Homegrown passenger car manufacturer, Tata Motors has announced to create a new EV subsidiary in the country. The company has entered an agreement with the investment firm TPG Rise Climate. It will invest 7,500 crore for 11 percent to 15 percent stake in the new EV firm, which has an equity valuation of around $9.1 billion.
The new company is temporarily called the EVCo, and the new name will be announced soon. The new EVCo firm will design and own future electric vehicle IPs, while Tata Motors will build vehicles for sale and will handle the network.
Tata Motors will develop future passenger vehicles on modular multi-energy platforms. Speaking to AutoCarIndia, Sailesh Chandra, president, Passenger Vehicle Business at Tata Motors, said, “We have a phased plan to move from generation one to subsequent generations of EVs and in that journey, some of our modern architectures will be adapted to make them more electric ready, specifically to accommodate more battery packs.”
Tata Motors will have 10 electric vehicles by FY26. The company has no plans to introduce hybrid vehicles in the market. Instead, 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.
Tata Motors will launch the electric version of the Altroz in the early 2022. The Altroz EV will be equipped with Tata’s Ziptron electric powertrain, and is reportedly to receive an additional battery pack option. The new larger battery pack is expected to increase the range by 25-40%. It is reported that the Altroz electric could offer a range of around 500 km, which is significantly higher than the regular model.
Adding to it, Tata is also planning to introduce the electric derivative of the Punch micro SUV. The Punch is based on the ALFA platform that also underpins the Altroz hatchback. Expect the Punch EV to launch by 2022-23.
