On September 28, 2022, Tata Motors, India's sole manufacturer of electric vehicles (EVs), unveiled the country’s most affordable EV priced at just over $10,000. Tata dominates the EV market in India owing to government subsidies and high import taxes. The company's approach coincides with rival Mahindra & Mahindra's intentions to introduce its first electric sport utility vehicle (SUV) in January 2023 and is already in negotiations with investors to raise up to $500 million for its EV subsidiary. The market value of Tata Motors in India increased significantly in 2022 over that in 2021, according to GlobalData.
The "disruptive" pricing of the automobile could provide new opportunities and markets for Tata in smaller towns and cities where customers are more likely to be cost-conscious. Tata, the third-largest automaker in India, raised $1 billion from TPG in 2021 for its EV division at a $9.1 billion valuation and announced plans to introduce 10 EVs by March 2026.
With only 1% of the approximately three million cars sold in India each year being electric models, the country's auto sector is minuscule in comparison to its population. However, the government hopes to increase this to 30% by 2030.
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