Tata Motors has merged a fully owned company, namely, ‘TML Smart City Mobility Solutions’ to run a large-scale urban travel business among others, under its own, operational and maintenance model. Tata Motors has completed the construction of the Tata Passenger Electric Travel (TPEML) company following the successful installation of the new company.
The Tata Passenger Electric Travel (TPEML), which will specialize in electric and hybrid vehicles, is constructed at an approved cost of ₹ 700 crores. Tata Motors will own a 100 percent stake in TPEML. The Department of Business Affairs, Government of India issued a Certificate of Incorporation on December 21, 2021. TPEML is involved in the design, design, and development of all types of services related to electric vehicles / electric motors, and hybrid electric vehicles, Tata Motors said.
Tata Motors raised $ 1 billion from investors TPG Rise Climate and ADQ by agreeing to sell 11-15 percent of TPEML thus informing the unlisted company of approximately $ 9.1 billion. In addition to the existing Government Transport Units (STUs) and government vessels, the TSCMSL will provide all business opportunities for all passenger applications. The company already has 650 EV buses running on the roads across various Indian cities with a combined cover of> 35 million km and has operated 250+ EV buses in the FY22. This new EV company will not own any manufacturing industries but will rely on the passenger car industry to produce and maintain convenience.
The Tata Motors passenger car business will benefit from the costs incurred by Tata Passenger Electric Travel (TPEML) through its type and IP. These programs will be done on the basis of arm’s length. Current generation Tata Motors products such as Nexon EV and Tigor EV will continue to be produced in their current locations.TPEML plans to have 10 products with FY26 that will be a mix of different body styles and different driving categories. Tata Motors leads the EV segment of passengers with a market share of 71 percent. The company closes sales of more than 1,000 EV units every month. During FY21, the company had closed ₹ 500- ₹ 600 crore revenues on EV business.
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