New Delhi: Tata Motors, India’s largest vehicle maker, is reportedly all set to pump in up to $2 billion (Rs 15,000 crore) over the next four years to roll out 10 new electric vehicles (EVs) just as its passenger vehicles unit—which was in the red a few years ago—hopes to improve and generate free cash flow by 2022-23.

It is important to note that EV adoption has gone up in India over the last five years, and Tata Motors’ strategic focus on EVs also comes amid push from investors to support environmentally sustainable businesses.

The move assumes significance in the wake of private equity firm TPG Rise Climate decision to infuse $1 billion in Tata Motors’s passenger electric vehicles unit at a valuation of $9.1 billion. Shailesh Chandra, president of Tata Motors’s passenger vehicles business unit, said the auto major has a strong product launch plan for EVs, with expectations of 20 per cent sales coming from green powertrains over four to five years.

“With just two green products right now (Nexon and Tigor EVs), we are getting bookings of 3,000-3,500 units per month. However, we are able to supply only around 1,000 units… We are now lining up new investments to the tune of $2 billion just for electrics and this would be used to add 10 new green vehicles, boost production capacity and charging infrastructure, and create IP (intellectual property),” Chandra told ToI.

https://energy.economictimes.indiatimes.com/news/power/tatas-motors-to-invest-rs-15000-crore-in-electric-vehicles/87253558