Tata Motors Arm Inks Agreement With Jaguar To Develop Premium EVs
The partnership will accelerate Tata Passenger Electric's entry into the high-end EV segment.
Tata Motors Ltd.'s EV subsidiary Tata Passenger Electric Mobility Ltd. and British arm Jaguar Land Rover have entered into an agreement to share the latter's pure-electric platform to develop premium electric vehicles.
The company's third-generation premium electric cars, based on the Avinya concept, will now be developed on JLR's Electrified Modular Architecture in exchange for a royalty fee, according to a press release on Thursday.
The partnership will accelerate Tata Passenger Electric's entry into the high-end EV segment while reducing development costs and cycle time, the release said.
Cars developed on this platform are intended to be for buyers globally, with minor changes specific to various markets, PB Balaji, group chief financial officer at Tata Motors, said in the media call to discuss second quarter results.
Tata Motors plans to spend nearly $2 billion to roll out 10 electric cars in the next five years. This includes second-generation EVs based on the multi-energy platform and third-generation pure-play EV platforms. It expects electric vehicles to account for 25% of its overall sales by FY27 and 50% by 2030.
The first model among the second-generation EVs is slated to be rolled out in 2024, while cars based on the Avinya concept and third-generation architecture will be out in 2025.
