: The country’s largest passenger electric vehicle company, Tata Passenger Electric Mobility Limited (Tata Passenger Electric Mobility Limited) has officially completed the acquisition of the manufacturing plant of the American car manufacturer Ford (Ford) last Tuesday. This plant is located in Sanand, Gujarat. In a filing to the Bombay Stock Exchange (BSE) in this regard, the company said that it has completed the transaction for acquisition of Sanande property, VM plant and machinery.
In this case, all the employees of Ford India Pvt Ltd who accepted the acquisition have been treated as employees of Tata Passenger Electric Mobility Ltd since last Tuesday. Most notably, these employees will continue to enjoy the benefits they received while working at Ford after the acquisition. It may be mentioned that Tata Passenger Electric Mobility Limited, a unit of Tata Motors, has invested Rs 725.7 crore to acquire this plant in Sanand.
4.20 lakh electric cars to be manufactured every year: Due to the growing demand of electric vehicles across the country as well as the world, Tata Motors is now also focusing more on electric vehicles. Tata already has a large share in this segment in the Indian automotive market. In this case, with the acquisition of this plant from Ford, the company is looking to increase its annual production capacity to three lakh units. Which can be further increased to 4.20 lakh units later.
The company will launch several electric cars soon: In this context, Tata Motors currently sells electric models like Nexon EV, Tigor EV and the recently launched Tiago EV. Also, at the Auto Expo 2023, the company confirmed that they will be bringing electric models to their other vehicles as well. The list of EV versions showcased at the expo includes Safari, Harrier, Punch as well as Altroz.
Tata is the only major player in the EV segment: It may be noted that Tata Motors has a major stake in the electric vehicle segment. In fact, he has no rival in the country in this field. Maruti Suzuki is unlikely to get an EV before 2025. On the other hand, other companies like Hyundai and Kia Motors have electric car models priced at over 40 or 50 lakhs. However, MG Motor and Citroen have created quite a stir by announcing the launch of affordable electric cars.