In order to further strengthen its position in the Electric Vehicle market, Tata Motors has officially formed a new entity called Tata Passenger Electric Mobility Limited (TPEML). The new subsidiary is incorporated with an initial capital of 700 crore.
The new TPEML subsidiary of Tata Motors has also received its Certificate of Incorporation from the Ministry of Corporate Affairs on 21 December, 2021. As a promoter of TPEML, Tata Motors holds a 100 per cent share in the new subsidiary.
TPEML will look after the manufacturing, designing and development of services related to electric vehicles and hybrid electric vehicles. Tata Motors has recently joined hands with the TPG Rise Climate to raise a fund of Rs 7,500 crore along with its co-investors.
The new EV subsidiary is likely to be benefited with the above mentioned partnership. The brand could use the funds to accelerate the development of new electric vehicles, dedicated Battery Electric Vehicle (BEV) platforms, and advanced automotive technologies.
Tata Motors has also announced to have 10 electric vehicles by FY26. The company’s current EV line-up comprises of the Nexon EV, Tigor EV and the Tiago EV (Only for Government Employees). The company will launch the Altroz EV and the Punch based EV in the near future. Tata will launch CNG versions of the Tigor, Tiago and the Nexon. In fact, the future CNG vehicles will be produced on new multi-energy platforms. The company’s future passenger vehicle lineup will comprise petrol, diesel, electric and CNG.
