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Tata Motors has established itself as the largest electric car manufacturer in the country by moving quickly. And now it doesn’t look like any other car maker is going to get close to its throne anytime soon. According to a recent report from Autocar India, the company is aiming to double its monthly sales. Earlier last month, the company crossed the milestone of producing 50,000 EVs from its Pune facility and reported that it has earned more than one billion dollars from sales of its electric vehicles.
Currently, Tata Motor Company delivers about 4000-5000 EV cars every month and by the end of the next fiscal year, it is expected to deliver about 8000-10000 cars. It is believed that with the inclusion of the Tiago EV, Tata Motors expects to achieve an annual pace of 1 million units by FY24 after previously achieving a rate of 55,000 to 60,000 units per year with the Nexon and Tigor EVs.
According to reports, Tata Motors expects to produce 1 million EVs in the next 12 to 18 months, which will result in Let the company get more than 15% EV breakthrough. This includes the recently introduced Tiago EV as well as the Punch EV slated for 2023. The estimated revenue level for the EV sector is between Rs 12,000 to 15,000 crore, which is roughly equivalent to the conventional vehicle business produced just three years ago. If it can maintain the pace of sales.
Also Read: Tata Motors Releases New TVC For Tiago NRG
Speaking to the publication, Shailesh Chandra, MD of Tata Motors Passenger Electric Mobility, said, “From where I am now, the potential is to double the Tiago and the new products planned in the next few years. We are on an aggressive path of product introduction. With the new product introduction plan, the volume will definitely increase,”
Chandra also revealed that the company is currently in the midst of procuring the necessary licenses for the Ford plant in Sanand that it has just acquired before retooling the facility to accommodate both ICE and EV products. In 18 months, it is expected to begin the consolidation of its production. By the end of the decade, it is expected that 2 million electric cars will be sold in India, and Tata Motors aims to maintain its position as the market leader despite the incoming competition.
For future plans, the company aims to further increase its EV penetration by facilitating a wider charging network for customers. For this work, the company has partnered with Tata Power, which has created a network of 4,000 charging stations. The network is expected to reach 10,000 stations in the next 18 to 24 months. Of the $1 billion the company has raised, $500 million has been invested in the company’s operations, and the remaining $500 million will be invested over the next 12 to 18 months when the company reaches certain milestones, the report said.
The Tiago EV which is currently the most affordable electric vehicle in the country has been hailed as a lucky break for EV manufacturers. Furthermore, the company may introduce an electric iteration of its Punch micro-SUV to capture the more affordable EV segment. When launched, the Punch EV will compete directly with French automaker Citroen’s eC3.
Also read: Tata Nano modified into a vintage car
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