Tata Motors has announced significant price reductions for two of its top-selling electric vehicles (EVs), the Tiago EV and Nexon EV, in response to a decline in global battery cell costs. The price of the Nexon EV, the country’s best-selling passenger EV, has been cut by up to Rs 1.20 lakh. The base Medium Range (MR) version now starts at Rs 14.49 lakh, reflecting a reduction of Rs 25,000, while the entry-level Long Range (LR) Nexon EV now begins at Rs 16.99 lakh, marking a substantial decrease of Rs 1.20 lakh.
Similarly, the Tata Tiago EV now starts at Rs 7.99 lakh, which is Rs 70,000 lower than its previous price (all prices, ex-showroom). The company has yet to disclose the revised variant-wise pricing for both models, but the updated pricing will be shared soon. It’s worth noting that this price reduction does not apply to other Tata EVs, including the Punch EV, as their introductory prices already considered the declining battery cell costs.
Vivek Srivatsa, Chief Commercial Officer of Tata Passenger Electric Mobility (TPEM), emphasized that battery costs make up a significant portion of an EV’s overall cost. As battery cell prices have softened recently and are expected to decrease further, Tata has decided to pass on the resulting benefits directly to customers.
The timing of the price reduction is notable, especially considering the recent significant update to the Mahindra XUV400, which now starts at Rs 17.49 lakh for the long-range 39.4 kWh version, undercutting the Nexon EV LR by approximately Rs 70,000. With the price adjustment, the Nexon EV LR is now Rs 50,000 lower than the long-range XUV400.
Furthermore, the MG Comet, one of the most affordable passenger EVs in India, also received a price cut, reducing its starting price to Rs 6.99 lakh, which is Rs 1.70 lakh lower than the entry-level Tiago EV. Despite the price reduction, the base Tiago EV is only Rs 1 lakh more expensive than the entry-level Comet once again.
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