Tata has passed on the benefits of battery price reduction to customers by dropping the prices of the Nexon EV and Tiago EV with immediate effect
Tata Passenger Electric Mobility Ltd (TPEM) has today officially announced the reduction in prices of its Tiago EV and the country’s best-selling passenger electric vehicle, the Nexon EV. In an aim to make zero-emission vehicles more accessible to domestic consumers, Tata has passed on the benefits of battery price reduction.
The prices of the 2024 Tata Nexon EV have dropped by up to Rs. 1.2 lakh while the entry-level variant of the Tata Tiago EV now costs Rs. 7.99 lakh (ex-showroom) courtesy of the price slash of up to Rs. 70,000. The homegrown auto major has noted that the recently launched Punch EV will continue with its existing prices as the benefits of the battery price reduction have already been considered.
The Tata Punch EV currently carries a starting price of Rs. 10.99 lakh and it goes all the way up to Rs. 15.49 lakh (ex-showroom) for the range-topping model. The electric micro SUV is positioned below the Nexon EV in the brand’s ever-growing EV lineup, which will see the inclusion of the all-new electrified Curvv by the middle of this calendar year.
The recently facelifted Tata Nexon EV has a starting price of Rs. 14.49 lakh now with a price drop of Rs. 25,000 while the Nexon EV Long Range is quoted with a price tag of Rs. 16.99 lakh for the base variant, thanks to the huge reduction of Rs. 1.2 lakh (both prices, ex-showroom). Commenting on the price drop, Vivek Srivatsa, Chief Commercial Officer, TPEM, said:
“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.”
Tata believes the price reduction will make the Tiago EV and Nexon EV more accessible to a wide band of consumers in India. In the Calendar Year 2023, the passenger electric vehicle space grew by over 90 per cent against the 8 per cent growth recorded by the PV sector. The growth momentum has continued this CY with EV sales registering 100 per cent YoY growth in the first month and TPEM dominates with over 70 per cent market share.