Tata Motors is placing a significant emphasis on the electric vehicle (EV) business and aims to increase its market share in this sector by 2030. According to the company’s annual report for 2022-23, it expects the contribution of EVs to its portfolio to reach 25% within the next five years and 50% by 2030.
Tata’s Focus in EV Portfolio Expansion
Tata Motors has already achieved a milestone of crossing 50,000 annual EV sales, which accounted for 12% of its sales portfolio in the March quarter. As the leading player in India’s EV market, Tata Motors has experienced substantial growth, increasing its volumes from 1,300 units to over 50,000 within three years.
The company anticipates a rapid increase in demand for electric vehicles as more options become available to customers. In the upcoming fiscal year (FY24), Tata Motors will focus on achieving significant volume growth, investing in the future, maintaining healthy unit economics, and ensuring market competitiveness.
Tata Motors aims to consolidate its position as a key player in the EV market by expanding its EV sales and after-sales network, as well as charging infrastructure throughout India. With these strategic initiatives, the company is confident in capitalizing on the untapped opportunities and reaching a broader customer base.
Transformation of JLR in the Pipeline
Additionally, Tata Motors’ subsidiary, Jaguar Land Rover, is working on transforming the Jaguar brand into an all-electric luxury brand. The company plans to unveil the first new all-electric Jaguar vehicle in 2024, with customer deliveries starting in 2025. Furthermore, JLR will begin accepting pre-orders for its first pure electric Range Rover later this year.
Despite challenging market conditions, JLR remains committed to its “Reimagine” strategy, and the interim CEO expressed confidence in achieving important milestones with the support of the dedicated workforce.
Tata Motors’ stock ended 1.4% higher at Rs 570.30 on the National Stock Exchange.
