Report: Tata Motors intends to raise $500-600 million for the EV industry
- ByStartupStory | January 21, 2023
According to the Economic Times, Tata Motors, which controls the Indian market for electric vehicles, intends to raise $500-600 million from international investors for the EV industry.
By March 2026, the automaker hopes to have 10 new electric models on the market, solidifying its position in the EV market. In India, it already controls the lion’s share of the EV market.
The company has contacted a number of high-profile investors, impact funds, sovereign wealth funds from the Middle East, Korea, and Singapore, as well as Canadian pension funds, according to the article.
“The transition to electric mobility in India will happen much faster than we are imagining. We are confident that we chose the right strategy,” N Chandrasekaran, Tata Motors’ chairman, had said during the recently held Auto Expo.
In an effort to further its campaign for clean vehicles, the business displayed 12 automobiles, including five electric versions, and 14 trucks, including ones with hydrogen fuel cells.
Among the vehicles were electric versions of its well-known Harrier and Sierra SUVs as well as a concept car built on its next new electric vehicle platform, which Chandra said will be unveiled in the latter half of 2025.
In the Indian EV market, Tata Motors benefits from being an early adopter. With a flurry of EV launches recently seen at the auto exhibition, its competitors are quickly catching up. By 2030, the government plans to increase the share of electric vehicles to 30%.
According to Shailesh Chandra, managing director of Tata Motors Passenger Vehicles and its EV subsidiary, who spoke to Reuters on the sidelines of India’s Auto Expo car show, the automaker will also offer a choice of ranges for its EVs so it can meet the needs of a variety of buyers, including shorter ranges for city use.
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