EVs to comprise half of sales by 2030: Tata Motors
What's the story
Tata Motors, a leading EV maker in India, is on track to achieve a record-breaking sales figure of over 80,000 electric vehicles (EVs) in FY2024.
The company's goal is for EVs to make up 50% of its total sales by 2030.
From April to August 2023, the carmaker sold 31,911 EVs, making up 67% of its total FY2023 sales of 47,292 units.
Target
Tata Motors to become carbon neutral by 2040
"If we have to be net carbon zero by 2070 as a nation then all actions have to start now. We, as a company, have taken (a target) of 2040 to be net carbon zero," said Shailesh Chandra, President-Passenger Vehicles Business Unit, Tata Motors.
"We are very clear that we will be 50% (carbon neutral) by 2030 as a company, and do everything to bring all ecosystem players together to work toward that kind of target."
Expansion
Tata Motors has close to 75% market share
In just three years, Tata Motors has become India's largest EV maker with a market share of 74.61% in August 2023.
Its EV lineup includes the Tiago.ev, Xpres-T EV, Tigor.ev, and Nexon.ev.
Earlier this year, the company signed MoUs with three fleet operators for a total of 45,000 Xpres-T sedans, Blusmart Mobility (10,000 units), Uber Technologies (25,000 units), and Lithium Urban Technologies (5,000 units).
Future
Tata Motors has future plans to expand its EV ecosystem
Tata Motors plans to launch the Punch EV in India soon. The automaker has committed to investing $2 billion (approximately Rs. 16,500 crore) in its EV business.
The company has collaborated with Tata Group companies like Tata Power, Tata Chemicals, Tata Autocomp, TCS, Tata Digital, and Tata Elxsi for the same.
The company is aiming to expand its EV ecosystem to include charging infrastructure and localizing key EV powertrain components as well.