According to Tata Motors Chairman N Chandrasekaran, the company is planning to sell roughly 50,000 electric cars (EVs) in the fiscal year 2023–2024. To date, Tata Motors has sold 19,105 EVs in 2021–2022, a 353% increase from the prior fiscal year.
Chandrasekaran also mentioned that the company's performance is anticipated to improve this fiscal year since commodity prices are stabilizing and the entire supply situation is steadily improving, especially that of semiconductors.
Additionally, to reduce risks and manage uncertainties, the organization will continue to work closely with its customers and ecosystem partners. Amidst this, the automotive giant predicts performance to gradually improve over the year, with the second half of FY23 being noticeably stronger than the first half.
Tata Motors has aligned its vision with India's Prime Minister Narendra Modi's carbon reduction and climate change program that is built around the push for electrification, with EVs being seen as a method to assist India to lower its oil import cost as well as pollution levels in key cities.
India wants electric vehicles to account for 30% of all passenger vehicle sales by 2030, up from approximately 1% currently, and for 80% of all two-wheeler sales, which is up by about 2% in today's scenario. Tata Motors is leading in this electrification mission for the passenger car segment.
With 3,507 units sold in June, Tata Motors recorded the best monthly sales of its electric cars ever, surpassing the 9,283 units it sold in the first quarter of FY2023. With two of its successful models namely Nexon EV and Tigor EV models, Tata Motors presently commands the largest proportion of the Indian market for electric passenger cars.
The homegrown automaker is also developing several new products with electric drivetrains.
Source Credits: