Ford to sell India plant to Tata Motors
Tata said it would invest in new machinery and equipment at the plant through its electric mobility unit and expects the facility to have a production capacity of 300,000 units each year after the works complete. The capacity can be increased to more than 400,000 units.
“Rising customer preference for passenger and electric vehicles made by Tata Motors has led to a multi-fold growth … this potential transaction will support expansion of capacity,” said Shailesh Chandra, managing director of Tata Passenger Electric Mobility.
Tata last year raised $1 billion from private equity firm TPG for its EV business and competes in the space with Mahindra and Mahindra.