JLR parent Tata Motors surges nearly 20% on TPG fundraise, EV plans – Reuters

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JLR parent Tata Motors surges nearly 20% on TPG fundraise, EV plans – Reuters

BENGALURU, Oct 13 (Reuters) – Shares of India’s Tata Motors (TAMO.NS) rose nearly 20% on Wednesday, a day after the Jaguar and Land Rover owner raised funds from private equity firm TPG and said it would invest over $2 billion in its electric vehicle (EV) business over the next five years.

Tata Motors said on Tuesday TPG’s Rise Climate Fund and Abu Dhabi state holding company ADQ had agreed to invest about $1 billion to expand the company’s EV business for which it would form a separate unit. read more

The fundraising is the first major one by an Indian carmaker in the EV space when global automakers such as General Motors (GM.N), Volkswagen (VOWG_p.DE) and Toyota Motor (7203.T) are spending heavily to speed up EV adoption.

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