Tata Motors is set to procure battery packs for its electric vehicles (EVs) from Octillion Power Systems, a Chinese manufacturer, according to a report by a financial daily. The move is aimed at addressing performance issues and expanding Tata’s supply and technology base. Currently, Tata Motors sources its batteries from Tata AutoComp Systems.
The leading Indian electric vehicle manufacturer offers a range of EVs, including the Tiago EV, Tigor EV, Punch EV, Nexon EV, and the recently launched Curvv.ev. The upcoming Harrier EV is also expected to join this lineup.
According to the report, the Curvv.ev will be the first Tata vehicle to feature the Octillion battery. Tata Motors recently achieved a significant milestone, becoming the first Indian company to join the ranks of the top ten most valued global automotive firms.
This follows a surge in Tata Motors’ stock price, which has risen over 50 percent this year and more than 101 percent in 2023, pushing its market capitalization to $51 billion as of July 31st. This makes Tata Motors the highest-valued automotive company in India.
Globally, Tata Motors now stands alongside industry giants such as Tesla Inc., which leads the sector with a market capitalization of $711.19 billion, followed by Toyota Motors at $307.50 billion and BYD Company at $92.65 billion.
However, EV sales in India have seen a decline, with registrations dropping 2.92% to 7,541 units in July, amidst slower adoption among consumers and other factors. The company continues to dominate the segment, holding nearly 68% of the market.
Earlier this month, Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicle and Passenger Electric Mobility, remarked that the recent drop in EV sales should be viewed in the context of a broader market slowdown.
