Tata Power logo

TPCL - Tata Power News Story

$13.5 0.0  0.0%

Last Trade - 28/11/19

Market Cap £1.42bn
Enterprise Value £6.54bn
Revenue £2.98bn
Position in Universe 328th / 1819

Tata launches 'ecosystem' to kickstart Indian clean vehicles

Tue 28th January, 2020 8:28am
(Adds details, comments from executives)
    By Euan Rocha and Promit Mukherjee
    MUMBAI, Jan 28 (Reuters) - India's Tata Group, a
steel-to-autos conglomerate, is making its biggest push yet
towards clean vehicles with plans to make electric cars and
batteries, set up charging stations and build a battery
recycling plant, senior executives said on Tuesday.
    More than half a dozen companies, including Tata Motors
 TAMO.NS , Tata Chemicals  TTCH.NS , Tata Power  TTPW.NS  and
Tata Croma, a chain of stores selling consumer electronics, are
pooling resources and expertise to build an electric vehicle
(EV) ecosystem, the executives told reporters in Mumbai.
    The plans were announced ahead of the launch of Tata Motors'
electric sport-utility vehicle (SUV) Nexon EV, which was
attended by N Chandrasekaran, chairman of Tata Sons, the
automaker's parent group, and family patriarch Ratan Tata.
    "This is the launch of an ecosystem, which is the real need,
not just another vehicle launch," Guenter Butschek, managing
director at Tata Motors, which also owns the British luxury car
brand Jaguar Land Rover, said. 
    India, in an effort to curb high pollution in several cities
and to bring down its fuel import bill, is encouraging
automakers to build EVs. 
    But it has faced resistance from some carmakers that say the
charging infrastructure needs to be set up first and that
battery costs are too high to build affordable EVs for the
Indian market.
    Tata Power, which has already set up 100 charging stations,
will add another 650 in more than 20 major Indian cities over
the next one year, the company's CEO Praveer Sinha said.
    All stations will support fast charging and will be linked
to a mobile application, which has been developed with Tata
Consultancy Services (TCS)  TCS.NS , for payments and to check
the availability of chargers, Sinha said. 

 (Writing by Aditi Shah; Editing by Sanjeev Miglani and Barbara
 ((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023;
Reuters Messaging: aditi.shah.thomsonreuters.com@reuters.net;
twitter: @aditishahsays))
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.