According to foreign media reports, an executive of Tata Motors said on October 12 that after receiving investment from private equity firm TPG, the company will invest more than 2 billion in its electric vehicle (EV) business in the next five years. Dollar.

　　(Image source: Tata)

　　Earlier, Tata Motors announced that TPG’s Rise Climate Fund and Abu Dhabi’s state-owned holding company ADQ have agreed to invest approximately US$1 billion in the company’s electric vehicle business. For this purpose, Tata will form an independent company. Department.

　　TPG and ADQ will hold 11% and 15% of the shares in the new electric vehicle entity, respectively. The new entity is valued at approximately US$9.1 billion. The division will invest in new models, dedicated platforms for pure electric vehicles, charging infrastructure and battery technology.

　　Shailesh Chandra, head of Tata's passenger car business, said: "Our goal is to lead the development of electric vehicles in the market." He added that in order to achieve its goals, Tata will work with investors who are concerned about a "carbon-free world." cooperate. In trading on the morning of October 13, Tata's share price rose by nearly 20%, reaching its highest level since February 2017.

　　This is the first large-scale financing of an Indian car manufacturer to promote clean transportation. Global automakers such as General Motors, Volkswagen and Toyota are spending tens of billions of dollars to accelerate the spread of electric vehicles, while also fighting China's dominance in this field.

　　Consulting agency AlixPartners said in June that by 2025, the total global investment in electric vehicles may reach 330 billion U.S. dollars. The agency also predicts that by 2030, the share of electric vehicles in the total global car sales will increase from about 2% now to about a quarter.

　　India plans to increase the proportion of electric vehicle sales from less than 1% to 30% of total sales by 2030. In order to achieve this goal, the Indian government has launched a series of incentive plans, including plans to establish battery production plants in the country.

　　With its electric SUV Nexon and Tigor compact electric vehicles, Tata dominates the field of electric vehicles in India. The company also plans to launch 10 new electric models by 2025. Up to now, India's largest car manufacturer Maruti Suzuki and other car companies have not entered this field.

　　This article is reproduced from Gasgoo.com