Tata Motors declares investment of ₹28,900 crores
Tata Motors announced an investment of ₹28,900 crores mostly for its British arm Jaguar Land Rover (JLR). Tata Chairman N Chandrasekaran shared that the company is also looking to raise capital separately for its electric vehicle segment and aiming for 25% sales in the segment in the medium and long term from its current 2%. Tata Motors has announced earlier that it will be launching at least 10 EV models before 2025. Chandrasekaran also informed that the company will also very soon launch an EV platform for the last mile commercial vehicles segment.
Tata Motors is working on affordable EVs, however, the company's Tigor EV will come with a higher range. The brand is also looking at setting up a separate battery (business) outside of Tata Motors. The company is also aiming to expand charging stations. Chandrasekaran shared that Tata Motors is working with Tata Power on expansion. “We are expanding to at least 25 cities and the goal is to have at least 1,000 charging stations in the coming years," he added.
He shared the investment distribution with shareholders. "For FY21 it was ₹19,800 crore. For FY22 the plan is ₹28,900 crore, which is basically 2.5 billion pounds for JLR on an annual basis and ₹3,000 crore to ₹3,500 crore for Tata Motors," he added. The chairman informed that the company is investing in hydrogen fuel cell vehicles as well. “We are investing in hydrogen. And in fact, we got the first order from Indian Oil for 15 vehicles, and we have a lot of work going on in the hydrogen fuel cell area," he said.
Chandrasekaran added that the company has already produced seven such vehicles and there is an order of 15 vehicles, however, these are in the trial stage. “We need to have a long-term plan. We are working on it," he added. Commenting on the semiconductor shortage issue, Chandrasekaran said the company is looking at alternative sources and is making progress.
(With inputs from PTI)