Tata Passenger Electric Mobility Limited, a subsidiary of Tata Motors Limited, has commenced the process of acquiring Ford India’s Sanand manufacturing plant. Tata Motors will take control of all the land and buildings, the vehicle factory and the machinery and equipment contained therein and all employees for a total amount of $725.7 cores. Both parties have decided to move forward to finalizing the transaction on January 10, 2023. As part of the transaction, all qualified employees of Ford India Private Limited’s vehicle manufacturing plant have been offered employment. with TPEML under the same terms, conditions and service benefits as those currently used by them
Tata Motors will be able to increase production capacity to 420,000 units per year. Currently, the manufacturer has a production capacity of 3,00,000 units per year.
Tata engine is currently the leading manufacturer when it comes to electric vehicles. Moreover, the company is doing quite well with its products. Currently, Tata Motors has Tiago, Tigor, Altroz, Punch, Nexon, Harrier and Safari in its lineup. They also have the largest line of electric vehicles with the recently launched Nexon EV, Tigor EV and Tiago EV. Tata Motors will expand its electric vehicle lineup with the Altroz EV and Punch EV. The manufacturer is also working on an upgrade of Safari and Harrier.
First published date: December 30, 2022, 5:31pm IST