By July the fourth of this year, Tata Motors will be selling 50000 electric cars, a target which it has set for itself. The company sold 45,197 units in June of this year, including 3,507 EVs. In 2016, the company sold only 658 electric cars. At present, the company sells three models of electric vehicles. Its shares are up nearly 15% year-to-date.
By 2030, India aims to have 30% of passenger cars powered by electricity. At the moment, the country has fewer than 1% electric cars on the road. But by 2030, EVs will make up over 80% of the two-wheeler market. In this fiscal year, Tata Motors plans to sell fifty thousand EVs. Its targets are ambitious, especially considering the high tax burden on imported vehicles.
Despite the fact that Tata Motors hasn’t been a leader in the electric vehicle space, it recently confirmed its plans to boost its EV sales by at least ten percent. The company expects to sell half a million EVs in this fiscal year – July 4th 2022. The company also plans to launch eight new EV models by the year 2025. In addition to electric vehicle sales, Tata is venturing into semiconductor and EV battery manufacturing. Additionally, the company plans to increase production of vital elements such as lithium-ion batteries.
Tata Motors plans to sell 50,000 electric vehicles during this fiscal year, and aims to double that number during the 2023/2024 period. The company expects the second half of FY23 to perform better than the first half, and the sales of electric vehicles are expected to double in the next fiscal year. While supply problems have hindered growth in the past, this fiscal year should see improvement.