Tata Motors stated on Friday that electric cars (EVs) might account for around 25% of total passenger vehicle sales “in the medium to long term,” as it attempts to capitalise on the country’s electrification trend.
Tata Motors EV Sales
N Chandrasekaran, chairman of Tata Motors, told shareholders at the firm’s 76th annual general meeting that the company will unveil its fundraising plans to assist the EV industry.
Right now electric vehicles (EVs) account for 2% of the company’s passenger vehicle (PV) sales.
This is indeed a big announcement! Tata Motors has declared that by 2025, it will launch 10 electric vehicles in India.
The Altroz EV will be available in the market soon. It will be the company’s fourth electric vehicle to hit the road. Tiago EV and Tigor EV are the next in line. It will also bring “more affordable” vehicles to target the mass market.
“Tata Motors has a very ambitious goal for EVs. We have planned at least 25 per cent of our total PV sales to come from electric in the medium to long term,” Chandrasekaran said. “We will launch 10 EV models before 2025. We have aggressive growth plans, and towards this, we will also raise capital at an appropriate time. The company is also looking to set up a battery plant outside of Tata Motors,” he added.
EVs Charging Stations
In the next years, Tata Power plans to install 10,000 charging stations in 25 cities, he said. In addition, the company is developing hydrogen and fuel cell technology. It has seven hydrogen buses in the testing stage and has received the first order of 15 buses from Indian Oil Corp, according to Chandrasekaran.
“Within PV, the performance of the EV business is particularly noteworthy. We strengthened our market leadership to 71.4 per cent, led by sales of more than 4,000 Nexon EV units since its launch last year,” he said.
Tata Motors sold a total of 222,025 PV units in FY21, up 69 per cent year-on-year. It was the only company in the PV segment to see such a significant jump in sales.
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