Tata Motors on May 26 announced the incorporation of a new wholly-owned subsidiary—TML Smart City Mobility Solutions Ltd (TSCMSL)—for urban mass mobility business with a "special focus" on the electric vehicles (EV) segment, which is seeing a great deal of interest from the government as well as vehicle manufacturers.
TSCMSL will "manufacture, design, develop, automotive vehicles including but not limited to all kinds of vehicles including electric, diesel, CNG, hybrid, new energy vehicles (including hydrogen fuel cell) or vehicles propelled or assisted by means of other sources or energy and/or fuel," Tata Motors said in a regulatory filing.
The subsidiary has been incorporated with an initial capital of Rs 5 crore, it added.
With the launch of TSCMSL, Tata Motors said it "intends to bring specific focus to EV segment as a service offerings across its portfolio of commercial vehicles".
In addition to existing state transport units and government fleets, TSCMSL will also cater to all business opportunities across passenger mobility applications, the automobile major further noted.
Tata Motors already has around 650 EV buses plying across various cities in India with a cumulative coverage of more than 35 million km and has operationalised over 250 EV buses in FY22.
The company is pushing for electric cars in a big way. Its Nexon EV is one of the best-selling eclectic cars in the country.According to the Federation of Automobile Dealership Associations of India, the EV space collectively saw a 257 percent year-on-year growth in the fiscal year FY22. Tata Motors registered the highest sales, crossing the 3,000-vehicle mark (3,324) in the last fiscal