Tata Motors on Friday said it will roll out the electric version of its entry-level model Tiago later this month, in a step towards making environmentally friendly vehicles more accessible to customers.
The Tiago EV would be the company's third product in the electric space after Nexon and Tigor, the Mumbai-based auto major announced on the World EV Day.
Nexon EV and Tigor EV currently cater to the personal segment, while Xpres T is for the fleet segment.
Tata Motors has set a target of introducing 10 electric models over the next five years.
"Today, is a momentous occasion for us, as we announce the expansion of our EV portfolio further with a new mainstream intervention from the stable of Tata Motors, the Tiago EV," Tata Motors Passenger Vehicles Managing Director Shailesh Chandra said.
Earlier this year, the company had unveiled a three-phase approach towards building a comprehensive EV portfolio, he said.
As the automaker accelerates its future journey, it is committed to launch 10 EVs in different product segments, body styles and affordability levels, Chandra noted.
"As a leader, we are now pioneering the next phase of the EV market expansion, which will bring all the EV benefits of an exciting yet easy drive, silent cabin, low cost of ownership to a more accessible level," he added.
Chandra noted that the auto maker remains committed towards realising the vision of making India the EV hub of the world.
Tata Passenger Electric Mobility (TPEM) has been established with TPG Rise Climate to offer new mobility solutions, he added.
TPEM aims to ride the green wave and support the government's vision to have 30 per cent electric vehicle penetration by 2030, Chandra said.
Tata Motors currently leads the passenger vehicle EV market in India, with a market share of around 88 per cent, with Nexon EV leading the sales charts.
"As early entrants, we have shaped the market and seen it grow with Nexon EV and Tigor EV. We have over 40,000 Tata EVs plying on the road," Chandra said.
The company plans to release detailed specifications and price range of the Tiago EV in the coming weeks.