Tata has won a $16.2 million loan from the UK government to manufacture electric-vehicles in the country. The loan was awarded to Tata under Great Britain’s automotive assistance program.
Tata said that it will invest a total of $40.6 million to produce an electric-version of the four-seater Indica Vista in the UK.
“The government is determined to help the car industry to exploit fully the opportunities offered by green manufacturing,” said Britain’s business secretary , Lord Mandelson. “Today, we are backing Tata as Tata backs Britain.”
“This loan will strengthen our electric-vehicle manufacturing expertise, securing and creating high-value engineering jobs in the West Midlands,” he said.
The Vista was launched in India last year. The Indica Vista EV will return 124 miles on a full charge with a top speed of 65 mph. Production is expected to begin at the end of this year.
– By: Kap Shah
Source: Inside Line