Business News: The automaker has extended the advantages of reduced battery prices to the customers of its electric vehicles, ensuring that they benefit from the cost savings associated with these technological improvements.

Tata Motors’ electric vehicle (EV) unit announced a noteworthy development on Tuesday, marking the first instance of an electric carmaker in India implementing a price reduction. The carmaker has effectively translated the benefits of reduced battery prices to its customers.

Under this initiative, Tata Motors’ Passenger Electric Mobility division has adjusted the prices of its electric cars, notably reducing the starting price of the popular Nexon.ev to Rs 14.49 lakh and the Long Range Nexon.ev (465 km) to a starting price of Rs 16.99 lakh.

Additionally, the price of the electric small car Tiago has been reduced by Rs 70,000 to Rs 7.99 lakh.

Vivek Srivatsa, Chief Commercial Officer at Tata Motors, stated, “With battery cell prices having softened in the recent past and considering their potential reduction in the foreseeable future, we have chosen to proactively pass on the resulting benefits directly to customers.” He emphasized the company’s commitment to accelerating the mainstream adoption of EVs by enhancing accessibility and providing a diverse portfolio of smart, feature-rich EVs at attractive price points.

The pricing of the recently launched Punch.ev by Tata Motors will remain unaffected, as the current rates already account for the anticipated reduction in battery prices. The carmaker clarified that the prices for Punch.ev will not be subject to adjustments in light of the aforementioned price cuts.

Tata Motors highlighted that its Passenger Electric Mobility division (TPEM) holds a dominant market share of over 70%, establishing itself as the leader in this rapidly expanding segment.

As of 12:30 hours on Tuesday, Tata Motors’ stock on the Bombay Stock Exchange (BSE) recorded a 1.5% decrease, trading at Rs 898.