Tata Motors to Invest Rs 15,000 Crore in EV Segment

Tata Motors is planning an investment of Rs 15,000 crore in the EV segment in the next five years. The president of the Passenger Vehicles Business of Tata Motors, Shailesh Chandra said that the company is also planning to develop around 10 more new offerings in the segment.

Tata Motors has raised $1 billion in funding from private equity major TPG in its EV division taking its valuation to $9.1 billion. Chandra was speaking at an event to bring 101 electric vehicles to the residents of the city part of the Aurangabad Mission for Green Mobility (AMGM). As part of AMGM, 250 electric vehicles were ordered.

He also said that there is a need to accelerate the development of the EV ecosystem with charging facilities. The company already has a network of nearly 400 charging stations in Maharashtra. 

Speaking about the initiative by the citizens of Aurangabad in opting for EVs, Chandra said their efforts need to be emulated across the country and also termed it as a huge confidence booster for the ecosystem.