TTM - Tata Motors to build on further capitalizing EV segment through $2B investments

Tata Motors (NYSE:TTM), an Indian market leader in manufacturing commercial vehicles, announced that it is planning to invest $2B (INR 15K crore) in its electric vehicles segment over the next five years. Besides its offering like Nexon, the company also will be working on developing ~10 new products in the EV segment, with different kinds of body styles, price, driving range options, over the next five years Tata Motors President for Passenger Vehicles Business Shailesh Chandra commented cited Investing.com. The company had announced in October 2021 that it has also raised $1B (INR 7.5K crore) in funding from private equity major TPG Rise Climate in its EV segment thereby valuing the business at $9.1B, a report indicated. TPG Rise Climate along with co-investors ADQ, will invest in compulsory convertible instruments to secure between 11% to 15% stake in a newly incorporated subsidiary of Tata Motors which will leverage all existing investments

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Tata Motors to build on further capitalizing EV segment through $2B investments