Tata Passengers Electric Mobility Limited on Tuesday officially completed the acquisition of the former Ford India factory in Sanand, Gujarat. In a filing with the Bombay Stock Exchange (BSE), the company informed that it has completed the transaction to acquire the Sanand property as well as the VM plant and machinery.
All eligible employees of Ford India Private Limited – those who have accepted the offer of employment – will become employees of Tata Passengers Electric Mobility Limited from Tuesday.Accordingly, the acquisition covers the services of these employees, the entire land and buildings formerly belonging to Ford India and the vehicle manufacturing plant and for an amount of ¥7.257 billion, excluding taxes.
Tata Motors is betting big on electric vehicles and already has a huge share of this segment of the Indian auto market. Through the acquisition of the former Ford factory, the company is considering increasing its annual manufacturing capacity to 300,000 vehicles, which can be expanded to 420,000 vehicles.
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Currently, Tata Motors offers electrified models like the Nexon EV, Tigor EV and the recently launched Tiago EV. At the upcoming 2023 Auto Expo, the company has confirmed it will showcase more electrified variants of its existing line of “regular” cars. The list of EV versions that will be on display includes Safari, Harrier, Punch and Altroz.
Tata Motors has a vast playing field in the electric vehicle space, and no other direct competitor comes close to its portfolio in this regard.While Maruti Suzuki is unlikely to launch an EV in India anytime before 2025, other companies such as Hyundai and Kia Motors have – or will have – premium models exceeding ¥The price part of 5 million. But there has been some movement from the MG Motor India and Citroen camps. MG Motor will showcase its MG Air EV at the auto expo, the car could cost around ¥1 million to ¥1.2 million. Citroen – absent from the Expo – is preparing to drive an electric version of its C3 compact car.
First published date: Jan 10, 2023 at 19:21 PM CST