tata motors

Tata Motors Has An 82% Market Share In The EV Segment

Tata Motors wants to sell 50,000 electric cars (EVs) in the fiscal year ending March 31, 2023, and double that amount in the fiscal year ending March 31, 2024, according to N Chandrasekaran, the company’s Chairman, during a shareholders’ meeting, according to Reuters.

Tata Motors

During the fiscal year 2021-22, the firm sold 19,105 EVs, a 353% increase over the previous fiscal year. The business also intends to enhance overall performance this fiscal year as overall supply, especially semiconductor supply, gradually eases and commodity prices stabilize.

Tata Motors’ objective is consistent with the government’s, with electrification serving as the foundation of Prime Minister Narendra Modi’s climate change and carbon reduction goals.

The government wants electric vehicles to account for 30% of total passenger car sales in the country by 2030, up from around 1% now, and e-scooters and e-bikes to account for 80% of total two-wheeler sales, up from about 2% now. In the passenger automobile category, Tata Motors is at the forefront of this electrification aim.

Tata Motors recently released its June sales results, reporting the greatest monthly sales for its electric cars ever with 3,507 units sold, compared to 9,283 units sold throughout the first quarter of FY2023. The company now controls the majority of the Indian electric passenger vehicle market with its Nexon EV and Tigor EV models.

Reference- HT Auto, Tata Motors website, Autocar India, Reuters