New Delhi: The country’s largest passenger electric vehicle company Tata Passenger Electric Mobility Limited on Tuesday officially completed the acquisition of the manufacturing plant of American automaker Ford. This plant is located in Sanand, Gujarat. In the information given to the Bombay Stock Exchange (BSE), the company said that it has completed the transaction for the acquisition of Sanand Property, VM Plant and Machinery
All such employees of Ford India Private Limited who have accepted this acquisition have now become employees of Tata Passenger Electric Mobility Limited from Tuesday. The good thing is that even after the acquisition, these employees will continue to get all the facilities that were being given to them while working at Ford. Tata Passenger Electric Mobility Limited, a unit of Tata Motors, has invested Rs 725.7 crore to acquire the Sanand plant.
4.20 lakh electric vehicles will be made every year
Due to the increasing demand for electric vehicles in the country and the world, Tata Motors is also now focusing more on EVs. Tata already has a major share in this segment of the Indian automotive market. With the acquisition of the Ford plant, the company is looking to increase its annual manufacturing capacity to three lakh units, which can be increased to 4.20 lakh units.
The company will soon launch many electric cars
Tata Motors currently sells electric models like the Nexon EV, Tigor EV, and the recently launched Tiago EV. At the Auto Expo 2023, the company confirmed that it will bring electric models for its other existing cars as well. The list of EV versions to be showcased at the expo includes Safari, Harrier, Punch as well as Altroz.
Tata is the only major player in the EV segment
Tata Motors has a major stake in the electric car segment. In this matter, he has no other rival in the country. Maruti Suzuki is unlikely to have an EV anytime before 2025, others like Hyundai and Kia Motors have electric models priced above 40 or 50 lakhs. However, MG Motor and Citroen have created quite a stir by announcing the launch of affordable electric cars.
