Estimated Reading Time: 1 minutes
Chairman N Chandrasekaran of Tata Motors stated that Tata Motors plans to sell approximately 50,000 electric vehicles in the financial year ending March 31. He also said that the company will double the number in the 2023-24 period.
Tata Motors sold 19,105 EVs in 2021-22 which is a 353% increase over the previous financial year.
Chandrasekaran stated that the company’s performance will improve in this fiscal, as the overall supply situation (including semiconductors) is steadily improving and commodity prices have stabilized.
“We will continue to work closely together with our ecosystem partners and customers to manage risks and uncertainties. We expect that performance will continue to improve. He said that the second half of FY23 was notably better than its predecessor.
Narendra Modi, the Indian Prime Minister’s Climate Change and Carbon Reduction Agenda is based on electrification. EVs can be used to reduce India’s oil imports and to reduce pollution in its major cities.
India hopes electric cars will account for 30% of all passenger car sales by 2030. This is an increase from 1% today. Electric scooters and electric bikes should account for 80% of total two-wheeler sales, up slightly from 2%.
The chairman spoke out about EVs and stated that Tata Motors would add 10 new EVs to its product portfolio. This would allow the company to increase its market share by 25% by 2025. It would also capitalize on the strong demand for EVs which has increased its sales from 5,000 units in fiscal 2021, to 19,500 units now. If everything goes according to plan, EVs will account for 10% of the company’s total sales in the current fiscal.
Chandrasekaran confirmed the purchase of Ford India in Sanand and said that it would increase the capex to meet the increasing demand.