Tata Motors to double EV production in 2023: More launches planned Tata Motors to double EV production in 2023: More launches planned

Tata Motors has cemented itself as the largest electric vehicle manufacturer in the country by making an early move. And now it seems like not any other automaker in the country will be coming close to its throne anytime soon. According to a recent report from Autocar India, the company is now aiming to increase its monthly sales by double. Earlier last month the company crossed the milestone of producing 50,000 EVs from its Pune facility and reportedly it has done over a billion dollars in revenue from its electric vehicle sales.

Currently, Tata Motors dispatches around 4000-5000 units of EVs every month and by the end of the next fiscal year, it plans to dispatch around 8000-10000 units. It is believed that with the inclusion of the Tiago EV, Tata Motors expects to attain an annualized pace of 1 lakh units by FY24 after previously reaching a rate of 55,000 to 60,000 units per year with the Nexon and Tigor EVs.

As per the reports, Tata Motors is aiming to produce 1 lakh units of EVs in the next 12 to 18 months, which will result in an EV penetration of over 15% for the company. This includes the recently introduced Tiago EV as well as the Punch EV slated for 2023. The projected income range for the EV sector is between Rs 12,000 and Rs 15,000 crore, which is roughly on par with what the conventional vehicle business produced just three years ago if it can maintain the sales momentum.

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 easily double with the Tiago and the new products that are planned over the next couple of years. We are on an aggressive path of product introduction. With the new product introduction plan, the volumes will surely grow,”

Chandra also revealed that as of now the company is in the midst of procuring the necessary licenses required for the Ford factory in Sanand that it just acquired before retooling the facility to accept both ICE and EV goods. In 18 months, it is anticipated to begin consolidating its production footprint. By the end of the decade, there are expected to be 2 million electric vehicles sold in India, and Tata Motors aims to maintain its position as the market leader despite incoming competition.

As for the future plans, the company aims to increase its EV penetration further by facilitating a more extensive charging network to its customers. For this task the company in collaboration with Tata Power, has already built a network of 4,000 charging stations. Reportedly the network is expected to reach 10,000 stations in the next 18 to 24 months. Of the USD 1 billion the firm raised, $500 million has already 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 hits specific milestones, said the report.

The Tiago EV which currently is the most affordable electric vehicle in the country has been touted to bring in fortunes for the EV automaker. Furthermore, the company will most likely also introduce the electrified iteration of its micro-SUV Punch to further capture the more affordable EV segment. Once launched the Punch EV will compete directly with the French automaker Citroen’s eC3.

Also read: Tata Nano modified into a vintage car

Tata Motors has cemented itself as the largest electric vehicle manufacturer in the country by making an early move. And now it seems like not any other automaker in the country will be coming close to its throne anytime soon. According to a recent report from Autocar India, the company is now aiming to increase its monthly sales by double. Earlier last month the company crossed the milestone of producing 50,000 EVs from its Pune facility and reportedly it has done over a billion dollars in revenue from its electric vehicle sales.

Currently, Tata Motors dispatches around 4000-5000 units of EVs every month and by the end of the next fiscal year, it plans to dispatch around 8000-10000 units. It is believed that with the inclusion of the Tiago EV, Tata Motors expects to attain an annualized pace of 1 lakh units by FY24 after previously reaching a rate of 55,000 to 60,000 units per year with the Nexon and Tigor EVs.

As per the reports, Tata Motors is aiming to produce 1 lakh units of EVs in the next 12 to 18 months, which will result in an EV penetration of over 15% for the company. This includes the recently introduced Tiago EV as well as the Punch EV slated for 2023. The projected income range for the EV sector is between Rs 12,000 and Rs 15,000 crore, which is roughly on par with what the conventional vehicle business produced just three years ago if it can maintain the sales momentum.

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 easily double with the Tiago and the new products that are planned over the next couple of years. We are on an aggressive path of product introduction. With the new product introduction plan, the volumes will surely grow,”

Chandra also revealed that as of now the company is in the midst of procuring the necessary licenses required for the Ford factory in Sanand that it just acquired before retooling the facility to accept both ICE and EV goods. In 18 months, it is anticipated to begin consolidating its production footprint. By the end of the decade, there are expected to be 2 million electric vehicles sold in India, and Tata Motors aims to maintain its position as the market leader despite incoming competition.

As for the future plans, the company aims to increase its EV penetration further by facilitating a more extensive charging network to its customers. For this task the company in collaboration with Tata Power, has already built a network of 4,000 charging stations. Reportedly the network is expected to reach 10,000 stations in the next 18 to 24 months. Of the USD 1 billion the firm raised, $500 million has already 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 hits specific milestones, said the report.

The Tiago EV which currently is the most affordable electric vehicle in the country has been touted to bring in fortunes for the EV automaker. Furthermore, the company will most likely also introduce the electrified iteration of its micro-SUV Punch to further capture the more affordable EV segment. Once launched the Punch EV will compete directly with the French automaker Citroen’s eC3.

Also read: Tata Nano modified into a vintage car