Tata Motors is placing a significant emphasis on the electric vehicle (EV) sector with a series of product launches in a bid to substantially increase its market share by 2030. According to the company's recently published annual report for the fiscal year 2022-23 (April-March), Tata Motors anticipates that EVs will account for 25 per cent of its product portfolio within five years and reach 50 per cent by 2030.
In the March quarter, Tata Motors achieved a major milestone by surpassing annual EV sales of 50,000 units, constituting 12 per cent of its overall sales. Over the past three years, Tata Motors, as the leading player in India's EV market, witnessed a remarkable surge in volumes, escalating from 1,300 units to over 50,000 units.
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The company foresees a considerable surge in EV demand as more options become available to consumers. During the fiscal year 2023-24, Tata Motors aims to focus on achieving substantial volume growth, making strategic investments, maintaining healthy underlying unit economics, and remaining competitive in the market. N Chandrasekaran, Chairman and Non-executive Director, expressed confidence in the company's future prospects, asserting that Tata Motors is rebounding after several challenging years and remains committed to fulfilling its financial obligations while contributing to a greener future.
Tata Motors presently boasts the widest range of EV offerings in India, encompassing hatchbacks, sedans, and sports utility vehicles (SUVs) catering to both premium and mass market segments. Moving forward, the automaker intends to capitalize on this strategic advantage by expanding its EV sales and after-sales network, as well as charging infrastructure throughout the country. By implementing these initiatives, Tata Motors aims to tap into the untapped potential and broaden its customer base.
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Jaguar Land Rover (JLR), Tata Motor’s subsidiary, is also making significant strides in the EV domain. The company has set its sights on transforming Jaguar into a fully electric luxury brand, and its strategic plan is progressing as intended. Adrian Mardell, the interim CEO, announced that the first new all-electric Jaguar vehicle will be unveiled in 2024, with customer deliveries commencing in 2025. Later this year, JLR plans to commence pre-orders for the inaugural pure electric Range Rover. Despite the challenging market conditions, JLR remains committed to delivering on its "Reimagine" strategy and is confident in the unwavering support and dedication of its skilled workforce.
