Gear up and charge!Tata Group signs $1.6 billion deal for EV battery factory

IFRAME SYNC

India’s Tata Group on Friday signed an outline agreement to invest around 130 billion rupees ($1.58 billion) in a lithium-ion battery factory as part of the country’s efforts to create its own electric vehicle supply chain.

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Reuters

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Updated on:
June 3, 2023 at 09:40 am

India’s auto market is small compared to the size of its population. Tata Motors dominates its electric vehicle (EV) sales, which accounted for just 1% of India’s total sales of about 3.8 million vehicles last year.

A joint statement on the memorandum of understanding between Tata’s subsidiary Agratas Energy Storage Solutions and the government of the western state of Gujarat said the plant, located in Sanand in northern Gujarat state, is expected to start in less than three years. Its initial manufacturing Capacity is 20 gigawatt hours (GWh), which could be doubled in a second phase of expansion.

“The plant will greatly contribute to the development of the electric vehicle ecosystem in Gujarat and India,” Gujarat government official Vijay Nehra told Reuters.

($1 = 82.3373 Indian Rupees)

First published date: Jun 3, 2023 at 09:40 AM CST

https://auto.hindustantimes.com/auto/electric-vehicles/get-set-charge-tata-group-signs-1-6-billion-ev-battery-plant-deal-41685765148215.html

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