Company has cited reduction in battery cost for taking this step
Tata Motors' subsidiary Tata Passenger Electric Mobility (TPEM) has reduced the prices of its Nexon.ev and Tiago.ev. Nexon.ev prices have been reduced by upto Rs 1.2 lakh while the Tiago.ev prices have been reduced by upto Rs 70,000. New prices for Nexon.ev MR (Medium Range) start from Rs 14.49 lakh, Nexon.ev LR (Long Range) start from 16.99 lakh and of Tiago.ev start from Rs 7.99 lakh.
Company has cited reduction in battery cost for taking this step. Speaking about the price reduction, Mr. 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. While EVs have grown rapidly over the last few years, our mission is to accelerate the mainstream adoption of EVs by making them more accessible nationwide. Our portfolio already offers a wide choice of body styles, range and price points for our smart, feature rich EVs. We believe that at these accessible prices, the best-selling Nexon.ev and Tiago.ev become an even more compelling proposition to attract a larger pool of customers."
Here is the revised price list
According to reports available online, prices of lithium-ion battery fell by around 14% last year and the trajectory is downwards with commodity prices cooling off.
Earlier this month, MG Motors too cut prices of its MG Comet EV ranging between Rs 99,000 and Rs 1.40 lakh,and introduced a more affordable variant ZS EV "Executive" at a price of Rs 18.98 lakhs.
Company's Deputy Managing Director Gaurav Gupta too had cited "long term key commodities cost rationalisation" as the reason behind the move.