Tata Motors Group CFO P B Balaji told analyst that all current projects or categories that the company does not intend to continue further have been taken off at the moment.
He said, “Now we’ve introduced a new capitalization gateway in our product approval process on affordability, which means even though if there’s a business case that is valid, we’ll take it forward only if it meets the affordability gateway.”
A Tata Motors spokesperson told, “The projects are both in CV and PV and include projects like RaceMo in the case of PV, launch of new products in other export markets which we don’t intend to proceed further and write-offs taken to release assets that will be redeployed to save cash flows.”
However, Balaji also said that the company might re-evaluate the project if there are new buyers in the market that would be interested in investing the Racemo project. But till then, it is shelved.
The 2-seater Racemo sports car from Tata Motors was unveiled amid much fan-fare at the 2017 Geneva Motor Show, giving a big boost to the future of the company. At the 2018 Auto Expo, Tata Motors showcased an electric version of the Racemo Sportscar, dubbed as Racemo+. The Racemo is a 2-seater sports car that sits under 4 metres in length (3835 mm) and sports a rear-mounted mid-engine. The Racemo was designed at the brand’s Design Studio in Turin, Italy and takes forward the company’s ‘Humanity Line’, and ‘Diamond DLO’ design language forward. The all-electric RaceMo would have come with a 200 bhp electric motor that churns out the power from a lithium battery pack. If launched, the Tata Racemo sportscar would have the most affordable sportscar in the Indian market with a price of tag of around ₹ 25 lakh.
