The British company MG Motors and Tata Motors are reportedly working on building affordable electric vehicles for the Indian market, according to a source.
Companies such as these aim to build electric vehicles in the range or below Rs 8 lakh, and MG Motors has been looking for funding options to start building an affordable EV.
According to source reports, both automakers will offer hatchback electric vehicles at an affordable price.
Tata Motors & MG Motors EVs
ET reports that the two auto giants are working on affordable EVs for the Indian market.
Tata Motors EVs are the market leaders in the domestic market, with the Tata Tigor EV the most affordable electric vehicle, starting from Rs. 11.99 lakhs ex-showroom.
Therefore, it is safe to conclude that Tata is leading the niche and highly conducive EV space in India.
TaMo is now working on launching a cost-effective EV that is priced around Rs 8 lakh. According to sources, the vehicle is codenamed the ‘Challenger Series’ and will be priced under Rs 8 lakh.
According to ET, this upcoming Tata EV will be a hatchback model, so there’s a high probability that it’ll be an electric version of the Tiago or Punch.
However, there are higher chances of it being a Punch EV because the car design is being highly appreciated by customers and also because it is based on the ALFA platform which can be modified to electrified more easily.
This hatchback EV model will be launched in 2024.
MG Motors is also looking forward to releasing an EV in the Rs 8 lakh range, since its current EV model is priced quite expensively, at Rs 21.99 lakhs ex-showroom, the ZS EV.
It is also planning to launch an electric hatchback and is currently looking for funding to start working on the project.