- 12 Oct 2022
- ICICIdirect Research
Tata Motors receives overwhelming response to new Tiago EVTATAMOTORS - 419 Change: 3.05 (0.73 %)
The company’s latest EV offering Tata Tiago EV received >10,000 booking on its first day of opening. The car was launched recently at a special introductory price of Rs 8.49 lakh for the first 10,000 bookings. Given the stupendous response, the company has extended the introductory price for another 10,000 units.
This comes as the third offering by Tata Motors after Nexon EV & Tigor EV in the passenger segment and would be the most affordable EV till date in the domestic market. Tata Motors enjoys >80% market share in the EV space with monthly EV run rate of 3,500-4000 units amid 50,000 annual sales target for FY23. Deliveries for Tiago EV are expected to commence from January 2023. With the domestic business performing well on all fronts, the key concern lies in supply chain led slower than anticipated volume recovery at JLR as well as resurfaced demand concerns at JLR amid muted global macroeconomics.