Tata Motors aims to build 80,000 electric cars in FY23

Tata Motors, which currently holds nearly 90 per cent of the Indian electric car market aims to aggressively ramp up its annual production of EVs to more than 80,000 units this financial year, claims a report by Reuters. This will be a massive ramp up for the homegrown automaker, as it built and sold 19,000 electric cars in the last financial year. This comes as the automaker's strategy to grab a sizeable chunk of the Indian electric car market as the zero-emission cars are expected to make up 30 per cent of total car sales by 2030.

The news comes right ahead of the automaker's slated unveiling of its new electric vehicle on April 29. The automaker will also unveil a new dedicated EV platform, called the Pure EV architecture. The new architecture comes as part of the third phase of Tata Motor's electrification strategy that has received a shot in the arm by a $1 billion investment from private equity firm TPG last year.

Tata Motors currently sells Nexon EV and Tigor EV. The Nexon EV is India's bestselling electric car at present. Apart from these two, Tata Motors is also aiming to launch the all-electric variant of its premium hatchback Altroz. Also, Tata Motors is working on a longer-range variant of the Nexon EV that will come with a more powerful electric motor and a larger battery pack as well. Also, the development comes as Tata Motors has been witnessing a rapidly rising demand for its electric cars that is outpacing supply.

Tata Motors last year announced that it will launch a total of 10 electric cars by March 2026. Also, it announced a planned investment of $2 billion on new modular EV architecture, related technology and infrastructure as well. The company has been already working in association with other Tata Group companies to develop a complete EV ecosystem.