Outlook on EV Sales Growth in India

Tata Motors anticipates a moderation in the growth rate of electric vehicle (EV) sales in India to around 40-45% this year, as stated by a senior company official. With the expanding base, the company expects the industry growth to slow down, despite the introduction of new EV models.

Industry Growth Expectations

According to Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Ltd, the rapid growth witnessed in EV sales over the past years is expected to taper off due to the larger base. While the industry saw nearly 100% growth in the previous calendar year, the base is now significantly larger. Chandra forecasts the industry growth to moderate to 40-45% by the end of this financial year.

Tata Motors’ Strategy

Tata Motors aims to outpace the industry growth rate by introducing five new EV models in the market this year. Chandra expressed confidence in Tata Motors’ ability to exceed the industry’s growth trajectory.

Current EV Penetration and Future Targets

Presently, Tata Motors’ EV sales contribute approximately 12-15% to its total sales. Chandra noted that this proportion may vary as the company continues to expand its offerings in both electric and internal combustion engine (ICE) vehicles. Tata Motors sold a total of 69,153 units of EVs in 2023 and aims to achieve 25% of its total sales from EVs within the next three years.

Upcoming EV Models

Tata Motors plans to launch several EV models in 2024, including the Curvv, Harrier EV, Sierra, and Altroz EV. These launches are anticipated to boost the company’s EV portfolio, with most of the models expected to debut in the second half of the year.

Introduction of Punch.ev

Tata Motors recently launched the Punch.ev, offering two battery pack options and a range of 315 km to 421 km on a single charge. With an introductory price ranging from Rs 10.99 lakh to Rs 14.49 lakh, the Punch.ev aims to cater to the growing demand for affordable and efficient electric vehicles in the Indian market.

Tata Motors’ proactive approach to expanding its EV lineup reflects the company’s commitment to sustainable mobility and aligns with India’s growing interest in electric vehicles.