Rs 1.2 lakh decreased for Nexon EV; surprising decision from Tata Motors

NEW DELHI: Tata Motors has decided to slash the on-road price of electric vehicles by up to Rs 1.2 lakh. The company has reduced the prices of various vehicles in the background of falling prices of batteries. Tata in an official statement said that the perks of the plummeting battery prices will also reach the customers.

The battery is a major factor in determining the price of electric vehicles. Rs 1.2 lakh has been reduced for the most sought-after Nexon EV car produced by Tata Motors. On another note, Rs 70,000 was reduced by Tata for another model, the Tiago EV.

With the price cut taking effect, the Nexon EV will be available for Rs 14.4 lakh and the Tiago EV for Rs 7.9 lakh. In January 2023, akin to the present situation, Tata Motors reduced the price of the Nexon EV by Rs 85,000. Most electric vehicle users in India prefer Tata over foreign car firms.

The sudden move from Tata is considered as a timely response for MG Comet EV reducing the price range up to Rs 1.4 lakh. Meanwhile, the price of Punch EV, the latest model in Tata's electric vehicle remains unchanged.

Only 2% of the country's total car market uses electric vehicles. The company believes that the lower prices will encourage more people to switch to EVs.