Tata Motors (NYSE:TTM) electric car Tata Nexon EV caught fire in Mumbai on Wednesday late evening (local time), triggering a fresh debate about the safety of electric vehicles made in the country.
A video of a burning Tata Nexon EV spread like wildfire on the internet as the netizens shared concern about EVs catching fire amid many incidents in the country.
Tata Nexon EV catches massive fire in Vasai West (near Panchvati hotel), a Mumbai Suburb, Maharashtra. @TataMotors pic.twitter.com/KuWhUCWJbB
— Kamal Joshi (@KamalJoshi108) June 22, 2022
According to the data from the Federation of Automobile Dealers Associations of India, Tata Nexon EV has been the top-selling electric four-wheeler in the country in recent times.
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Tata Motors in a statement said that the company will investigate the incident and provide a detailed response. "A detailed investigation is currently being conducted to ascertain the facts of the recent isolated thermal incident that is doing the rounds on social media. We will share a detailed response after our complete investigation."
"This is the first incident after more than 30,000 EVs have cumulatively covered over 1 million km across the country in nearly 4 years," it said.
This came after many fire incidents that have been reported earlier involving the electric two-wheelers from top Indian manufacturers like Ola Electric and Okinawa.
Why It Matters: Earlier, Suraj Ghosh, Director, Mobility, S&P Global, told Benzinga that with nearly a dozen EV fire incidents in the past six months, Indians would turn more cautious towards switching to electric vehicles.
Meanwhile, several American EV makers, including Tesla Inc (NASDAQ:TSLA), Fisker Inc (NYSE:FSR), and Triton EV, are weighing plans to enter the Indian market.
Price Action: According to data from Benzinga Pro, Tata Motors Limited ADR shares were trading 1.97% higher in the premarket session in New York on Thursday.
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