Tata Motors focuses on EV segment, aims to sell 50,000 electric vehicles

Indian automobile companies are pushing into the electric vehicle segment and brands like Tata Motors are planning to increase their sales. Tata Motors aims to sell around 50,000 electric vehicles (EVs) this fiscal year and double sales in the 2023/24 period. The company’s chairman N Chandrasekaran gave this information at the shareholders’ meeting on Monday. In the year 2021/22, Tata Motors sold 19,105 electric vehicles, which is 353 percent more than the previous financial year.

According to a Reuters report, Chandrasekaran also said the company’s performance is expected to improve this fiscal as overall supply conditions, including in semiconductors, gradually improve and commodity prices stabilise. He said that we will continue to work with our customers and ecosystem partners to reduce risks and manage uncertainties. The performance is expected to improve with the second half of FY2023.

Last month, Tata Motors revealed that it has bagged an order to supply 10,000 XPRES-T EV units from BlueSmart Electric Mobility. In a statement, the company had said that the deployment of 10,000 units makes it the largest ever EV fleet order in India. Their delivery is expected to start soon.

Notably, in October last year as well, both the companies had signed an agreement for 3,500 XPRES-T EV orders. These will be used by travelers across the country. The increasing use of electric vehicles will help India reduce its carbon footprint.

Electrification is the cornerstone of Prime Minister Narendra Modi’s climate change and carbon reduction agenda. And the electric vehicle segment is seen as a way to reduce the country’s oil import costs as well as contribute to reducing pollution in major cities.

India wants that by the year 2030, the share of electric models in the sale of total passenger cars in the country should be 30 percent. Today it is about 1 percent. Similarly, by 2030, the target is to take the share of e-scooters and e-bikes in the total two wheeler sales to 80 per cent, which is just 2 per cent at present.

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