Tata Motors forms new EV entity; infuses Rs 700 crore

- New company formed with the name – Tata Passenger Electric Mobility Limited

- To have 10 EVs by 2026

To strengthen its presence in the EV market, Tata Motors has formed a new entity called Tata Passenger Electric Mobility Limited (TPEML). Incorporated with an initial capital of 700 crore, the new subsidiary of the Indian carmaker received its Certificate of Incorporation from the Ministry of Corporate Affairs on 21 December, 2021. 

Tata Motors is the promotor of TPEML and holds a 100 per cent share in the newly created company. TPEML will undertake the manufacturing, designing, and development of services related to electric vehicles and hybrid electric vehicles. Earlier in October 2021, Tata Motors joined hands with TPG Rise Climate to infuse Rs 7,500 crore along with its co-investors. TPEML is likely to observe multiple investments by the said partnership in future and will result in the development of new electric vehicles, dedicated BEV platforms, and advanced automotive technologies.

A few months back, the carmaker also announced that the company will have 10 pure electric vehicles in its lineup by 2026. Currently, the EV portfolio comprises the Nexon EV and the recently launched Tigor EV. Synchronously, Tata Motors is also actively working on expanding the EV charging infrastructure in the country.