pro deals have already emerged. Right now, AT&T is giving customers the opportunity to bag the iPhone ... Read more »

SpaceX's Inspiration4 mission is all anyone can talk about in this week's science news

What else is there to say, this week was all about the lead up to and the successful launch of SpaceX’s historic all-civilian Inspiration4 space mission. The excitement for the ... Read more »

29 brilliant Halloween costumes for twins or siblings

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Halloween is every kid’s dream. Free candy and you get to ... Read more »