Tata officially completes acquisition of Ford India plant for its lineup of EVs
- Tata Motors is looking at upping its annual capacity to well over three lakh units per annum.
Tata Passengers Electric Mobility Limited on Tuesday officially completed its acquisition of the erstwhile Ford India plant in Gujarat's Sanand. In a Bombay Stock Exchange (BSE) filing, the company informed that it has completed the transaction for acquiring the Sanand property and the VM plant and machinery.
All eligible employees of Ford India Private Limited - those who have accepted the offer of engagement - now become employees of Tata Passengers Electric Mobility Limited with effect from Tuesday. The acquisition, as such, covers the services of these employees, entire land and buildings which were formerly with Ford India and vehicle manufacturing plant along with machinery for an amount of ₹725.7 crore, excluding taxes.
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Tata Motors is betting big on EVs and already has a massive share in this space, in the Indian automotive market. With the acquisition of the former Ford plant, the company is looking at upping its yearly manufacturing capability to three lakh units, scalable to up to 4.20 lakh units.
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At present, Tata Motors offers electric models such as Nexon EV, Tigor EV and the recently-launched Tiago EV. At the upcoming Auto Expo 2023, the company has confirmed it will showcase more electric models of its existing lineup of ‘regular’ vehicles. The list of EV versions to be showcased include Safari, Harrier, Punch as well as Altroz.
Tata Motors has a wide playing field in the electric car space with no other direct rival anywhere close to its product portfolio in this regard. While Maruti Suzuki is unlikely to have an EV in India anytime before 2025, others like Hyundai and Kia Motors have - or will have - high end models at over ₹50 lakh price section. But there is some movement over at the MG Motor India and Citroen camp. MG Motor will showcase its MG Air EV at the Auto Expo and this is likely to be priced at around ₹10 lakh to ₹12 lakh. Citroen - absent from the expo - is gearing up to drive in the electric version of its C3 compact vehicle.