The Mumbai based company said, it is open to having partnerships in both of its subsidiaries that make electric vehicles and regular engine powered cars and SUVs, Tata Motors recorded a defying growth last year in the segments that both the subsidiaries operate in, wants to stay ahead of the curve, as its rivals prepare to make significant investments for the future market shift.
“We are ready to having a partnership in electric vehicle and passenger vehicle because both are disrupted by the same new technology” said, Shailesh Chandra, Managing Director of both the Tata Motors’ subsidiaries.
The EV subsidiary, Tata Passenger Electric Mobility (TPEML), saw the financial participation of TPG Rise Climate and ADQ, who have agreed to pump in ₹7,500 cr in two tranches. “TPG is a strategic partner with a lot of knowledge,” Shailesh Chandra added. Tata Motors ended FY22 with a share of more than 85 per cent in the passenger EV category based on just two models, Tigor EV and Nexon EV.
Tata Motors committed to having a total of 10 EV launches in five years, including those which will be based on a born electric platform. The company has planned to invest ₹15,000 crore in five years to execute it’s plans.
In 2020, the company announced plans to seek a partner for its PV business unit even before it hived off the vertical into a separate company. Due to Covid pandemic, the plans to find a partner for the PV business took a back seat. Chandra clarified that Tata Motors does not find itself in a desperate situation when it comes to finding a partner, and that it is “waiting for a good opportunity” to arise.