Tata Motors Aims for EVs to Constitute 15-17% of Volume in 2024
New Delhi: Tata Motors, a dominant force in the electric vehicle (EV) market with over 75% market share, has set ambitious targets for EV adoption with an eye on 15-17% volume contribution by the end of 2024. Riding on the success of its latest all-electric model, the Punch EV, Tata Motors achieved its best-ever EV sales, reaching 69,153 units in CY23, registering a strong growth of 62% YoY. Reflects.
Strategic Expansion: Tata Motors has expanded its EV portfolio with the Punch EV, which joins the range of Tiago EV, Tigor EV and Nexon EV. The company is set to introduce the Curve and Harrier EV in 2024, with plans to introduce additional models like the Sierra EV and Altroz EV for the following year.
Volume contribution and revenue projections: The company estimates EVs to contribute 12-15% in terms of volumes (17-20% in revenues) and aims to grow it to 15-17% by the end of 2024. Tata Motors envisions continued growth, achieving 25% EV penetration in its portfolio over the next three years and reaching an ambitious target of 50% by 2030.
The unique positioning of Punch EV: Shailesh Chandra, MD, Tata Passenger Electric Mobility, presents Punch EV as unique, catering to the needs of young buyers seeking a versatile product. Positioned between the Tiago EV and Nexon EV, the Punch EV targets tech-savvy consumers with a range of over 400 km, making it suitable for a variety of driving scenarios.
Capacity addition: Tata Motors is set to address the potential waiting period for the Punch EV by increasing production capacity at its new operational plant in Sanand, Gujarat. The company aims to keep waiting times within reasonable limits to meet the growing demand.
Gen-2 EV Architecture: With the transition of Punch EV to Gen-2 ground-up EV architecture (ACTI.EV), Tata Motors marks a significant increase in EV-related investments. The company believes that the niche positioning of the Punch EV minimizes cannibalization in its EV portfolio.
Leading the EV market, Tata Motors envisions a future where electric vehicles will play a central role in its product lineup, meeting the needs of a variety of consumers. As the automotive landscape undergoes a paradigm shift, Tata Motors remains at the forefront, committed to bringing about the electric revolution in India.
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