A Tata Motors executive said on Oct. 12 that the company will invest $2 billion in its electric vehicle business over the next five years, Reuters reported.
The statement comes on the heels of the company's announcement of a $1 billion investment by TPG's Rise Climate Fund and Abu Dhabi state-owned holding company ADQ in its EV business unit. Tata will form a new EV company to focus on the development of new EV models, EV platforms, charging infrastructure and battery technologies, with TPG and ADQ taking an 11-15% stake in the new company.
Previously, Tata Motors dominated the Indian EV market with the launch of the electric SUV Nexon and the Tigor compact EV. They plan to launch 10 new electric models by 2025.
The Indian government plans to have 30% of the country's total vehicle sales in electric vehicles by 2030.
India's Tata Motors to Invest $2 Billion in EVs