October 4, 2022

Mumbai-based Tata Motors wants to sell 50,000 electric cars by the end of the fiscal year ending March 31, Chairman Natarajan Chandrasekaran told a shareholder meeting on Monday.

In 2023/24, Tata — which produces passenger cars, trucks, vans, buses, coaches, luxury cars and construction equipment — aims to achieve sales of 100,000 EVs, Chandrasekaran said, according to the company. Reuters.

The push towards electric cars follows a national plan to ensure that up to 30% of total passenger car sales in India will be electric by 2030, up from around 1% today. E-scooters and e-bikes will make up 80% of motorcycle sales, up from 2% today. Given the Indian government’s high import duties on electric vehicles, getting citizens to switch to electric will largely depend on the success of local production.

After trying to bring its electric vehicles to the Indian market, it appears that Tesla has the He gave up his efforts to set up a factory in Tis the country. Tesla usually takes a “try before you buy” approach to moving into new markets – it imports vehicles to see how sales are going before investing time and money building a regional plant. Transport Minister Nitin Gadkari said Tesla was welcome to build a plant in the country, but would not allow the automaker to bring in cars from China for sale and maintenance, so Tesla has not moved ahead with those plans.

Tata currently sells three EV models, including the Nexon EV, Tigor EV, and the latest Nexon EV Max. Contrary to the path taken by many American automakers in building new electric vehicle production lines from the ground up, Tata says it can cut costs to the Indian consumer by repurposing a successful internal combustion engine model, the Nexon, and outfitting it with a battery pack. The Nexon starts at around $19,000, which isn’t exactly cheap for the average Indian driver, but it certainly falls in the country’s upper-middle-class range.

Tata accounts for 90% of electric vehicle sales in India and appears to be on track to reach its target of selling 50,000 electric vehicles by March 2022. June sales results It showed a total of 45,197 units sold, of which 3,507 were electric – the largest number ever sold by Tata, and up 433% from 658 last year.

Chandrasekaran was optimistic about Tata’s performance trajectory in this fiscal year as the overall supply situation, including semiconductor case, improved and stabilized.

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