Tata Motors to invest Rs 15K cr in EV segment

Aurangabad: Tata Motors is planning to invest Rs 15,000 crore in the EV segment in the next five years, a top company official has said.

The company, which is a leader in the newly emerging EV segment with offerings such as Nexon, is also planning to develop around 10 more new offerings in the segment, President for Passenger Vehicles Business of Tata Motors Shailesh Chandra said.

"As far as future is concerned, in next five (years) we will invest Rs 15,000 crore in electrification. We are going to work on nearly 10 products with different kind of body styles, price, driving range options," Chandra said.

The company had raised $1 billion in funding from private equity major TPG in its EV division, valuing the business at $9.1 billion.

Chandra was speaking at an event to deliver a batch of 101 EVs to residents of the city as part of the Aurangabad Mission for Green Mobility (AMGM) by local groups. An order for 250 EVs has been placed under the

AMGM.