Tata Motors Limited has incorporated Tata Passenger Electric Mobility Limited (TPEML) to manufacture all services related to electric vehicles. The Ministry of Corporate Affairs, Government of India issued the Certificate of Incorporation on December 21, 2021. Also Read - Mazout Electric could soon launch electric cruiser motorcycle with claimed range of 350km
Tata Motors announced that TPEML has been incorporated to manufacture, design, develop all kinds of services related to electric vehicles/electric mobility, hybrid electric vehicles of all kinds. This also includes all descriptions for carrying passengers or other personnel, whether propelled, moved, drawn or assisted by means of electricity, battery, solar energy. Also Read - Delhi govt makes electric vehicles mandatory for Zomato, Ola, Uber, Swiggy
Additionally, it will also cover the production of any other power devices including engines, motors, parts, components, accessories, and related equipment thereof, as well as activities required for establishing and undertaking the assembly, manufacture, fabrication, sales, aftersales services, marketing, promoting and/or servicing facilities. Also Read - EV sales in India witness 240 percent jump in December, this state takes the crown for maximum registrations
The new subsidiary has been formed with an initial capital of TPEML has been incorporated with an initial capital of ₹700 crore with an authorized capital of 70,00,00,000 equity shares of ₹10/- each aggregating to ₹700,00,00,000/-. The entire paid-up share capital will be held by Tata Motors.
Tata Motors renewed its efforts in the electric vehicle segment last year with the launch of Tata Nexon EV. The car has quickly picked up sales. In August this year, Nexon EV became the first electric vehicle to reach the threshold of four-digit sales figures.
Tata Motors also introduced the new Tata Tigor EV earlier this year. Both Nexon EV and Tigor EV are built using the Ziptron technology. Tata Motors Chairman N Chandrasekaran announced that the company plans to launch 10 more electric vehicles by the year 2025.