Autonomous Vehicles
TPG, Abu Dhabi's ADQ to invest $1B in Tata Motors EV unit at $9B+ valuation
October 12, 2021
TPG's Rise Climate Fund and Abu Dhabi's sovereign wealth fund ADQ have agreed to make a $1 billion investment into an electric vehicle division of India's Tata Motors, at a valuation of $9.1 billion.
Through the investment, TPG and ADQ will hold between an 11% and 15% stake in the EV unit, which will be newly incorporated. The new company will focus on dedicated battery electric vehicle platforms, advanced automotive technologies, the development of charging infrastructure and battery technologies, and more.
After the new funding was announced, Tata Motors said it plans to invest $2 billion in the division and release 10 EV models over the next five years—in an effort to reach the Indian government's goal of having electric vehicles represent 30% of car sales in the country by 2030.
The investment is one of the first for TPG's Rise Climate Fund, which held its initial close at $5.4 billion in July.
Featured image via Sergii Iaremenko/Getty Images
Through the investment, TPG and ADQ will hold between an 11% and 15% stake in the EV unit, which will be newly incorporated. The new company will focus on dedicated battery electric vehicle platforms, advanced automotive technologies, the development of charging infrastructure and battery technologies, and more.
After the new funding was announced, Tata Motors said it plans to invest $2 billion in the division and release 10 EV models over the next five years—in an effort to reach the Indian government's goal of having electric vehicles represent 30% of car sales in the country by 2030.
The investment is one of the first for TPG's Rise Climate Fund, which held its initial close at $5.4 billion in July.
Featured image via Sergii Iaremenko/Getty Images
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