Tata Motors is betting big on the electric vehicle business through several product launches as it aims to increase its share in the total portfolio significantly by 2030.
“The EV contribution in our portfolio is likely to increase to 25% in 5 years, and reach 50% by 2030,” the company said in its annual report for 2022-23 (April-March).
Tata Motors’ EV sales crossed the 50,000 annual sales milestone, and constituted 12% of the sales portfolio in the March quarter. Being the largest player in India’s electric vehicle market, Tata Motors increased its volumes from 1,300 units to over 50,000 in a span of three years.
The company expects demand for electric vehicles to rapidly increase as more options are made available to customers. In FY24, Tata Motors will focus on achieving significant volume growth, investing for the future and keeping the underlying unit economics healthy while maintaining market competitiveness.
“Tata Motors is emerging stronger after many challenging years and will remain focused on meeting its financial commitments while sowing the seeds for a greener future,” N Chandrasekaran, Chairman and Non-executive director said in the annual report. In India, the company has the widest range of EV offerings, spanning across styles‑hatchbacks, sedans, and sports utility vehicles (SUVs), catering to both premium and mass market customer segments.
Going forward, the automaker plans to build on this strategic advantage by expanding EV sales and after-sales network, as well as charging infrastructure across India. With these initiatives, the company is confident of capitalizing on the untapped opportunity and expand its reach to a broader customer base.
Jaguar Land Rover
The company’s subsidiary Jaguar Land Rover aims to make Jaguar an all-electric luxury brand, and the strategic plan for the same is on track. The transformation of Jaguar into an all-electric luxury brand is on track with the first new vehicle to be revealed in 2024 and customer deliveries starting in 2025, Adrian Mardell, the interim CEO said in the annual report.
JLR will start taking pre-orders for the maiden pure electric Range Rover later this year. Despite challenging market conditions, JLR worked closely to deliver on its “Reimagine” strategy. “The current year is set to be challenging, but as we look to important milestones in our Reimagine journey, I feel confident with the support of the committed, passionate and skilled people of JLR, we will realise them together,” Mardell said.
On Wednesday, shares of Tata Motors ended 1.4% higher at INR 570.30 on the National Stock Exchange.
