Tata Motors - India Business Receives EV Boost: Systematix
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Systematix Research Report
In a first of a large ticket investment in the domestic electric passenger vehicle business, TPG Climate Fund will invest $1 billion in Tata Motors Ltd.'s electric vehicle venture at a pre-money valuation ranging from $5.7-8.1 billion (up to 15% stake based on FY27 revenue deliverables).
Tata Motors is the largest e-passenger vehicle player in India (4,000 units sold in FY21) with three products on-road and a 71% market share.
The company has indicated that its EVs enjoy gross margins similar to the internal combustion engines variants and its EV business should Ebitda break even in FY23.
The company will also apply for the production linked incentives scheme and expects its EV arm to benefit substantially from the same.
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