The report also added that the newly launched Curvv.EV will be the first vehicle to be furnished with an Octillion Battery.
In an effort to counter the performance barriers and diversify its technology and supply base, India’s leading EV manufacturer Tata Group has now proclaimed to purchase batteries from a Chinese company, dubbed Octillion Power Systems, claims LiveMint.
Tata Motors usually purchases its batteries from Tata AutoComp systems, and it has unleashed a new- range of EVs in the country, such as Tiago, Tigor, Punch, Nexon, and many more. The report also added that the newly launched Curvv.EV will be the first vehicle to be furnished with an Octillion Battery.
Interestingly, for the first time, Tata has managed to grab the spot of top 10 most valued international automotive companies. The achievement appeared after the company’s stock escalated by over 50 percent this year and 101 percent in 2023. Surprisingly, Tata Motors has turned out to be the highest-valued automobile company in the nation after its market cap reached $51 billion on July 31st.
The question arises if Tata Motors was already satisfied with purchasing batteries from AutoComp Systems, what has forced the company to switch its strategies? Is it only the performance issue? According to automobile experts, China is already spearheading the EV battery industry, manufacturing over 83 percent of the globe’s battery in 2023. Most of the companies purchase batteries from china keeping in mind the cost. Speaking of the supply chain benefits, half of the world’s key natural resources required to produce EVs such as lithium, cobalt, and graphite are mostly available in China. Most importantly, the batteries are sold to global car-makers at a very reasonable price.
Amid Tata’s new strategies, EV sales in India slumped to a larger extent. Registrations were reduced by 2.92 percent to 7541 units in July. Among various reasons, the slow adoption rate among Indians is the key one.
