To address performance issues, Tata Motors to buy EV batteries from Chinese co: Report
Tata Motors will procure battery packs for its electric vehicles from a Chinese manufacturer, Live Mint has claimed citing sources.
As per the business daily, Tata Motors will source batteries from Octillion Power Systems in China to address performance issues as well as to diversify its supply and technolgy base. The Indian car maker currently sources the batteries from Tata AutoComp systems.
The leading electric car maker currently sells a range of EVs in India including the EV versions of Tiago, Tigor, Punch, Nexon, and the newly launched Curvv.ev. The car maker is expected to launch the EV version of Harrier as well.
As per the report, the Curvv.ev will be the first one to feature a Octillion battery.
Tata Motors recently became the first Indian company to enter the ranks of the top ten most valued global automotive firms. This achievement comes after Tata Motors' stock rose over 50 percent this year and more than 101 percent in 2023. The company’s market capitalization reached $51 billion on July 31st, making it the highest-valued automotive firm in India.
Tata Motors now sits among industry giants. Tesla Inc. secures top position in the automotive sector with a market capitalization of $711.19 billion, followed by Toyota Motors at $307.50 billion and BYD Company at $92.65 billion.
Meanwhile, EV sales in India have declined. E-car registrations dropped 2.92% to 7541 units in July, amid slow adoption among buyers, among other factors. Tata Motors control almost 68% of the segment.
Earlier this month,
